The liquidator of Ross Asset Management has made its first application to claw back $2.3 million from an investor who received payments in the three years before the companys collapse. Read More
Category Archives: Newspapers
David Ross victims want rule change – Dom Post
Victims of fraudster David Ross, who are looking at a return of less than 3 cents in the dollar, are calling for a finance industry fidelity fund to help unwind frauds and failures.
The investors say fraudsters like Ross are no longer the problem, with the country’s “unfair and ineffective” regulatory environment ensuring investors are “robbed a second time”
Call for tougher financial market rules – Good Returns
There are claims new financial markets reforms will do nothing to help investors avoid another David Ross-style ripoff.
Spokesman Bruce Tichbon said: “Financial structures and safeguards in NZ are not sufficiently robust to support a modern economy, and RAM and the many other fraud cases are surely proof of this. Investor confidence is intolerably low and the size of NZ’s financial markets is seriously small compared to the markets of our trading partners.”
Tichbon said the FMCA was “top-of-the-cliff” legislation that was likely to be ineffectual.
Ross investors push for fidelity fund protection – NZ Herald
David Ross’ out-of-pocket victims want an industry-backed fidelity fund to help “screwed” investors recover money from similar fraud and company failures.
The Ross Asset Management Investors Group – formed in the wake of that company’s collapse – has written to the Commerce Minister Craig Foss criticising the “unfair and ineffective” regulatory environment in New Zealand.
Ross victims face 97pc loss of funds
Less than three cents in the dollar is all victims of fraudster David Ross can expect in the final wash-up, after his last property was sold for a knockdown price. Out-of-pocket investors are left scratching their heads about what happened to the other 97c, in what one called a hopeless saga. Read More
Ross investors warned of bankruptcy action
Bankruptcy action could be brought against Ross Asset Management investors who don’t comply with any orders to return payouts. Read More
Ross case costly for taxpayers
The investigation and prosecution of fraudster David Ross has cost taxpayers about $100,000 in legal fees, not including “significant” staff time at two government agencies. Read More
Victims paying Ross’s legal bill
Investors who lost more than $115 million to fraudster David Ross are facing a $330,000 bill for his legal representation. Read More
Ross investors lose as share price plummets
The value of a parcel of shares being sold for the benefit of fraudster David Ross’s victims has halved while receivers work through a process they say has “not been straightforward”.
The shares were only discovered after a Fairfax Media report found the DRG Ross Family Trust, of which the Ross children were the beneficiaries, held shares in the company. Read more
David Ross loses jail term appeal
David Ross, the man behind the single biggest fraud in New Zealand’s history, has lost his bid to have his “unreasonably crushing” minimum jail term reduced. Read More
You can read a copy of the judgement here: especially about Mr Ross’s ‘remorse’.