NZ Herald – Ponzi victims take another swipe at FMA

A Financial Markets Authority review – which said the regulator was recognised as being capable, credible and professional – has infuriated those caught up in David Ross’ Ponzi scheme, and called ‘self-serving’ by an investor group.

“To quote an investor ‘The FMA is not the sheriff riding into town to clean it up, they are the horse and cart that picks up the horse poop after the bad guys have robbed the town’,” the RAM group said.  Read More

NZ Herald: Someone must have known Ross was a fraudster

It seems incredible that with nearly half a billion of non-existent funds under his control, no one suspected a thing.  Bernie Madoff ran history’s biggest Ponzi scheme outside state-run pensions, losing $17.5 billion, dwarfing the efforts of local hero David Ross.

Madoff’s victims will get back at least $9.5b. Those who lost money to David Ross will get nothing.  Why? Read More

Competing Views – RAMIG and the FMA

The following two opinion pieces appeared on the same page of the Dominion Post 16/11/13, the day after Ross was sentenced, but both were written several days before.

The FMA opinion piece contains another apology from Sean Hughes, chief of the FMA.  He also states “no regulatory framework is a perfect foil to misconduct”. Read here

The RAMIG opinion piece highlights the regulatory failure that has occurred and the urgent need for the authorities to show some lead on how to fairly unwind the mess. Read here

Ross Sentencing 15/11/13

Coverage of the sentencing of David Ross 15 November 2013.

NZ Herald – David Ross gets 10 years, 10 months jail Read story

NBR – David Ross dished out record jail-time over Ponzi fraud Read story

Dominion Post – Fraud victims lash out at David Ross Read story

TVNZ One News View story

3News View story

Radio NZ Nine to Noon Listen

Radio NZ Checkpoint Listen

Radio NZ Checkpoint SFO response Listen PS we hope to meet with the SFO soon to discuss the points made here