The latest revelation made yesterday by South Canterbury Finance's receiver McGrathNicol included evidence of money provided to Allan Hubbard to invest in specific investments agreed to with the investors but then used for other more risky investing is clearly the most damning evidence yet that old Mr Hubbard was playing his shell games with others money in a very deliberate manner, rather than him being a victim of current financial circumstance, as his supporters still contend.
Even they have softened their support for him, perhaps now seeing the writing on the wall. In a statement desperately leaked to the mainstream media this Tuesday their supporters previous stance that Hubbard had done nothing wrong to now (he)"never intended to defraud anyone" and "or that he was completely responsible for the outcome"(s)
They are now saying in their statement that he might indeed have defrauded his customers and that he maybe partially responsible. That is a far cry from the complete innocence that they attributed to their pinup boy.
Of course, the revelation made public yesterday by SCF receivers clearly shows Hubbard intentionally pursued a fraudulent line when it came to investing SCF investors money.
McGrathNicol's evidence will be able to be used so that the SFO,the Securities Commission and the new Financial Markets Authority recently set up can prosecute in their specific roles as market regulators.
I am absolutely gobsmacked at the boldness and openness in which Mr Hubbard carried this out - it is clearly reminiscent of the Mark Hotchins , Bryers and Watsons of this world and they way they hoodwinked their clients.
I was skeptical about Hubbard being charged and found guilty of fraud a few weeks ago but this evidence clearly places the man in a position that will impossible for him to squirm out of.
They got him.
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c Share Investor 2010