Share Investor: Allan Hubbard Saga: Hubbard to Face Fraud Charges

Well, I was skeptical that Allan Hubbard would be charged with fraud over dodgy goings on at Aorangi Securities and Hubbard Management Funds but just a few hours ago fifty charges under sections 220, 242 and 260 of the Crimes Act have been laid today in the District Court in Timaru by Adam Feely of the Serious Fraud Office.

The charges relate to theft by a person in a special relationship, false statements by a promoter and false accounting and they carry a maximum prison term of 10 years.

I was of the view only a few months ago that Hubbard would cop a plea and plead guilty to minor charges after his lawyers had stalled for time over the last year at times citing the need to get extra paperwork and his own counsel even questioning his mental capability to stand trial.

I have always been of the view that Mr Hubbard has been guilty of some very serious charges in relation to the aforementioned business and associated companies like South Canterbury Finance and there was enough evidence to support that view and I feel more than slightly vindicated to have had that view and still stick by it even after pressure from self-appointed and self-interested feral Hubbard supporters like Paul Carruthers , whose defense while being interviewed on radio live this afternoon was to attack the interviewer because he really had little substantive of factual to say.

In a SFO statement on the fraud charges it is clear why they were made and the deliberations Feely and his people had made before laying charges:

“Whatever the public may think, in considering whether serious fraud has been committed, the motives or lifestyle of an alleged offender are ultimately irrelevant. We have to consider matters such as whether deceit has occurred; the losses caused by that that deceit; and whether the facts meet the prescribed elements of one or more criminal offences.”

Mr Feeley said that prior to making a decision to lay charges the SFO gave very careful consideration to the Solicitor General’s Prosecution Guidelines, including the issue of whether a prosecution was in the public interest.

“The decision to charge has been reached only after extensive analysis of the evidence, as well as discussions with senior prosecution counsel, including the Crown Solicitors and the SFO Panel Counsel,” he said.

“Throughout the investigation we have been aware of the level of public interest in, and support for, Mr Hubbard, and the issues of Mr Hubbard’s age and health which have been raised by his lawyers.”

“However, we also have to consider the interests of justice and the interests of the investors relative to the evidence we have obtained during our inquiries.”

“We are satisfied that, on balance, there is strong public interest in having this matter put before the Court, and any issues regarding fitness to stand trial will be matters for the Court to adjudicate on.” SFO Statement 20 June 2011

So the pros and cons have been weighed and on balance we are going to see a trial and I would concur fully with the decision to do so.

As I wrote months ago if there was no trial and a consensus come to on minor changes nobody from either side would have been happy. This way the public can rightly assess the guilt or otherwise of Hubbard based on the facts put before a count.

As has been the case through this saga and the dodgy goings on over the collapses of South Canterbury Finance I expect Mr Hubbard to come out at some stage and strenuously deny the charges and evidence of fraud and claimed he is innocent .

I will be glued to the Timaru courts to see what happens next as my readers will likely be and we will see how Mr Hubbard's defence goes.

A guilty plea that would save taxpayers further expense would be the best way to go.

Allan Hubbard Saga

Full SFO Statement on SCF Fraud Investigation

Hubbard Letter to Simon Power

Share Investor

Monday, June 20, 2011

Allan Hubbard Saga: Hubbard to Face Fraud Charges

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