Details of charges laid against Timaru businessman Allan Hubbard have been revealed, alleging a mismanagement of millions of dollars worth of investments.
The Serious Fraud Office laid 50 charges under the Crimes Act at the Timaru District Court in June.
One charge alleges an investor believed they had $5,821,441 invested in Aorangi Securities - but in fact that money did not exist.
Nine charges relate to Mr Hubbard allegedly deceiving Hubbard Management funds investors by misrepresenting the amount of money he held in shares.
More than 20 charges relate to Aorangi Investors with property investment made on the basis they would be secured by way of mortgage. But this was not the case.
Mr Hubbard was due to appear in court last week but that has been adjourned until late August.
His lawyer has indicated Mr Hubbard will strenuously deny all charges.