Philip Chandler 16 May 2013
A blue-collar Wakatipu widow left skint by a recent half-billion dollar investment company collapse says she faces being a cleaning worker till she dies.
Kingston’s Bev Nicholson – the first local victim to speak out – says one-man-band David Ross, of Wellington, convinced her not to withdraw her investment after her partner passed away in 2009. Read more
By BRUCE GOLDING New York Post Last Updated: 7:38 AM, May 17, 2013
The Ponzi monster is now tormented by his own demons.
In an interview from prison, Bernie Madoff said he’ll be forever haunted by the suicide of his oldest son, and he can’t sleep at night because he blames himself for the 2010 tragedy. Read more
See also: Prison exclusive: Bernie Madoff can’t sleep Read here
With Bruce Tichbon – Ross Asset Management Investors’ Group. Iain Thain – DLA Phillips Fox partner specialising in commercial litigation, regulatory issues and insolvency. Harry Markopolos – Former securities executive who exposed Ponzi billionaire Bernie Madoff. (34′16″) Click here to listen
Last updated 14:32 10/05/2013
The Serious Fraud Office has estimated the cost of its Hanover Finance investigation at $1.1 million.
On April 30, the SFO decided not to prosecute anyone associated with the collapse of Hanover Finance after an investigation lasting two years and eight months. Read more
Updated May 12, 2013 BY EMILY GLAZER AND JENNIFER SMITH
Federal watchdogs are preparing to exert more control over costs in big bankruptcy cases.
In the initial push, the first overhaul of guidelines intended to keep costs in check in about 17 years is expected to be unveiled by July 1. It aims to tamp down on fee and expense applications submitted by attorneys for corporate debtors and sometimes creditors. Read more
By Hamish Fletcher 1:10 PM Tuesday May 14, 2013
Suggestions the Financial Markets Authority knew about David Ross long before his business was raided were “crap”, the regulator’s chief executive told a conference this morning.
“Let me very clear about this because there have been some assertions and some whispering campaigns that everybody knew about Ross and that we were too slow to act. I’m standing here before you today to say that it took one phone call, one, for us to take action. Any suggestion that we knew about Ross beforehand is crap,” FMA head Sean Hughes said at the 2013 Forensic Conference in Auckland today. Read more
By Hamish Fletcher 1:30 PM Monday Apr 29, 2013
New Zealand’s market regulator has written to Ross Asset Management investors trying to get information to help its probe of the collapsed Wellington firm. Read more
By Hamish Fletcher 5:30 AM Monday May 13, 2013
Tougher licensing rules for authorised financial advisers – like suspected Ponzi-scheme operator David Ross – won’t be introduced in a law change despite being suggested by the market regulator. Read more
Frank Marvin 09 May 2013
Some Queenstown investors have lost their life savings in the Ross Asset Management collapse, a man fighting on their behalf says. Read more
JASON KRUPP Last updated 05:00 30/04/2013
Ross Asset Management (RAM) investors have slated the Financial Markets Authority (FMA) for taking six months to directly contact them, saying the watchdog is doing a poor job of standing up for investors.
That was in reaction to the first piece of direct correspondence from the regulator that many of the victims caught in the RAM collapse have received. It was dated May 1 but sent last week, and contains a list of 45 detailed financial questions.