Ross Support » High Court

David Ross loses jail term appeal

bruce.tichbon@gmail.com — Wed, 25 Jun 2014 22:03:42 +0000

David Ross, the man behind the single biggest fraud in New Zealand’s history, has lost his bid to have his “unreasonably crushing” minimum jail term reduced. Read More

You can read a copy of the judgement here: especially about Mr Ross’s ‘remorse’.

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Ross – Judges Sentencing Notes 15/11/13

bruce.tichbon@gmail.com — Fri, 29 Nov 2013 02:17:08 +0000

The sentencing notes used by Judge Barry View Here

This is what the Judge read out in court. The notes are quite eloquent, and will be emotional for many to read

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David Ross Guilty Plea 29 August 2013

bruce.tichbon@gmail.com — Tue, 10 Sep 2013 04:12:33 +0000

Media coverage of David Ross pleading guilty can be found below.

We commend you to listen and read the Radio NZ coverage It contains very good interviews with David Ross’s lawyer (Gary Turkington), Graham Gill of the SFO, Bruce Tichbon of RAMIG, and some very relevant comments by Barry Prince.

We commend you to listen to comments by Liquidator John Fisk here

Further comments here by investor Bev Nicholson (well done again), RAM Investors Group spokesperson Bruce Tichbon; and DLA Phillips Fox partner Iain Thain, a lawyer specialising in commercial litigation, regulatory issues and insolvency.

David Ross pleads guilty to fraud

We want Ross ‘poor’ after jail, say ponzi victims

Ross’ Ponzi scheme cleaned out clients

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Bloomberg – Madoff investors can’t sue SEC

admin — Thu, 11 Apr 2013 08:45:34 +0000

There have been constant calls from RAM investors to sue the FMA in NZ for failing to follow up on multiple warnings over the years that RAM was fraudulent. Our advice has been its hard to sue the NZ government and RAMIG’s efforts for now would be better used elsewhere.

The following press from the Madoff case in USA shows the same problem there, the federal Appeals Court refuses to support a suit against the Securities Exchange Commission (or SEC, the equivalent of the FMA and its predecessor the Securities Commission in NZ). This is despite the SEC being given multiple warnings on Madoff, and doing multiple investigations of Madoff and failing to find anything wrong.

In NZ the FMA and the Securities Commission, as far as we know, did not even investigate Ross Asset Management, despite multiple warnings.

However, other aspects of the US law are still of interest to RAM investors. The US courts vigorously pursue claw back in Ponzi cases, and in this regard they set a common law standard for the NZ courts to specifically accept or reject.

Begins

MADOFF INVESTORS CAN’T SUE SEC - Apr 11, 2013

Read full article

Text here abridged.

Bernard Madoff’s investors can’t sue the U.S. Securities and Exchange Commission for failing to uncover his massive Ponzi scheme, a federal appeals court ruled.

The regulator’s “regrettable inaction” is shielded by law, the New York-based appeals panel said today, upholding a lower-court decision to dismiss suits in which investors accused the SEC of negligence.

“Despite our sympathy for plaintiffs’ predicament (and our antipathy for the SEC’s conduct), Congress’s intent to shield regulatory agencies discretionary use of specific investigative powers defeats the investors claims, the court said.

The SEC’s inspector general found in a 2009 report that the agency had failed to make a thorough and competent investigation of Madoffs firm, Bernard L. Madoff Investment Securities Inc., despite having received detailed complaints.

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NZ Herald – Adviser jailed for stealing $4.7m from investors

admin — Mon, 24 Dec 2012 02:01:46 +0000

A financial adviser has been sentenced to six years and two months in prison after stealing $4.7 million from investors, many of whom were family and friends. Evan Paul Cherry was sentenced at the North Shore District Court today after … Continue reading →

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High Court Delivers Judgement on Ross Asset Management

admin — Mon, 05 Nov 2012 12:09:13 +0000

In the Wellington High Court today Justice J Mallon considered an application seeking the appointment of receivers to manage the business of Mr Ross (the first defendant) and his associated companies. The application was made under sections 137F and 137G of the Financial Advisers Act 2008.

Read the Judgement …

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