Following on from criminally charged frat boy with a silly accent living life on the large we have the story about that nice old Mrs Hubbard who has turned out to be not so nice after all.
Jean Hubbard is fighting for the control of $60 million worth of assets originally promised by her late husband Allan to investors in Aorangi Securities.
In the Timaru High Court today Mrs Hubbard’s lawyer, Andrew Butler, said she would contest that the assets were owned by the investors.
In a statement statutory managers of Aorangi were critical of what they described as a U-turn by the Hubbards. If investors are found by the court to be the owners they could get back close to 100 per cent of their investment in Aorangi.
The court action comes just over two years after the saga began, on June 20, 2010, when Allan and Jean Hubbard, and their investment entities Aorangi Securities and Hubbard Management Funds, plus seven charitable trusts, were put in statutory management by the Government.
It followed Mr Hubbard placing $60m worth of assets into charitable trusts for the benefit of Aorangi investors to raise the capital to meet the request of the Securities Commission to issue a prospectus.
This and other transactions led to the couple being placed in statutory management.
Perhaps the SFO shouldn’t have been so quick in abandoning the cases against the Hubbards and South Canterbury Finance and perhaps the FMA might like to move with the same sort of speed it did against Mark Hotchin. There is certainly more coin there than they are ever going to get our of Hotchin.
There certainly seems to be an urgent need to protect the mum and dad investors waiting for their payout from Aorangi.
Will they freeze the assets of a greedy little old lady?
Or does the FMA only act in cases of media manufactured activism?
Either Hubbard is a fraud or not and if s/he is a fraud then the SFO should move to freeze these assets with the same stealth the FMA did with Mark Hotchin way way back in December 2010.