A Christchurch man who used his businesses to conduct a Ponzi scheme has appeared in the Christchurch District Court and pleaded guilty in a Serious Fraud Office (SFO) prosecution.
Paul Clifford Hibbs faced Crime Act charges of ‘false statement by promoter’, ‘theft by person in special relationship’, ‘using forged documents’ and ‘forgery’. He has pleaded guilty to all of those charges and has been remanded in custody until sentencing.
Mr Hibbs owned and operated Cameron Gladstone Investments Ltd and Hansa Ltd. Through these entities Mr Hibbs provided clients with false reports in relation to their investments and used investors’ funds for purposes other than required.
“If investors have doubts, a good option is to check the list of Authorised Financial Advisers on the Financial Markets Authority website. All financial advisers must comply with the requirements of the Financial Advisers Act 2008. Mr Hibbs was not registered,” says SFO Director, Julie Read.
Mr Hibbs will reappear for sentencing in the Christchurch District Court on 7 February 2018.