July 24, 2017

Serious Fraud Office lays 50 charges against Allan Hubbard

Hopefully Allan Hubbard might have something to smile about again eventually.

The Serious Fraud Office (SFO) has confirmed it has laid 50 fraud charges against SOuth Island businessman, Allan Hubbard, over his management of Aorangi Securities Limited.

SFO chief executive Adam Feeley said Crimes Act charges were laid in the District Court in Timaru today, after an exhaustive investigation.

The SFO does not intend to lay charges against any other current or former directors of Aorangi Securities Limited.

Nor are any other charges being contemplated by the other agencies involved with the investigations into Aorangi or Hubbard Management Funds.

“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,” Feeley said.

Allan Hubbards lawyer, Russell McVeagh said “The charges are strenuously denied by Mr Hubbard. They mark the end of a process which in our view has been fundamentally unfair and amounts to a clear breach of Mr Hubbard’s rights.”

A Serious Fraud Office investigation was opened after Hubbard and his wife Jean were put into statutory management exactly one year ago.

Allan Hubbard has done a tremendous amount of good in the South Island. On face value there appears to be no malicious intent or personal advantage in his actions.

That is not going to stop the SFO though. They ‘get off’ on prosecuting people.

It is a sad fact though that ultra-slimey bastards usually end up wriggling off the SFO hook before the axe falls. Where as nice, slightly naive guys like Allan Hubbard get nailed.