SFO launches investigation into Bublitz's failed Mutual Finance
Mutual Finance, a failed lender run by Strategic Finance founder Paul Bublitz, is the latest finance company to be investigated by the Serious Fraud Office.
Mutual Finance is the latest finance company to be investigated by the Serious Fraud Office.
The SFO said it began the investigation (under part II of the SFO Act) on December 23, after considering information obtained from Mutual Finance's receiver and from the National Enforcement Unit.
The SFO said there was " reason to suspect that an investigation into the affairs of Mutual Finance and related companies may disclose serious or complex fraud."
Mutual Finance was incorporated in May 1997 and offered financial and lending services in Auckland via debt securities to the public. When the company collapsed in July about 450 investors were owed about $17 million.
The company was part of the Crown Retail Deposit Guarantee Scheme and $16.6 million has already been paid out under that guarantee.
Mutual Finance was run by 80% shareholder and former Strategic Finance founder Paul Bublitz, who is also involved with Hunter Capital, an Auckland company involved with Viaduct Capital, another finance company also in receivership.
Ellen Read
Thu, 30 Dec 2011
Thu, 30 Dec 2011
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SFO launches investigation into Bublitz's failed Mutual Finance
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