By Hamish Fletcher
A meeting between financial advisor David Ross and the receivers of his troubled business has borne little fruit.
Category Archives: Newspapers
NZ Herald: Ross Asset collapse setback for FMA
By Brian Gaynor
Company lacked inherent checks and balances to protect investors.
The collapse of Ross Asset Management is a stark reminder that people should be extremely careful with their investable funds.
NZ Herald: Ponzi threat explains love affair with property
By Philip Macalister
I’ve been thinking about New Zealanders and our love affair with property. It is a bond that will never end – well, not in my lifetime anyway.
NZ Herald: Everyone ‘swore by him’
Described by investors as “magnificent and impressive” Wellington fund manager David Ross was still winning over clients on the eve of his firm’s failure and some were even considering giving him more money.
NBR: Investors’ worst fear realised
Wellington fund manager David Ross, whose businesses have been frozen after missing investor payments, has told receiver PwC not to expect to find any other assets after being released from hospital after three weeks of care under the Mental Health Act.
Stuff: Receivers might try fast-track method
Ross Asset Management investors could face “rough justice” in a bid by receivers to bring a relatively speedy return of funds.
PricewaterhouseCoopers partner John Fisk faces a massive task establishing a formula to use to return the up to $11 million in assets which have been found, which after the costs of the process could be 1 to 2 cents in the dollar invested.
NBR: Ross shutdown unexpected, and still unexplained
Before Ross Asset Management went into receivership this week, it was regarded as a prosperous fund in the hands of highly capable manager David Ross.
But some 20 years of reportedly high returns – more than 37% in the mid-1990s – came to an abrupt end on Friday November 2 when the Financial Markets Authority raided RAM’s office and had its assets frozen.
The circumstances surrounding the situation remain murky.
NewstalkZB: Ross investors appeal for returns
Investors in Ross Asset Management are desperately appealing for what little is left to be returned to them, and not soaked up by fees and litigation.
NBR: Ross investors may be eligible for tax return refunds
There is a possibility investors in Ross Asset Management may be eligible for tax return refunds.
Investors in the Wellington-based investment company have raised concerns over tax paid to the Inland Revenue Department on what could turn out to be fictitious returns.
PwC receiver John Fisk is expecting to file a court application to have the company liquidated, which means investors who have enjoyed ‘inflated returns’ may be targeted.
Stuff: IRD to cut Ross investors’ losses?
Inland Revenue could face claims for millions in tax refunds if clients of Ross Asset Management can satisfy it that their “income” never existed.
Investors now face the prospect of recovering less than 3 cents in every dollar they thought they had with Ross.
But according to expert claims, those who drew a regular income from their investments – which was taxed – may get a refund if they can satisfy the IRD that they were in fact simply getting their original deposits back.