Stuff 10 May 2018
Consumer Affairs minister Kris Faafoi has unveiled a proposal to make winding up Ponzi schemes fairer.
It was prompted by the lengthy court battle following the collapse of the Ross Asset Management (RAM) Ponzi scheme, which ended with some investors getting all their money back, while others face the grim prospect of getting back just a few cents in every dollar they invested. Read More
Stuff – HAMISH RUTHERFORD November 10 2017
Liquidators of New Zealand’s largest ever ponzi scheme have laid out options to return a portion of money to investors, but already there are warnings of legal challenges. Read More
Stuff – HAMISH RUTHERFORD September 1 2017
A Wellington lawyer ordered to repay money to the liquidators of a collapsed ponzi scheme will also face a hefty interest bill. Read More
STUFF – HAMISH RUTHERFORD August 14 2017
Almost five years after its collapse, liquidators of New Zealand’s largest ponzi scheme are making preparations to finally return some money to investors. Read More
Stuff HAMISH MCNICOL July 14 2017
The liquidators of Ross Asset Management are going after more than $21 million from 160 investors who withdrew money before the massive ponzi scheme’s collapse. Read More
NZ Herald 4 June 2017
Recent court decisions have repeatedly confirmed that David Ross ran a massive Ponzi scheme. The former principal of Ross Asset Management, who is serving a 10 year and 10 month jail sentence, has clearly established himself as one of the country’s most notorious white collar criminals along with Rod Petricevic, Jacqui Bradley, Stephen Versalko, Alex Swney and others.
Ross left a trail of destruction as investors suffered large losses and incurred substantial legal costs trying to recover their money.
The only winners from the Ross saga are the legal profession. There have been a large number of related court cases, with one of the most important decisions handed down recently by the Supreme Court. Read More
Dominion Post May 26 2017
The Supreme Court has upheld a compromise over what should happen to the funds that innocent investors in Ross Asset Management withdrew before the investment company’s collapse. Read More
Dozens of clients of Ross Asset Management have agreed to hand back millions of dollars they were able to withdraw before the massive ponzi scheme’s collapse. Read More
Former Ross Asset Management investor Hamish McIntosh told the Supreme Court he was entitled to fictitious returns on $500,000 he invested with the failed Ross Asset Management that one judge on the bench said were “a fantasy” based on stolen money. Read More.
A test case that will decide how much the liquidators of David Ross’ ponzi scheme can claw back from investors will be argued in the Supreme Court today. Read More