A Christchurch man accused of running a Ponzi scheme is facing fraud charges.
Paul Clifford Hibbs appeared in the Christchurch District Court today, according to the Serious Fraud Office.
Hibbs, 48, is facing charges alleging false statement by a promoter, theft by a person in a special relationship, using forged documents and forgery. He is due to reappear in court next month.
"The SFO alleges that from around 2008, legitimate businesses owned and operated by Mr Hibbs, Cameron Gladstone Investments Limited and Hansa Limited, developed into a Ponzi scheme," the SFO said today.
"It is alleged that Mr Hibbs provided clients with false reports in relation to their investments - for example, that he sold investments without clients' knowledge, that he falsely reported the proceeds of sales were held in cash management accounts or that investments had been purchased," the prosecutor said.