December 12 2014
An independent barrister has found David Ross’s $220,000 legal bill “reasonable”, after receivers had queried the figure.
The investigation and prosecution of Ross cost taxpayers about $100,000 in legal fees, not including “significant” staff time, at the Serious Fraud Office and Financial Markets Authority. The SFO had spent about $15,000 on external legal fees from August last year, while FMA’s bill had reached $84,000 since October, 2012. Read More
5:00 AM Monday Nov 24, 2014
Market watchdog turns down only one applicant in two years since Ross debacle. Read More
A high-profile Wellingtonian is involved in the company which the liquidators of Ross Asset Management are seeking to claw back $2.3 million from. Read more
The liquidator of Ross Asset Management has made its first application to claw back $2.3 million from an investor who received payments in the three years before the companys collapse. Read More
Victims of fraudster David Ross, who are looking at a return of less than 3 cents in the dollar, are calling for a finance industry fidelity fund to help unwind frauds and failures.
The investors say fraudsters like Ross are no longer the problem, with the country’s “unfair and ineffective” regulatory environment ensuring investors are “robbed a second time”
There are claims new financial markets reforms will do nothing to help investors avoid another David Ross-style ripoff.
Spokesman Bruce Tichbon said: “Financial structures and safeguards in NZ are not sufficiently robust to support a modern economy, and RAM and the many other fraud cases are surely proof of this. Investor confidence is intolerably low and the size of NZ’s financial markets is seriously small compared to the markets of our trading partners.”
Tichbon said the FMCA was “top-of-the-cliff” legislation that was likely to be ineffectual.
David Ross’ out-of-pocket victims want an industry-backed fidelity fund to help “screwed” investors recover money from similar fraud and company failures.
The Ross Asset Management Investors Group – formed in the wake of that company’s collapse – has written to the Commerce Minister Craig Foss criticising the “unfair and ineffective” regulatory environment in New Zealand.
Less than three cents in the dollar is all victims of fraudster David Ross can expect in the final wash-up, after his last property was sold for a knockdown price. Out-of-pocket investors are left scratching their heads about what happened to the other 97c, in what one called a hopeless saga. Read More
Bankruptcy action could be brought against Ross Asset Management investors who don’t comply with any orders to return payouts. Read More
The investigation and prosecution of fraudster David Ross has cost taxpayers about $100,000 in legal fees, not including “significant” staff time at two government agencies. Read More