Wellington lawyer Hamish McIntosh is fighting to keep almost half a million dollars he withdrew from New Zealand’s largest ponzi scheme. Read More
This article by an independent liquidator is very insightful. It seems strange that the authorities charged with cleaning up this mess do not seem to be so frank and forthright, despite the large sums we creditors have to pay for their services.
Read article here. The article is on pages 4 and 5.
The Marquet Report on Ponzi Schemes provides some useful information and understanding of Ponzi schemes in the United States. You can download a copy of the report here.
The only major instance found so far of David Ross potentially salting money away has been the accidental discovery of shares in Arria NLG Ltd in United Kingdom.
You can view a copy of the Arria company annual return here. We have posted it because we are asking you if the names or relationships of the New Zealand shareholders mean anything to you. Please have a look, and if anything jumps out please let me know. This may help us to find more hidden funds. Because a full forensic analysis has not yet been performed there is a likely hood that more ‘stash’ may have been hidden away.
The shareholding for the DRG Ross family trust can be seen at Shareholding 25, and a holding for a Jillian E Ross at Shareholding 96. Further background on the finding of the Arria money can be found here and here.
The FMA summary of facts for the charges laid by the FMA against David Ross can be viewed here
This material was part of the basis on which David Ross pleaded guilty on 29/8/13. The judge ordered that this summary of facts be made public.
The charges from the SFO against David Ross are at the link below. The last charge shows that he is accused of operating a Ponzi at least as far back as October 2003. We are also seeking copies of the charges laid by the FMA.
This appeared in the NBR in response to a complaint by the RAM investors group to the Solicitor General
FMA conflict of interest allegations misconceived and flawed
Article by Blair Cunningham http://www.nbr.co.nz/subscribe?return=134177
The Financial Markets Authority (FMA) says it has fulfilled its statutory obligations amidst a conflict of interest complaint.
Ross Asset Management investors’ group has complained to the solicitor-general’s office of a perceived conflict of interest.
“FMA is not simply an investigatory and enforcement agency, but also has a statutory mandate to authorise and license market participants. It is inevitable the FMA will at times investigate and bring proceedings against entities it has previously licensed,” spokesman Tony Reid told NBR ONLINE in a written statement.
Investors’ group spokesman Bruce Tichbon says he got a “strong sentiment” from members of the group he should seek clarification of whether or not the FMA has a conflict of interest concerning RAM and related investigations.
He cited four major concerns:
• David Ross was licensed by the FMA as an Authorised Financial Adviser and David Ross had issued a disclosure statement to clients in mid-2011 stating this. The action of the FMA and this disclosure was instrumental in assuring many investors RAM was legitimate and had a more reasonable risk profile.The FMA was charged with doing due diligence on Authorised
• Financial Adviser’s, but had not investigated RAM.
• The government had passed major pieces of financial legislations since the finance company crashes of about 2008, including the Financial Advisers Act 2008 and the Financial Markets Act 2011. These actions created the impression of reasonable regulatory supervision and oversight of the financial markets, but this was not in fact the case, as evidenced by the collapse of RAM.
• The Securities Commission (the precursor to the FMA) was warned there was cause for concern about RAM three years ago in 2009, yet no action was taken.
Mr Tichbon has been referred to the Ministry of Business, Innovation and Employment and is currently considering his next steps.
“The FMA may now have a conflict of interest, in that it has failed to act on previous warnings but is now engaged in the investigation, receivership, liquidation of RAM and potential action against Authorised Financial Advisers who were involved,” Mr Tichbon says.
But Mr Reid says the FMA has applied the law “consistent with our mandate and discretion.”
Blair Cunningham – Wellington reporter
Ross Asset Management Limited (Mauritius)
- Company Number
- Incorporation Date
- 22 March 2011 (over 1 year ago)
- Company Type
- LIMITED BY SHARES
- Registered Address
- 4TH FLR, EBENE SKIES, RUE DE L’INSTITUT, EBENE [ View on Google Maps ]
- Registry Page
ROSS ASSET MANAGEMENT LTD ( Bermuda ).
- Company Number
- Incorporation Date
- 24 March 1999 (over 13 years ago)
Welcome to our Support Pages for those affected by the collapse of the Ross Group of companies. We are also extending our support to the tens of thousands of other NZ investors who have been robbed of billions of dollars over the past few years, of which very little has ever been recovered.
RAM investors please register with us so we can keep you informed with what is happening, and to allow us to provide you with information that may help in dealing with the situation. To register please email me at the address below.
If you have any relevant information to share, then please contact us.
Bruce Tichbon Email firstname.lastname@example.org