More than 16,000 investors lost over $500 million through the failed finance company, Hanover Finance which was co-founded by Mark Hotchins. The latest news is that a house on a 51ha of land, in Karaka which Mark Hotchins "manages" is on the market. According to the Sunday Herald, Mark Hotchins told that "the Karaka property was not frozen by the courts like much of his other assets, but he vowed he would not benefit from any sale as he did not own it" .
According to the NZ Herald report dated 16 February 2011, the High Court reserved its decision on whether Mark Hotchin's assets, which are worth millions, should remain frozen.
In a similar incident, John Hotchin, the younger brother of Mark Hotchin has avoided a jail sentence for breaching the Securities Act as director of Nathan Finance. According to the NZ Herald report dated 4 March 2011, John Hotchin pleaded guilty to three charges laid by the Securities Commission and was sentenced to 11 months home detention, 200 hours of community service and ordered to pay $200,000 in reparation.
Does this mean that if you steal thousands of peoples hard earned money and as a result cause breakdown in marriages, health problems which could or could not be fatal, repossession of homes and cars, and etc, is not somehow as serious as theft? According to S.223 the Crimes Act 1961, the punishment of theft is as follows
(a) in the case of any offence against section 220 (theft by person in special relationship), to imprisonment for a term not exceeding 7 years; or
(b) if the value of the property stolen exceeds $1,000, to imprisonment for a term not exceeding 7 years; or
(c) if the value of the property stolen exceeds $500 but does not exceed $1,000, to imprisonment for a term not exceeding 1 year; or
(d) if the value of the property stolen does not exceed $500, to imprisonment for a term not exceeding 3 months.
Now, I am only an ordinary Kiwi, not a legal expert, but looking at the above, and the gravity of the damage done to people's lives, in my humble opinion, the sentencing for white-collar crimes should be hardened.
Do you think it is time now that the NZ courts view white-collar crimes seriously?
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