By David Chaplin
The wreck of Ross Asset Management (RAM) has highlighted some of the important differences between fully-regulated funds management products and other nebulous services operating on the legislative border.
Monthly Archives: November 2012
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.
Interest.co.nz: SFO wades into Ross Asset Management
Serious Fraud Office to probe Ross Asset Management, David Ross and associated entities; Concerned with receiver’s Ponzi comparison
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.
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.
3 News: Preventing Ross Management’s mistakes
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.
SCOOP: SFO begins probe into David Ross, management firm
The Serious Fraud Office 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 Oct. 25 and has since obtained a freeze on Ross’s assets. John Fisk and David Bridgman of PricewaterhouseCoopers were appointed receivers and managers and have recommended all of the Ross-related entities be placed in liquidation.
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.
Stuff: Ross Asset case raises audit question
Ross Asset Management may have breached the Securities Act by misrepresenting to its clients the kind of services it was offering, allowing it to escape audits.
The Shareholders’ Association has called for a swift law change to ensure all companies taking money from the public are subject to strong oversight.
Stuff: Amazing returns lured investors
Visitors to the fourteenth floor of Morrison Kent House in Central Wellington are greeted by possibly the least auspicious entrance to a boutique fund manager imaginable.
A simple plastic logo consisting of plastic letters Ross Asset Management is glued to a pale wooden veneer. One of the letters is broken.
But behind the locked doors lie the remnants of something much more damaged than the name plate, with growing fear that the office was the nerve centre of what could turn out to be New Zealand’s largest ever Ponzi scheme.