NBR: Ross Asset returns may have been made up

The receivers for Ross Asset Management have found just $10.2 million of investments, slightly more than 2% of the total of $449 million.

PwC receiver John Fisk says it is likely the historical returns advised to investors are exaggerated and may be fictitious.

In a progress report to the High Court, released today, receivers Mr Fisk and David Bridgman say RAM and its nine associated entities are insolvent and should be liquidated.

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