Your investor group was staggered to learn that it took something like 27 complaints from people who could not get their money from David Ross before the Financial Markets Authority (FMA) acted and shut RAM down.
We discovered this amazing piece of information in an old judgement by Judge Jill Mallon dated 6 November 2012. An order freezing the assets of RAM was granted to the FMA on 2 November 2012, that was probably the day most of us found out that RAM was in trouble.
RAMIG will continue to try to find out more about this, especially how early the first complaints were made.
ANZ will face a multi-million dollar legal claim from victims of the Ross Asset Management ponzi scheme.
The High Court in Wellington has given investors the go-ahead to launch a class action law suit against ANZ, which was the banker for the ponzi scheme operated by David Ross, who was jailed for his crimes. Read More
10 MAY 2018
Commerce and Consumer Affairs Minister Kris Faafoi announced today the beginning of public consultation on a new regime to provide fairer outcomes for victims of Ponzi schemes. Read the Ministers full statement plus access the full documents
Listen to Bruce Tichbon of the Ross Asset Management Investors Group discuss the new intervention by the Commerce and Consumer Affairs Minister Kris Faafoi to tidy up the mess caused by the failed RAM liquidation. Listen Here
Stuff 10 May 2018
Consumer Affairs minister Kris Faafoi has unveiled a proposal to make winding up Ponzi schemes fairer.
It was prompted by the lengthy court battle following the collapse of the Ross Asset Management (RAM) Ponzi scheme, which ended with some investors getting all their money back, while others face the grim prospect of getting back just a few cents in every dollar they invested. Read More
Stuff – HAMISH RUTHERFORD November 10 2017
Liquidators of New Zealand’s largest ever ponzi scheme have laid out options to return a portion of money to investors, but already there are warnings of legal challenges. Read More
Stuff – HAMISH RUTHERFORD September 1 2017
A Wellington lawyer ordered to repay money to the liquidators of a collapsed ponzi scheme will also face a hefty interest bill. Read More
STUFF – HAMISH RUTHERFORD August 14 2017
Almost five years after its collapse, liquidators of New Zealand’s largest ponzi scheme are making preparations to finally return some money to investors. Read More
Stuff HAMISH MCNICOL July 14 2017
The liquidators of Ross Asset Management are going after more than $21 million from 160 investors who withdrew money before the massive ponzi scheme’s collapse. Read More
NZ Herald 4 June 2017
Recent court decisions have repeatedly confirmed that David Ross ran a massive Ponzi scheme. The former principal of Ross Asset Management, who is serving a 10 year and 10 month jail sentence, has clearly established himself as one of the country’s most notorious white collar criminals along with Rod Petricevic, Jacqui Bradley, Stephen Versalko, Alex Swney and others.
Ross left a trail of destruction as investors suffered large losses and incurred substantial legal costs trying to recover their money.
The only winners from the Ross saga are the legal profession. There have been a large number of related court cases, with one of the most important decisions handed down recently by the Supreme Court. Read More