With Bruce Tichbon – Ross Asset Management Investors’ Group. Iain Thain – DLA Phillips Fox partner specialising in commercial litigation, regulatory issues and insolvency. Harry Markopolos – Former securities executive who exposed Ponzi billionaire Bernie Madoff. (34′16″) Click here to listen
This 16 minute program hosted by Guyon Espiner and Duncan Garner can be viewed here
A disturbing recent NZ example of how professional fees devour
investors savings. Of course the government collects GST on the
Bruce Tichbon speaks on behalf of investors in Ross Asset Management, who have lost millions of dollars in a suspected Ponzi scheme. (23′37″)
Receivers and their legal counsel for Ross Asset Management discounted their charges but still couldn’t extract their full fees from the liquid assets left in David Ross’s group of investment companies, the High Court has been told.
Ross Asset Management will be managed at least temporarily by PwC as brokers from First NZ Capital attempt to work out the affairs of a company which suffered a ”vacuum of management”, a court has heard.
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.
More than $400 million has gone missing from a Wellington funds management company and questions are being asked about what can be done to prevent it from happening again.
Rachel Smalley talks to FMA Cheif Executiove Sean Hughes.
Only $10 million of the hundreds of millions of dollars invested in Ross Asset Management has so far been found.