NBR Monday March 23 2015
Liquidators of the Ross Asset Management group of companies, found to be a Ponzi scheme, are looking to claw back $954,000 one investor withdrew before the scheme collapsed, in the first of three test cases. Read more
Category Archives: Newspapers
Investor can’t repay funds, court told
Radio NZ 23 March 2015
The High Court in Wellington has been told an investor who profited from the country’s largest ponzi scheme doesn’t have the money to repay a liquidator. Read More
RAM investor ‘received more than invested’
Dominion Post Last updated 05:00, March 24 2015 COLLETTE DEVLIN
A Ross Asset Management investor who put in half a million dollars, received almost as much back in “fictitious” profits, according to lawyers for RAM’s liquidator. Read More
Case against Ross Asset Management investor begins
Dominion Post Last updated 14:31, March 23 2015
An investor in Ross Asset Management who invested $500,000 received almost as much back in fictitious profits, the High Court at Wellington heard on Monday. Read More
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Landmark Ross clawback case close – NBR March 20 2015
The hearing for the first claw back case is scheduled for 10 am 23 March 2015 in the High Court in Wellington.
Dom Post – Receiver chasing ‘over $25m’
February 2 2015 The receiver of Ross Asset Management is “reluctant” to put a number on the millions of dollars it is seeking to claw back from former investors. But the figure is “certainly” more than the previously reported $25 million, and could potentially result in a “substantial” sum. Read More
Dom Post – Ponzis square pegs in insolvency law’s round holes
January 21 2015 Opinion: It is about time New Zealand law caught up with the slippery nature – and beneficiaries – of ponzi crimes. Read More
Dom Post – David Ross victim shares fall further
January 16 2015 The value of a parcel of shares being sold for the benefit of fraudster David Ross’s victims has decreased by more than 70 per cent, with investors now only likely to receive about $50,000. Read More
NZ Herald – Ross ponzi investors get inquiry knock-back
Jan 5, 2015 Commerce Minister Paul Goldsmith has rejected a request from David Ross’ burned investors to look into the country’s claw-back regime as the first court case looms against those paid out by the fraudster. Read More
Dom Post – Fleeced Ross investors optimistic about claw-back moves
January 6 2015 - Those fleeced of about $115 million by Ross Asset Management may get a bigger payout than anticipated as receivers use two pieces of legislation to try to claw back millions of dollars from former investors. Read More