|
Beware of fund managers
--------------------------------------------------------------------------------
"A lifestyle of fast cars, foreign holidays and breast implants was enjoyed by a Northland-based foreign exchange dealer who is subject of official investigations into $1.2 million of investors' missing funds.
The Serious Fraud Office is investigating failed FXHT Fund Managers Ltd while a liquidator's report raises serious questions about management of the business. Liquidator Peri Finnigan says Hitchinson switched the money entrusted to FXHT Fund Managers from Switzerland, where it was meant to be, to South Africa, where he previously lived. Then, according to the report filed with the Companies Office, he covered up losses in investors' accounts by switching cash from one to another.
Papers filed with the High Court in Whangarei by the liquidators state Hitchinson was being paid $127,000 a year - and billed the company for his lifestyle. Investors told the Herald on Sunday the business made no sense once they realised how much money was invested. With $1.2m from 10 investors being traded in foreign exchange, the return would have had to be huge to cover Hitchinson's salary and promised investor payouts.
Court documents show just eight months passed between Hitchinson being hired and FXHT Fund Managers Ltd going into liquidation - in that time he boosted his salary by $50,000 by claiming commission on trades, charged the company for an Auckland apartment and holidays in New Zealand and South Africa and bought a BMW convertible and a motorcycle.
Two investors spoken to by the Herald on Sunday said company accounts also showed he had an $18,000 fish tank, spent $12,000 on eye surgery and paid for breast implants for his former girlfriend. The investors had funded the liquidator to pursue his action because there is no money left in the company."
-----------------------------------
How do I get a job like this???
What the he!! is wrong with people? No oversight?
I guess stupid people get what they deserve?
-----------------------------------
"The claim states that during the period Oberholster was director there was no oversight of Hitchinson, no directors' meetings, accounts or management reports."
Northland doctor in the gun for investors' lost $1.2 million
|
10-15-2007, 09:36 AM
I know SO MANY girls that need some implants 
Similar Threads
Linear Mode
