FMA investigation into Jock Hobbs will remain closed

The Financial Markets Authority said its investigation of former Strategic Finance director, the late Jock Hobbs, would remain closed. "FMA decided in June 2011 to close its investigation into whether Mr Hobbs had committed a breach of the Securities Act on the basis of medical evidence then provided to it on behalf of Mr Hobbs,'' the agency said in a statement. That decision was communicated by the FMA to the former All Black's solicitors on June 14, 2011. "The FMA's investigation into whether other parties have committed offences under the Securities Act is continuing and no decisions on possible charges have yet been made,'' it said. Hobbs, a founder and director of Strategic, died last Tuesday after a six-year battle with leukaemia. Strategic struck trouble in 2008 and was placed into a moratorium owing over $400 million to 13,000 investors. It has since gone into receivership. So far secured debenture holders have received just 7c in the dollar, equating to $26 million.