Thursday, April 14, 2011

Hotchin is revealed to have been duped by a Ponzi scheme

This article on the NZ Herald website details how Eric Watson's co-conspirator Mark Hotchin was duped into 'investing' big money into a "looney tunes" Ponzi scheme run by a Rotorua trio who duped people out of $15 million (and were subsequently jailed for it).

At the time Hotchin was running his own Ponzi scheming vehicle Hanover Finance, along with Eric Watson.  Hotchin applied for and got a court suppression order over his involvement in the Rotorua scheme.  As other commentators have said, for Hotchin it is clearly a case of "Do as I say, but don't do as I do."

As we have commented before, Hotchin isn't as savvy as arch-villain Eric Watson, who better knows how to gamble with other people's money at their expense.

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