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Investors lose claim against accountants' group
Canada's Supreme Court declines case
Publish Date: Jun 07, 1997
Tags: Hofman Case Investigation
VANCOUVER, British Columbia - A case involving the fugitive former Certified General Accountant Fred S. Hofman and the CGA professional association will not be heard by the Supreme Court of Canada. One of Hofman's former investors earlier won a lower court judgement against the association but lost it when the defendants appealed the case.
Another group of six former Hofman clients, who also lost large amounts when the accountant and investment councillor absconded with their's and many other's money, was forced to drop its case against the CGA as a result of the new decision.
Both actions claimed that in the Fall of 1990, the association failed to inform the public that Hofman was no longer an accredited member of their professional group. While a B.C. Supreme Court had judge agreed with the plaintiffs that the association had a duty towards the public, the appeals court disagreed.
Although numerous Hofman sightings in various parts of the world have been reported, none of the leads turned up the missing accountant who was last seen on a flight from Seattle to Amsterdam in April 1991. The police since has charged Hofman with over sixty counts of fraud and theft but has been unable to locate the fugitive Dutch-Canadian who owes at least twenty million dollars, much of it to (elderly or widowed) members of the Dutch-Canadian community. The Hofman-case has been a feature on television programs America's Most Wanted and W5.