Getting the "mastermind" behind an A$30 million "Ponzi" scheme to agree never to serve as a director here is an "imaginative use" of Financial Markets Authority's power, says law firm Chapman Tripp.
Nelson's David John Hobbs has agreed to never again direct a New Zealand company and also agreed to not provide financial advice or brokering services in this country.
Hobbs was found in 2012 by the New South Wales Supreme Court to have breached Australian laws over the operation of 14 schemes that received over A$50 million of investment.
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Hobbs was described as the "mastermind" behind these schemes - including a A$30 million Ponzi scheme.