Ponzi scheme put into liquidation
An alleged Ponzi scheme being investigated by the Serious Fraud Office has been put into liquidation and creditors are reportedly going to be left out of pocket by $20 million.
Hansa, owned and operated by Paul Hibbs, was put into liquidation by Associate Judge Rob Osborne in the High Court at Christchurch today.
Steven Khov of Waterstone Insolvency has been appointed as liquidator and tells NBR it’s too early to make any comment about his investigation.
In July, the Serious Fraud Office and the Financial Markets Authority said they were investigating the company and Mr Hibbs.
Mr Hibbs is described in a 2010 judgment as being an investment manager and whose company had a “number of wealthy investors participate in business ventures.”
In its prospectus, Hansa said businessman Craig Stobo was its managing director but he has said he had no involvement with Hansa and was unaware of being linked to the entity until the FMA and SFO contacted him.
Hansa was established in 2005.