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
Wellington lawyer Hamish McIntosh is fighting to keep almost half a million dollars he withdrew from New Zealand’s largest ponzi scheme. Read More
This article by an independent liquidator is very insightful. It seems strange that the authorities charged with cleaning up this mess do not seem to be so frank and forthright, despite the large sums we creditors have to pay for their services.
Read article here. The article is on pages 4 and 5.
The Marquet Report on Ponzi Schemes provides some useful information and understanding of Ponzi schemes in the United States. You can download a copy of the report here.
The only major instance found so far of David Ross potentially salting money away has been the accidental discovery of shares in Arria NLG Ltd in United Kingdom.
You can view a copy of the Arria company annual return here. We have posted it because we are asking you if the names or relationships of the New Zealand shareholders mean anything to you. Please have a look, and if anything jumps out please let me know. This may help us to find more hidden funds. Because a full forensic analysis has not yet been performed there is a likely hood that more ‘stash’ may have been hidden away.
The shareholding for the DRG Ross family trust can be seen at Shareholding 25, and a holding for a Jillian E Ross at Shareholding 96. Further background on the finding of the Arria money can be found here and here.
The Summary of Facts used by the SFO against David Ross can be viewed here
The Summary of Facts used by the FMA were released previously by order of the judge and can be viewed here
The FMA summary of facts for the charges laid by the FMA against David Ross can be viewed here
This material was part of the basis on which David Ross pleaded guilty on 29/8/13. The judge ordered that this summary of facts be made public.
The charges from the SFO against David Ross are at the link below. The last charge shows that he is accused of operating a Ponzi at least as far back as October 2003. We are also seeking copies of the charges laid by the FMA.