The Financial Markets Authority (FMA) has today agreed to accept enforceable undertakings from David John Hobbs and Jacqueline Hobbs, limiting their activities in New Zealand’s financial markets.
Mr and Mrs Hobbs are New Zealand residents and company directors. They have been found liable for serious financial misconduct by the New South Wales Supreme Court for the operation of 14 unregistered, offshore-managed investment funds administered in Australia. The penalties imposed by the court included banning orders against Mr and Mrs Hobbs
The undertakings given to the FMA require that:
This is subject to an exception that allows Mr and Mrs Hobbs to continue to operate their Nelson-based car dealership on the specific condition that their business will not:
The full undertakings are available here.
On the basis of the findings of the Supreme Court of New South Wales, the FMA considers that Mr and Mrs Hobbs have engaged in serious financial misconduct involving false misrepresentations to the investing public.
Mr and Mrs Hobbs have offered to provide the enforceable undertakings, which have been accepted by FMA. Compliance with these undertakings may be enforced through the Courts pursuant to section 47 of the FMA Act. See media release.
Supreme Court of New South Wales imposed the following penalties against Mr Hobbs and Mrs Hobbs:
Supreme Court of New South Wales held the Hobbs liable for financial misconduct relating to the operation of 14 individual unregistered offshore managed investment funds administered in Australia.