Three investors who received a collective $3.8 million from fraudster David Ross’ Ponzi scheme in the two years before it collapsed have been asked to give the money back. Read More.
Category Archives: Newspapers
Fraudster’s investment yields double
One of Ponzi fraudster David Ross’ last investments before being shut down is showing a profit of more than 100 per cent, but its ownership is in dispute. Read More
Investors upset at appeal by fraudster
David Ross’s appeal against his jail sentence has been labelled a “poke in the eye” to the 700 plus investors he stole about $115 million from. Read More
New SFO head – background
The new head of the Serious Fraud Office (SFO) Julie Read. Read More
Tax specialist casts doubt on estimate of Ross IRD windfall
A 30-year tax specialist has claimed offers of tax refunds for swindled David Ross investors, possibly worth about $20 million, are not as generous as they sound. Read More
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
Investor who knew Ross feels devastated
A man who knew David Ross for nearly 50 years and lost over $1.6 million he entrusted to him thinks any sentence Ross receives on Friday will ultimately be a waste of time. “John”, a 63-year-old from Christchurch who did not want to be named, went to high school with Ross, also 63, and has known Ross’ wife Jillian nearly all his life. Read More