A Christchurch businessman has admitted running a Ponzi scheme.
Paul Clifford Hibbs owned and ran two companies - one called Hansa and another called Cameron Gladstone Investments - and through them provided false reports to investors. Hibbs, according to the Serious Fraud Office, also used investor funds in ways he wasn't allowed to.
He admitted charges for a false statement by a promoter, theft by a person in a special relationship, using forged documents and forgery.
"If investors have doubts, a good option is to check the list of Authorised Financial Advisers on the Financial Markets Authority website," SFO director Julie Read said today. "
All financial advisers must comply with the requirements of the Financial Advisers Act 2008. Mr Hibbs was not registered."
