Mountain Scene – Skint Queenstown widow rues trusting Ross ‘Ponzi’ scheme

Philip Chandler 16 May 2013

A blue-collar Wakatipu widow left skint by a recent half-billion dollar investment company collapse says she faces being a cleaning worker till she dies.

Kingston’s Bev Nicholson – the first local victim to speak out – says one-man-band David Ross, of Wellington, convinced her not to withdraw her investment after her partner passed away in 2009. Read more

Bernie Madoff tormented by son’s suicide

By BRUCE GOLDING New York Post Last Updated: 7:38 AM, May 17, 2013

The Ponzi monster is now tormented by his own demons.

In an interview from prison, Bernie Madoff said he’ll be forever haunted by the suicide of his oldest son, and he can’t sleep at night because he blames himself for the 2010 tragedy. Read more

See also: Prison exclusive: Bernie Madoff can’t sleep Read here

Wall St Journal USA – Bankruptcy Costs Attacked


Federal watchdogs are preparing to exert more control over costs in big bankruptcy cases.

In the initial push, the first overhaul of guidelines intended to keep costs in check in about 17 years is expected to be unveiled by July 1. It aims to tamp down on fee and expense applications submitted by attorneys for corporate debtors and sometimes creditors. Read more

NZ Herald – FMA slams Ross allegations

By Hamish Fletcher 1:10 PM Tuesday May 14, 2013

Suggestions the Financial Markets Authority knew about David Ross long before his business was raided were “crap”, the regulator’s chief executive told a conference this morning.

“Let me very clear about this because there have been some assertions and some whispering campaigns that everybody knew about Ross and that we were too slow to act. I’m standing here before you today to say that it took one phone call, one, for us to take action. Any suggestion that we knew about Ross beforehand is crap,” FMA head Sean Hughes said at the 2013 Forensic Conference in Auckland today. Read more

Dominion Post – Watchdog tardy say RAM investors

JASON KRUPP Last updated 05:00 30/04/2013

Ross Asset Management (RAM) investors have slated the Financial Markets Authority (FMA) for taking six months to directly contact them, saying the watchdog is doing a poor job of standing up for investors.

That was in reaction to the first piece of direct correspondence from the regulator that many of the victims caught in the RAM collapse have received. It was dated May 1 but sent last week, and contains a list of 45 detailed financial questions.

Read more