Ross Asset Management receivers confirm investors’ fears, say they don’t expect to find any more assets of significant value after talking to David Ross
Category Archives: Newspapers
3News: Bleak news for Ross Asset investors
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.
Interest.co.nz: Ross Asset Management receivers confirm investors’ fears
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.
Stuff: Recovery of more Ross money unlikely
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.
NZ Herald: Ross investors face more heartache
By Hamish Fletcher
There may be even less money available for Ross Asset Management’s bewildered investors than first thought, its receivers have warned.
NBR: David Ross reveals compulsory treatment under Mental Health Act
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.
Interest.co.nz: David Ross to ‘cooperate fully’
David Ross to ‘cooperate fully’ with receiver, SFO & FMA probes into Ross Asset Management & the funds invested with it after release from hospital
NZ Herald: Financial advisor Ross out of hospital
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”.
NZ Herald: Ross investors might have to return money
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.
NZ Herald: Time to shine a light on DIMS
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.