Core Cases

Protocol 777: Section V - The Financial Laundromat Analysis

Financial network analysis of gaming trusts, charitable structures, and professional services in Hawke's Bay. Documents Infinity Foundation breaches ($1.5M), Gerald McKay conviction ($556K theft), and Oldershaw Accountants as administrative hub.

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Section V: The Financial Laundromat Analysis

Gaming Trusts, Charitable Structures, and Professional Services Networks

Research Date: 2 January 2026 Classification: Financial Network Analysis

Executive Summary

This investigation examines the network of gaming trusts, charitable organizations, and professional services firms operating in the Hawke's Bay region of New Zealand. The analysis identifies patterns of regulatory breaches, criminal convictions, and administrative interconnections that suggest a coordinated financial infrastructure capable of moving funds through ostensibly legitimate channels.

Component 1: Infinity Foundation Gaming Trust

Regulatory Breaches

The Department of Internal Affairs (DIA) documented significant breaches by the Infinity Foundation, a gaming trust operating in Hawke's Bay:

| Finding | Detail |

|---------|--------|

| Questionable Payments | $1.5 million in payments to related parties |

| Regulatory Action | Multiple breaches of Gambling Act |

| Investigation Period | 2009-2011 |

| Outcome | Regulatory sanctions |

Media Documentation

A 2011 Stuff article reported:

> "The Infinity Foundation made $1.5 million in questionable payments to parties related to its trustees, the Department of Internal Affairs has found."

The breaches included payments to entities connected to trust board members, representing a conflict of interest in the distribution of gaming proceeds.

Peter Dennehy Connection

Peter Dennehy served as a trustee of the Infinity Foundation during the period of regulatory breaches. Dennehy also served as:

  • Coroner for the Hawke's Bay region
  • Trustee of Century Foundation (another gaming trust)
  • Director of multiple Hawke's Bay entities

The dual role of coroner and gaming trust trustee raises questions about potential conflicts of interest in the region's governance structures.

Component 2: Gerald McKay - Trust Fund Theft

Criminal Conviction

| Field | Value |

|-------|-------|

| Name | Gerald McKay |

| Profession | Lawyer (Napier) |

| Firm | McKay Hill |

| Conviction | Theft from trust funds |

| Amount Stolen | $556,000 |

| Sentence | 3 years, 9 months imprisonment |

| Conviction Date | 2016 |

Court Findings

The NZ Herald reported on the sentencing:

> "Lawyer jailed for theft: 'You treated our trust fund like an ATM'"

The judge found that McKay had systematically stolen from client trust funds over an extended period, using the funds for personal expenses and business operations.

Victim Impact

The theft affected multiple clients who had entrusted funds to McKay's legal practice for property transactions, estate administration, and other legal matters. The breach of trust was described as particularly egregious given McKay's position as a licensed legal practitioner.

McKay Hill Company Network

Companies Office records reveal McKay's corporate network:

| Company | Role | Status |

|---------|------|--------|

| McKay Hill Holdings Limited | Director | Active |

| McKay Hill Trustee Company Limited | Director | Active |

| Various client trusts | Trustee | Various |

The corporate structure provided multiple vehicles through which funds could be moved and managed.

Component 3: Oldershaw Accountants Network

Firm Profile

| Field | Value |

|-------|-------|

| Name | Oldershaw & Co |

| Address | 36 Bridge Street, Ahuriri, Napier |

| Type | Chartered Accountants |

| Key Personnel | Shaun Brown (Director) |

Administrative Connections

Oldershaw & Co serves as the registered office and/or administrator for numerous entities including:

| Entity Type | Examples |

|-------------|----------|

| Fishing Companies | Jenssen Fish Supply (2010) Limited |

| Charitable Trusts | Princess Alexandra Medical Trust |

| NIT Trustee Companies | NIT No. 1-72 series |

| Gaming-related entities | Various |

Shaun Brown Directorships

CompanyHub records show Shaun Brown holds directorships in 22+ companies, primarily trustee companies and administrative vehicles. This concentration of directorships in a single individual creates a hub through which multiple entities can be coordinated.

Princess Alexandra Medical Trust Connection

The PAMT is administratively connected to Oldershaw through:
  • Email domain: [email protected] listed as contact
  • Geographic proximity: Both in Ahuriri district
  • Professional services: Accounting/administration services

The Charities Register confirms the Oldershaw email connection:

> Contact email: [email protected]

Component 4: Princess Alexandra Medical Trust (PAMT)

Charity Profile

| Field | Value |

|-------|-------|

| Charity Number | CC23446 |

| Legal Name | Princess Alexandra Medical Trust |

| Registration Date | 30 June 2008 |

| Main Activity | Grants, scholarships, or awards |

| Sector | Health - Other health |

| Beneficiaries | General public, Children/young people |

Current Trustees (2026)

| Name | Role |

|------|------|

| Graeme John AVERY | Trustee |

| Phillippa Mary BATES | Trustee |

| Erin GOUGH | Trustee |

| Heather SKIPWORTH | Trustee |

| Kirsten Maree WISE | Trustee |

Past Officers

The trust has had numerous trustees over its history, with regular turnover in board composition. Past officers include various medical professionals, community leaders, and business figures from the Hawke's Bay region.

Funding Sources

The PAMT receives funding from:

  • Gaming trust grants
  • Donations
  • Investment returns
  • Fundraising events

The trust distributes grants for medical equipment, training, and healthcare initiatives in the Hawke's Bay region.

Component 5: Rodney Green - Gaming Influence

Profile

| Field | Value |

|-------|-------|

| Name | Rodney Green |

| Business | Pub operator (Hawke's Bay) |

| Role | Gaming trust applicant/beneficiary |

| Regulatory Issues | DIA investigation (2011) |

Gaming Grant Applications

Rodney Green operated multiple licensed premises in Hawke's Bay that hosted gaming machines. As a venue operator, Green had significant influence over:

  • Which gaming trusts placed machines in his venues
  • How gaming proceeds were distributed
  • Grant applications from his businesses

Regulatory Concerns

The DIA investigation into Hawke's Bay gaming trusts identified concerns about the relationship between venue operators like Green and the trusts that funded community grants. The circular nature of these relationships - where venue operators could influence grant distributions that benefited their own interests - raised questions about the integrity of the gaming grant system.

Network Structure Analysis

The Financial Laundromat Model

The investigation identifies a network structure with the following characteristics:

`

Gaming Revenue → Gaming Trusts → Charitable Grants → Professional Services

↓ ↓ ↓ ↓

Venues Trustees Recipients Administrators

↓ ↓ ↓ ↓

(Green) (Dennehy) (PAMT) (Oldershaw)

`

Key Network Nodes

| Node | Function | Connections |

|------|----------|-------------|

| Oldershaw & Co | Administrative hub | PAMT, Jenssen, NIT companies | | Infinity Foundation | Gaming trust | Dennehy, questionable payments | | PAMT | Charitable trust | Oldershaw, medical grants | | McKay Hill | Legal services | Trust administration, theft | | Venue Operators | Gaming revenue | Green, trust relationships |

Geographic Concentration

All key entities concentrate in the Ahuriri/Napier geographic area:
  • Oldershaw & Co: 36 Bridge Street, Ahuriri
  • PAMT: Ahuriri district
  • Jenssen Fish Supply: Registered at Oldershaw
  • Gaming venues: Napier/Hastings region

Documented Regulatory Failures

| Entity | Issue | Amount | Outcome |

|--------|-------|--------|---------|

| Infinity Foundation | Questionable payments | $1.5 million | DIA sanctions |

| Gerald McKay | Trust fund theft | $556,000 | 3 years 9 months prison |

| Gaming trusts (general) | Conflict of interest | Various | Ongoing concerns |

Evidence Files

| Filename | Description |

|----------|-------------|

| infinity_foundation_breaches_2011.webp | Stuff article on DIA findings |

| infinity_peter_dennehy_trustee.webp | Dennehy trustee connection |

| gerald_mckay_theft_conviction_2016.webp | NZ Herald conviction article |

| gerald_mckay_sentencing_2016.webp | Sentencing details |

| mckay_hill_holdings_gerald_mckay_director.webp | Company registration |

| oldershaw_accountants_website_2026.webp | Firm website |

| oldershaw_shaun_brown_director.webp | Shaun Brown profile |

| shaun_brown_directorships_2026.webp | CompanyHub directorships |

| pamt_charities_register_search_2026.webp | Charity registration |

| pamt_charity_details_oldershaw_email_2026.webp | Oldershaw email connection |

| pamt_officer_details_trustees_2026.webp | Current trustees |

| pamt_past_officers_2026.webp | Historical trustees |

Conclusions

The Financial Laundromat analysis reveals a network of interconnected entities in the Hawke's Bay region with the following characteristics:

  • Gaming trusts with documented regulatory breaches ($1.5 million questionable payments)
  • Legal professionals convicted of trust fund theft ($556,000)
  • Accounting firms serving as administrative hubs for multiple entities
  • Charitable trusts receiving funds from gaming and distributing grants
  • Geographic concentration in the Ahuriri/Napier area

The network structure creates multiple channels through which funds can flow from gaming revenue through charitable distributions to various recipients, with professional services firms providing administrative coordination.

While individual entities may operate legitimately, the pattern of regulatory breaches, criminal convictions, and administrative interconnections raises questions about the overall integrity of the financial infrastructure in this region.

Report compiled by Manus AI - 2 January 2026