Hobbs denies magazine’s claim of illegal activity

RIP OFF Republic presenter Eddie Hobbs has denied he engaged in any illegal activity when advising a client about moving money to an offshore fund while he worked as a financial adviser in the 1990s.

Today’s edition of the weekly Village magazine, delayed as a result of a legal argument with Mr Hobbs, has raised questions about the consumer champion’s role while working with the Taylor Investment Group between 1993 and 1994.

Cork-born Mr Hobbs is a former business partner of the company’s founder, Tony Taylor, who was convicted of fraud involving clients’ funds and jailed in 2001.

Village magazine claims Mr Hobbs was aware that one of his clients had a bank account in Kenmare, Co Kerry, using a bogus name, when advising the person to switch his money to an offshore fund.

The initial print run of Village was scrapped on Thursday after Mr Hobbs’s lawyers threatened the magazine with legal action.

In a statement last night, publishers of the Village confirmed they will consult with their lawyers to consider the instigation of a claim for damages against Mr Hobbs. They claim Mr Hobbs clearly consented to the publication of the material shortly after noon on Thursday.

Mr Hobbs last night emphasised he never did anything illegal in the manner in which he offered financial advice to clients. He pointed out there was no legal obligation at the time for financial advisers to satisfy themselves about the source of client’s funds.

“I’ve always been totally aware that when I engaged in something with a high profile like Rip Off Republic that Tony Taylor would come out of the woodwork,” Mr Hobbs said.

The allegations about Mr Hobbs were made by Mr Taylor, who provided the magazine with documents belonging to the Taylor Investment Group.

Mr Hobbs pulled out of an appearance on RTÉ’s Late Late Show last night.

He said the Late Late Show had attempted to impose “unprecedented conditions” over his appearance and claimed he was asked not to do any other TV or radio interviews during the week. He said he had requested that several other guests appear with him in a discussion on consumer issues and he decided to pull out when none of them were available.