UNKNOWN: Mark Hotchin was granted name suppression when he gave evidence during the 2004 trial.

Failed finance company boss Mark Hotchin has emerged as a victim of a multi-million dollar scam perpetrated by Rotorua fraudsters Bill and Lee Papple and Tina West between 2000 and 2002.

Hotchin gave evidence in the court hearing leading to their conviction in 2004 but his involvement was suppressed at his request by the court on the grounds it could damage his business reputation as head of Hanover Finance.

His lawyer at the time said Hotchin and former Hanover CEO Kerry Finnigan were worried their company might collapse if the public found out about their ''Looney Tune'' investments.

Name suppression was lifted by court order today.

In a statement, Hotchin said he now welcomed the lifting of name suppression.

''In 2004 I was approached about an investment opportunity in a personal capacity. It is very important to note that no funds from Hanover or its related companies were involved.

''I was led to believe that our funds were going into an overseas investment vehicle, however I was clearly misled. The advice I received from a trusted acquaintance at the time subsequently proved to be flawed and unfortunately I was let down by the fraud perpetrated by the Papples and Ms West who I was told could be trusted.

''Unfortunately alongside 120 other people, I lost money.

''I was happy to assist the Serious Fraud Office and gave evidence at the trial. My name was suppressed at the time because we wanted to protect Hanover and its investors because it was made in a personal capacity, not an investment made by Hanover.''

Finnigan could not be reached for comment at this stage.

The Papples and West were convicted of conspiracy to defraud in Rotorua District Court in 2004 after fleecing the public of at least $8.3m of the $14.3m they invested.

West and Margarite Huia Papple, known as Lee, were sentenced to five years in prison. Bill Papple received a term of two years.

The fraudsters solicited money by promising returns of 3-10 per cent a month, sometimes higher, but used new investors' money to pay returns to previous investors in a scheme similar to a classic 'Ponzi' fraud.