SFO confirms investigation into Ross Asset Management

The Serious Fraud Office (SFO) today confirmed that it has commenced a formal investigation into David Ross, Ross Asset Management Limited (In Receivership) and associated entities.

In response to investor complaints, the Financial Markets Authority (FMA) opened an investigation into Wellington Financial Advisor, David Ross and firm Ross Asset Management on 25 October. A freeze was obtained on Mr Ross’ assets and John Fisk and David Bridgman from PricewaterhouseCoopers, were¬†appointed as receivers and managers.

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One News: SFO begins investigation into fund manager

The Serious Fraud Office (SFO) has begun an investigation into Wellington fund manager David Ross and his firm Ross Asset Management after court-appointed receivers found records for just $10.2 million of the $449.6 million he purportedly managed.

The SFO has been working with the Financial Markets Authority, which began its own investigation on October 25 and has since obtained a freeze on Ross’s assets.

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Stuff: Serious Fraud Office investigating Ross Asset Management

The Serious Fraud Office is now conducting an investigation into Ross Asset Management, which is feared to be New Zealand’s largest ever Ponzi scheme.

Last month the Financial markets Authority won a freezing order over Ross and its founder David Ross, following complaints from investors unable to withdraw their money.

Acting SFO chief executive Simon McArley said the organisation had been working with the FMA over the last two weeks.

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