Share Investor: Allan Hubbard

Showing posts with label Allan Hubbard. Show all posts

Wednesday, November 10, 2010

Allan Hubbard Saga: Going Feral - Part 2

Every good saga deserves a sequel, Star Wars, Indiana Jones, The Godfather, you get the idea.

Well this is the sequel to yesterdays first installment Paul Carruthers Goes Feral...Again.

Yesterday I was the main character who was taking moola from some mysterious benefactor to write my opinions on the Allan Hubbard Saga. Today though in Going Feral - Part 2, along with the payola implications are stories that I am a terrorist out to get my prey and there is a mysterious Russian after me.

I cant wait for part 3, Going Feral: The Wrath of Carruthers?

It is not a full moon, as far as I know, and neither is it a date with 3 sixes in it but I received an interesting reply this morning to a facebook exchange on an Allan Hubbard supporters page from one of the main ring leaders of the support group, Michelle Helliwell. She looks to be Paul Carruthers - the head spokesman for Allan Hubbard - right hand woman and seems to be taking her lead from him in terms of his feral like public relations style.

Of course little of what Michelle says below is even moderately close to any truth and some of it is indeed more than slightly paranoid, threatening and even a little creepy.

I mean, Russians under the bed somewhere ready to make a move on me.? Well, it would be an exciting escape from changing nappies on my 15 month old but I will stick to the crap from an infant rather than that hurled at me from a big grownup thanks very much mam.

On Allan Hubbard and his fate, there is a 5th Grant Thornton report due out at the end of November related to the statutory management of multiple failed Hubbard investment vehicles and a Serious Fraud investigation into the collapsed South Canterbury Finance, that lost almost $2 billion and was bailed out by the taxpayer.

The SFO investigation will be a long one as paperwork and crucial records are either missing or were not there from the get go and the complicated related inter-party lending on top of this makes for a mess only equaled by Mr Hubbard's fraudulent behavior.

We should see some information dribble out from the SFO case before Christmas.

Stay tuned!

Michelle Helliwell

It has come to our attention that you are responsible for the hateful Allan Hubbard page. You are a toxic terrorist on the support pages... and you are not welcome. Please go away.

On a positive note, I will thank you for making it so ob...vious internationally how much you hate Allan Hubbard (for no good reason other than Darren Rickard being on 'you know who' payroll). The battle between 'good' and 'evil' is becoming increasingly obvious.

Your attempts to slash Allans credibility in NZ has drawn attention from thousands that know Allan Hubbard internationally and you have made it so obvious how abhorrent you are by your bile.

Your attacks against Allan Hubbard are, and always have been, unjustifiably vicious. Your refusal to show your face in person is cowardly. You rip up the reputation of a man who doesn't own a computer on the internet... not very brave!

Allan Hubbard is incapable of dishonesty or fraud like no other person you have EVER met. Only an idiot would say otherwise. Your posts are imagination. Nearly all respect him and most love him.

By the way, I was asked about you in Auckland last weekend Darren. You have made a most unpopular impression on a certain Russian. We all suggest you voluntarily leave this page.

God bless, and goodbye.

Michelle Helliwell

Michelle, if you could give me Allan's contact details, I would only be too glad to let him have his say right here on this blog. It is an open invitation with no restrictions on what he wants to say.

A question and answer session would give him a right of reply to some of the things I and others have been writing about him.

Related Share Investor Reading

Full SFO Statement on SCF Fraud Investigation

c Share Investor 2010

Monday, November 8, 2010

Allan Hubbard Saga: Paul Carruthers Goes Feral... Again

Head of the Allan Hubbard Supporters Group, Paul Carruthers, has been busy sending out emails about me to his loyal followers. Of course he is entitled to do that, I have been giving his hero Allan Hubbard a bit of shtick over his shell games with other people's moola so he will have strong opinions about me. Bring it on I say but at least be honest and attack the message rather than the messenger.

Paul's Email, not publicly released, leaked to me by a fan of mine:

Update for investors & supporters - the lies just keep getting bigger.....

Hello everyone,

As some of you know, Allan's autobiography is hitting the bookstores this week.

Darren Rickard - Allan's self-appointed public executioner, has referred to it in his latest call for his version of Sharia law to apply to Allan and his supporters.

His article can be viewed here: http://shareinvestornz.blogspot.com/2010/11/allan-hubbard-biography.html

As you can see - he has started by trying to convince people that Allan's supporters somehow managed to convince Random House and an author in the United States (Virginia Green) to write this book quickly since 20th June.

It was pointed out to me last night that Darren Rickard is being paid to drum up this kind of rubbish, but either way, it has to be one of the more desperate attempts to twist the facts to suit his 'story' that I have seen him come up with yet.

Sadly, the fact that Darren Rickard is allowed into the community is a consequence of the government's cuts to mental health funding.

Regards,

Paul Carruthers.
Stand by Hubbard
Support Team

My reply to Paul & his supporters:

I know most of his supporters read what I have to say so lets just get things straight.

1: The Book, tentatively titled, Allan Hubbard: The Life & Times of a Kiwi Legend, By Virginia Green, which you can buy from me here, (As a taxpayer I have to get my money back somehow and how delicious it will be to do that by selling this book) is not coming out this week, it will be released on Novemeber 15.

2: The book is a Biography, not an Autobiography. It has been written by Virginia Green and not Allan Hubbard.

3: I am not getting paid for this but I will be getting a free copy of the book to review from publisher Random House, so that is a clear lie but Mr Carruthers has a history of being adept at lying. These are merely my opinions based on the facts as I see them.

4: I have had minor mental health problems in the distant past, as many of us have, and I will let readers decide if I am mentally impaired or otherwise. I know some interesting things about Mr Carruther's personal life but I do not think it is my place to divulge them here or relevant to do so.

5: I never intimated the whole book was rushed but the last 2 chapters have been because they include the whole saga over Mr Hubbard's collapsed business empire. This is one reason why the book has been delayed for 10 days.

6: Sharia Law I would normally be disdainful of but the punishment for lying is the cutting out of the tongue but clearly Mr Carruthers still has his fingers so cant be stopped from writing rubbish like the above but the former nonetheless is still worth considering.

Should I have ignored this? Probably, but you Hubbard supporters and my dear readers need to know where this individual is coming from.

Cheers Deepthroat, Darren

Related Share Investor Reading

Full SFO Statement on SCF Fraud Investigation

c Share Investor 2010

Friday, November 5, 2010

Allan Hubbard: The Biography

It might be like reading the account of a best friend when it comes to reading the authorised biography of Allan Hubbard, Allan Hubbard, The Life and Times of a Kiwi Legend , out today, so you have to take the bias of the author Virginia Green with a large grain of salt because she has been picked by Hubbard's team to write the book. From publicity for the books release:

"The biography, Allan Hubbard, The Life and Times of a Kiwi Legend is due out in November.

The last two chapters will cover the sudden twist Mr Hubbard's life has taken since he and wife Jean, their company Aorangi Securities and Hubbard Managed Funds, along with seven charitable trusts, were placed into statutory management by the Government on June 20.

The biography has been written by Virginia Green, who has worked closely with Mr Hubbard for the past three years, with the manuscript expected to be finished in mid September.

Publisher Random House New Zealand publicity manager Sarah Thornton said the book was an authorised biography.

"It will be about the arc of his entire life, starting in his childhood.

The statutory management had altered the book.

"Virginia is writing the two final chapters based on recent events. We won't know the outcome of the investigation at the time of going to print."

I will be getting a copy of the book myself so I will give you my view of it shortly. The last 2 chapters on what has become the Allan Hubbard saga will be interesting.

Footnote The book release has been delayed until November 15 and will now be called Allan Hubbard: Man out of Time.

Allan Hubbard Saga

Full SFO Statement on SCF Fraud Investigation

Hubbard Letter to Simon Power

Monday, November 1, 2010

Allan Hubbard Saga: On Forged Signatures and Uncharitable Trusts

I happened to be down at the Diwali festival in Aotea Square with the family last night and popped into the Borders Bookstore to relieve myself and passed the NBR and couldn't resist a glance (I'm too lazy to get around to subscribing and don't understand what one gets if one subscribes to the online version or paper version. Do you get access to either one whatever sub you buy?) and noticed the inevitable Allan Hubbard story.

The NBR have been one of the best investigative noses around when it comes to the Hubbard saga, especially the financial bloodhound Matt Nippert and in a story dated October 22 he picks apart some dodgy signature work (see document below - click to get bigger picture) done by the aforementioned Mr Hubbard.

I actually did an inner double take when I read this part of that story, could this be true?

From the NBR:

A massive transfer of assets by Allan Hubbard to people Mr Hubbard had power of attorney over is being unwound by statutory managers.

The extent of paper-and-asset shuffling is illustrated by Mr Hubbard’s confirmation to the National Business Review that he signed nearly a dozen forms in late May using the name of Ashburton farmer Andrew Morris.

The document above is farmer Andrew Morris’ signature to become a director of Winton Farm. Below is Allan Hubbard signing Companies Office paperwork as Mr Morris, as part of a significant assets transfer in May 2010

“I just signed using power of attorney,” Mr Hubbard said.

A senior lawyer experienced in using powers of attorney said the “invariable practice” for signing forms using such powers was to append “as attorney acting for” when signing.

The lawyer said Mr Hubbard signing the name “A J Morris” instead of his own was “unusual to say the least – to sign someone else’s name is unheard of.”

Mr Hubbard explained away the irregularities as an oversight. “I thought the lawyers would have done that. There was no ulterior motive.” NBR, October 2010

So hang on a sec, as an individual with power of attorney Hubbard signed someone elses name on Companies Office documents instead of his own on behalf to transfer millions of dollars of his assets to the person he was signing on behalf of?

Yes Darren he did!! (my inner monologue after butter chicken and Coke at Diwali just next door which was banging my head with a big bass Indian beat, but not as rhythmic as my heartbeat after reading the NBR)

Had Hubbard gone mad at this stage? How could he possibly think even he could get away with this sort of nonsense - some would call it fraud, but no not me - it is breathtakingly blatant in its apparently naive execution. Mr Hubbard has countered that his actions were, "always honourable".

I am clearing my throat at this stage as I have something caught in it and it isn't butter chicken.

To get serious for a moment, this has got to be just one of the many transactions made by Hubbard that the Serious Fraud Office is investigating Hubbard and his fellow directors over.

This clearly contravenes the laws covering powers of attorney in relation to the companies office and having the documents at hand and an admission by Hubbard that he signed them makes this a cut and dried case in a court of law.

Makes the light show at the Diwali festival look dull by comparison.

Pass the butter chicken over here, there is more to come.

Related Share Investor Reading

Full SFO Statement on SCF Fraud Investigation

A Perfect Gentleman: The Sir Wilson Whineray Story

c Share Investor 2010

Friday, October 29, 2010

Allan Hubbard Saga: Fourth Thorton Report

Well, the Allan Hubbard saga rolls on with the forth Grant Thorton Report released today.

What it reveals is a deeper look at Mr Hubbard's financial processes in regards to several of his now defunct investment vehicles.

Once again it looks bad for Mr Hubbard.

More detail of related loans made and lack of security provided from borrowers seems to be par for the course.

Details include major shortfalls in loan payments made to Aorangi Securities:

"We will also be working with farmers who have been unable to meet their interest obligations to Aorangi and who may, in fact, never be able to do so."

There is also one property owed by the Te Tua Trust that has not received any rent for 12 years! That trust has also been identified as having "very poor" record keeping:

"Of a total of 104 Te Tua loans, 25 are not being serviced, they have no address or contact details for nine further borrowers and 11 loans are likely to be written off."

There are also grave issues over Hubbard's transfer of assets to his various "Charitable Trusts"-
charitable to him not others so it seems:

"We have investigated this arrangement and have concluded that these transfers are of doubtful validity. A number of shareholders in these companies have taken action to reverse these transfers, as they required the consent of all shareholders. A formal annulment process is under way and all shareholders of each company will be contacted with regard to the annulment."

"There are a number of associated tax issues that need to be addressed because of these unauthorised transfers."

So it appears that contrary to submissions to media by Mr Hubbard that others in his various companies had taken control and were "doing their own thing", Hubbard was the one with the finger on the button.

To boot he now appears to have an issue with the Inland Revenue, perhaps the scariest revelation thus far over the last year or so.

There is also further evidence that various Hubbard entities now under statutory management were in trouble for two years or more - again contrary to Mr Hubbard and his supporters assertions that his businesses only suffered financially because of recent Government intervention.

Many loans to various business have been made without sufficient collateral and in some cases to individuals and business who would not ordinarily be able to borrow money in the third tier lending sector, let alone the first tier. Highly risky lending was par for the course in a significant part of Hubbard's business.

A significant sum of $27 million in assets comprising cash, shares and investments was also "missing"but included in Hubbard Management Funds books as at 31 March 2010. A serious omission that can only become clearer with some more intensive investigation on Thornton's part.

The Hubbard saga is an interesting issue. It comes at a time where fraudsters who were involved with the failure of Blue Chip have walked without taking responsibility for the mess they left behind and a Serious Fraud Office crackdown on Hubbard and his shenanigans at South Canterbury Finance.

Thornton Report 5 comes at the end of November.

Footnote: From Grant Thornton Report 4

A group of six investors is being established to meet with us to discuss issues facing investors. It
has become apparent many investors are having difficulty understanding the many complex issues in Aorangi and HMF and how these impact on their investments. The liaison group will disseminate information to other investors from our meetings. The liaison group can be contacted via Jan and Noel Macpherson. Their email address is janandnoelmac@hotmail.com and contact phone number is 03 685 8095.

Related Share Investor Reading

Full SFO Statement on SCF Fraud Investigation

A Perfect Gentleman: The Sir Wilson Whineray Story

c Share Investor 2010

Friday, October 22, 2010

Allan Hubbard Saga: Evidence of Fraud now Clear

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

Wednesday, October 20, 2010

Allan Hubbard Saga: NBR VS the SFO

Good lord !

It just keeps getting worse for Allan Hubbard and his collapsed empire and the NBR is now being forced by the Serious Fraud Office to disclose documents and evidence over an investigation by one of their journos into the Hyatt Regency and Hubbards part in it. The NBR have until 9.00am this morning to disclose or the editor could face a $15,000 fine and the publisher a $40,000 slap or up to 12 months in the pokie.

If you were not aware of the shenanigans over the development of the Hyatt Regency and South Canterbury Finance part in it you might want to read the Matt Nippert NBR investigation into it published a few weeks back. Here is an excerpt just to put you in the picture:

"A South Canterbury Finance director muddied related-party links to the company’s single biggest debtor by making his freezing worker brother-in-law the sole owner of Auckland’s five star Hyatt Regency hotel.

South Canterbury loans to redevelop the hotel ballooned to $42.3m and government receivers are likely to book multi-million dollar losses when they finally sell it.

According to documents filed with the Companies Office 66-year-old retired Christchurch meatworker Peter Symes was a director and the 100% owner of the company controlling the Hyatt between February 2009 and August 2010.

The company had formerly been owned by South Canterbury or its parent company Southbury Group.

Mr Symes – who suffers bowel and lung cancer – told NBR he is the brother-in-law of former South Canterbury director Edward Sullivan.

He confirmed Mr Sullivan approached him to become a director and shareholder in numerous Hyatt-related companies in December 2008.

“My understanding is I was brought in because there were too many people from one company [South Canterbury] involved,” Mr Symes said.

Mr Symes said he acted on Mr Sullivan’s instructions."

Dodgy as a whole shop full of 2 bob watches huh?

The SFO clearly must have any incriminating evidence that the NBR has but any sources must be protected by anonymity if this was the rationale for them giving evidence to the NBR from the get go.

Without that anonymity we don't get people willing to dob in the criminals and yobs that try and rip us good folk off.

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: 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

New From Fishpond

A Perfect Gentleman: The Sir Wilson Whineray Story

c Share Investor 2010

Tuesday, October 19, 2010

Allan Hubbard Saga: South Canterbury Finance to be investigated for Fraud

Well, finally the inevitable has come to pass. Allan Hubbard and his collapsed South Canterbury Finance company are to be investigated over possible fraud related to dubious inter related party lending and false statements made on financial documents.

"The Serious Fraud Office has launched an investigation into South Canterbury Finance. (see full SFO statement)

Chief Executive Adam Feeley said after inquiries by the SFO's new fraud detection unit, the SFO had grounds to suspect that a number of related party transactions involving SCF may have involved false statements or other fraudulent conduct." Stuff.co.nz

Those of you who read this blog will know that this has been coming for months but supporters still see that Hubbard has done nothing wrong.

Three Grant Thornton Reports 1 2 3 on related collapsed businesses and documents released last week have revealed so much inter-party stuff it makes Mr Hubbards empire look like a rather large Utah based extended family, with all the back biting, chest rubbing and back slapping that goes along with such a closed group.

We will see a closer investigation, more evidence and hopefully a jail conviction for Hubbard and his fellow travellers.

It has so far cost the New Zealand taxpayer the thick end of 2 billion (if you include interest, administration and lost opportunity cost) and will cost more as the Serious Fraud Office begins their investigation.

We ca only hope that this time the SFO has got their Is dotted and their ts crossed because this big smelly fish cannot be let go like all the other toe rags have.

See more @ NZ Herald

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: 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
Whatever happened to? Muriel Dunn
Bothered by Simon Botherway
Allied Farmers: Prosecutions should be on the cards
Allied Farmers Fraud passes with little fanfare
Allied Farmers: What's it Worth?
Hanover, Allied Farmers deal more of the same
Jane Diplock Q & A Interview
Hanover's "White Knights" are really daylight robbers
Hanover collapse: It was just a matter of time
Money Managers Saga: 3 Story wrap
Money Managers gives First Step investors the middle finger
Greed is bad: Geneva Finance Folds
Financial 101: Learn before you leap
Kevin's Blog

New From Fishpond

A Perfect Gentleman: The Sir Wilson Whineray Story

c Share Investor 2010

Share Investor

Wednesday, November 10, 2010

Allan Hubbard Saga: Going Feral - Part 2

Monday, November 8, 2010

Allan Hubbard Saga: Paul Carruthers Goes Feral... Again

Friday, November 5, 2010

Allan Hubbard: The Biography

Monday, November 1, 2010

Allan Hubbard Saga: On Forged Signatures and Uncharitable Trusts

Friday, October 29, 2010

Allan Hubbard Saga: Fourth Thorton Report

Friday, October 22, 2010

Allan Hubbard Saga: Evidence of Fraud now Clear

Wednesday, October 20, 2010

Allan Hubbard Saga: NBR VS the SFO

Tuesday, October 19, 2010

Allan Hubbard Saga: South Canterbury Finance to be investigated for Fraud

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