20 Mar 2012

Hobbs investigation already ended - FMA

6:46 pm on 20 March 2012

The Financial Markets Authority says it ended its investigation into the possible role of the late Jock Hobbs in the collapse of finance firm, Strategic Finance last year, in view of his illness.

Strategic Finance was put into receivership in March 2010, owing more than $392 million to about 11,000 investors and the Authority has been investigating the company for possible wrongdoing.

Receivers expect to recover between 12 and 26 cents in the dollar.

Mr Hobbs, who died of leukaemia on 13 March, was a former director of the failed finance firm and the Authority says it closed its investigation of him last June after he supplied it with medical evidence of his illness.

It says the investigation is continuing and no decision has been made about whether any charges will be laid.