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.
Related Share Investor Reading
Full SFO Statement on SCF Fraud Investigation
Download Grant Thornton Report 1
Download Grant Thornton Report 2
Download Grant Thornton Report 3
Allan Hubbard Saga: NBR VS the SFO
Allan Hubbard Saga: South Canterbury Finance to be investigated by the SFO
Allan Hubbard Saga: Third Grant Thornton Report
Allan Hubbard Saga: Will He Walk?
Allan Hubbard Saga: No Longer Bothered by Botherway
Allan Hubbard Saga: 60 Minutes Interview, Sept 23 2010
Allan Hubbard Saga: Supporters head to the exit door
Allan Hubbard Saga: Threats & the Mysterious PWC Report
Allan Hubbard Supporters: Conflict of Interest
VW Veneer reveals BMW heart
VIDEO: Jenni McManus Explains Allan Hubbard Collapse
Allan Hubbard Statement on SCF Receivership
VIDEO: Sandy Maier - full news conference on SCF Receivership
Market Alert: South Canterbury Finance to be placed in Receivership
Allan Hubbard: Ignorant Supporters Blissfully Unaware
Thornton Report 2: Allan Hubbard Guilty as Charged
Allan Hubbard: Full TV3 Interview - July 16 2010
Thornton Report: Allan Hubbard's Aorangi Securities
Bothered by Simon Botherway
c Share Investor 2010
It is easy to make allegations about others' actions and, worse, motives before all the facts are known. Personally, I prefer to withhold judgment.
ReplyDeleteHavell, while I respect your position in terms of the legal process sometimes a spade is indeed what it is.
ReplyDeleteMr Hubbard has shoveled enough dirt to get himself a return trip from China back to Timaru several times over.
Guilty until proved innocent, is that the way it is now, easy to attack a man who has been gagged by The same people telling the world of his guilt, via hearsay. If it ever gets to court, how could he ever get a fair unbias trial, with the media hell bent on convincing the public that he is guilty, just cos someone say something is a fact doesn't necessarily mean it is.
ReplyDeleteAm wondering when Mr Rickard will get a 'real job' and actually contribute to NZ's economy as Mr Hubbard did until he was publicly strangled without a shred of evidence that he is guilty.
ReplyDeleteIt is amazing in this situation with Mr Hubbard just how many media commentators have bagged him publicly.
ReplyDeleteIf you were in the same situation or accused of a crime that you believed you didnt do, how would you feel if most of the media were telling the public that you were guilty and people on blogs like yourself spreading the muck as you do adding to the cacophany.
Do you think that if you were innocent it would be fair to have the whole population of NZ brainwashed into believeing you were guilty?
How hard do you think it would be to try and prove your innocence.
Damn near impossible I would say.
Krama. Mr Hubbard has not been gagged. He has uttered his nonsense to anyone who will listen for months now.
ReplyDeleteBeing attacked? How can pointing out the dubious facts of his business practices be an attack?
Anon 1. I actually have several real jobs but write for my own entertainment. If anyone else likes it that is great, if they don't, well, bugger off and read the NZ Herald.
No evidence that he is guilty? Come on, have you done any reading on this matter?
Anon 2. I agree with your innocent until proven guilty assertion but in this case there is already enough evidence to put Mr Hubbard in the slammer. Fraud and theft is enough for me.
People are allowed to make comment before he is charged.
The facts presented in court will back up my assertions. The only problem I see is that a soft judge will let him walk and he wont do prison time.
He has ruined thousands of lives with his cavalier and reckless attitude to protecting their money.
Skulduggery and deceit just don't cut it for me. Do they for you?
You say that Mr Hubbard has ruined thousands of lives.
ReplyDeleteI would have to say that if you are referring to the investors then that is false as all the investors were perfectly happy with Mr Hubbards performance and were happy to leave their investmemts in place.
It is only when the Stat managers took over that the investors were out of pocket.
No one lost a cent under Hubbards managment!
However there is one unhappy investor, the one who made the complaint to the sec' com'.
Was he an investor though?
This isnt the first time the authorities have "framed " some one , Arthur Allan Thomas for one!
The fact is anon, those investors were not aware of how much they were at risk of losing losing money until it was revealed what Hubbard was up to.
ReplyDeleteHis empire has been close to collapse for at least 2 years and it was only the taxpayer guarantee that saved it from collapsing 2 years ago.
There is more than one unhappy investor, I have heard from hundreds.
Darren, you should shut your mouth until the full detail comes out.
ReplyDeleteYou could well have egg on your face if you don't.
daren,
ReplyDeletehave you met mr Hubbard?If you did I don't think you would be talking like that..If you didn't...do you think the thousands who did got it wrong ... misreading the guy for six decades?! daren think for goodness sake please...how come the SFO after 150 days cannot confirm what a couple of people (one of them had a bone to pick with Allan ie john mcpherson,the second graeme mcglinn with conflict of interest/ offering the job of statutoey management to his own company) found in one day !!! with incomplete documents , as loans documents were at custumors' lawyers offices for , renewal of terms to issue a prospectus......daren...history bwill provethe the guy who received 2 honorary doctorates and Queen's medal is honourable...please read the book and ask those who know...the documents to prove his innocence are available and will be used in the right place...you cannot judge people by conducting one sided media trial...please .. what's the point in having courts and judges if you know best...this is a big stuff up.think who benifited from collapse of SCF? is he a friend of the regulator who issued the death sentence to SCF ? is it coincidence? would you explain the wisdom of the stat management decision at the vital stage in the life of SCF? would any sincere doctor stand on the oxygen tube while trying to save the patient life....?? daren please read the book.. time will prove that you are an IDIOT!!
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ReplyDeleteI disagree with you Anon.
ReplyDeleteAllan may have had an exemplary business life up until a few years ago but it is clear that he has been playing fast and lose with investors money in that time.
Forgery, misrepresentation, fraud and a long list of other crimes can easily be seen from the evidence thus far disclosed.
I fear though that our government regulatory bodies will fail to pin these crimes on him because they have been so hopeless in the past.
I want to see Hubbard behind bars.
In regard to Virginia's book on Hubbard. The first chapters about his life maybe accurate but the last few chapters on Hubbard's business failure contain quite a few errors and misrepresentations. This is just based on reading an extract:
http://shareinvestornz.blogspot.com/2010/11/book-extract-allan-hubbard-man-out-of.html
I would like to read the book but I would rather blow it on booze than buy it.
ReplyDeleteI lost a substantial sum thanks to Hubbard but still have a sense of humour.
Love your stuff Darren
Is the SFO making a public statement of their case at the end of November?
ReplyDelete