Kiwi behind 14 unlicenced offshore funds cops record penalty

25 February 2013 | 2 minutes read

A New Zealander has made history, albeit in a infamous manner, copping the Australian Securities and Investments Commission’s (ASIC) largest ever penalty as the mastermind behind more than a dozen unregistered offshore-managed investment funds. David Hobbs has been fined A$500,000 (US$513,850) and banned for life from providing financial services. He was one of 13 people, including his wife, Jacqueline Hobbs,…

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