Receivers do not expect to uncover more money after meeting with the founder of collapsed Ross Asset Management.
John Fisk and David Bridgman of PricewaterhouseCoopers have found only $11 million when the company reported $449.6 million was in investors’ portfolios as at September 30, 2012.
PWC met with founder David Ross after he was released from hospital on Thursday in a bid to find more funds but have now confirmed the grim situation investors face.
The receivers of Ross Asset Management say they don’t expect to locate any further assets of significant value above the miniscule amount already found, after speaking to principal David Ross, who was released from hospital this week having received compulsory treatment under the Mental Health Act.
By Hamish Rutherford
The receivers of suspected Ponzi scheme Ross Asset Management say a meeting with the company’s sole director has left little prospect of significantly more money being found.
By Hamish Fletcher
There may be even less money available for Ross Asset Management’s bewildered investors than first thought, its receivers have warned.
Accused ponzi scheme operator David Ross was released from hospital late yesterday.
Mr Ross had been receiving compulsory treatment under the Mental Health Act in hospital for the past three weeks, according to a statement issued through law firm Chapman Tripp.
“During this time he has been unable to assist authorities,” Chapman Tripp says.
David Ross to ‘cooperate fully’ with receiver, SFO & FMA probes into Ross Asset Management & the funds invested with it after release from hospital
MEDIA STATEMENT FROM DAVID ROSS
November 22 2012
Ross Asset Management founder and director David Ross will cooperate fully with all inquiries into his company and the funds invested with it.
Mr Ross was released from hospital late yesterday. He has been receiving compulsory treatment under the Mental Health Act in hospital for the past three weeks. During this time he has been unable to assist authorities.
Through his lawyers, Mr Ross has now undertaken to cooperate fully with the Financial Markets Authority (FMA), the receivers, and the Serious Fraud Office (SFO).
While these matters are the subject of official inquiries, Mr Ross and his family will be making no further comment.
Embattled Wellington financial advisor David Ross has been released from hospital.
According to a statement from law firm Chapman Tripp, which is acting for Ross, “he has been receiving compulsory treatment under the Mental Health Act in hospital for the past three weeks”.
Palmerston North, New Zealand; Tel 06 357 1901
Mobile 027 437 9050, e-mail: bruce.tichbon@gmail.com
21 November 2012: For immediate release.
MEDIA RELEASE
The Ross Asset Management Investors Group will meet with the Financial Markets Authority (FMA) tomorrow (Thursday) to discuss issues of urgent concern relating to the collapse of Ross Asset Management Ltd.
By Hamish Fletcher
Liquidators could reclaim ‘inflated’ payouts from collapsed fund manager to redistribute.
Ross Asset Management investors who were paid out “inflated” returns by the collapsed Wellington fund manager could have their money taken back and redistributed by liquidators.