By Alex Tarrant
Returns reported for the supposed NZ$450 million Ross Asset Management ‘investment fund’ were likely exaggerated and possibly fictitious, while withdrawals by investors over the last five years appear to have been funded by contributions made by other investors, receivers PwC say, in language that hints at a Ponzi scheme.
- Interest.co.nz: Ross Asset Management receivers confirm investors’ fears
- NBR: Ross Asset returns may have been made up
- NBR: Ross collected $30m in fees, giant ponzi scheme suspected
- Stuff: Serious Fraud Office investigating Ross Asset Management
- NZ Herald: Ponzi scheme claim for $450m Ross Asset funds