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."
Hibbs is in custody and is due to sentenced in the Christchurch District Court in February next year.