FMA Received 27 Complaints About RAM

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.

Ponzi scheme law proposal to protect investors

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

Brian Gaynor Ponzi scheme fallout still being untangled

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