The man who has admitted running the largest fraudulent investment scheme in New Zealand history is selling his Lower Hutt mansion. Read More
Category Archives: Newspapers
Ross family trust handed to receivers
A family trust created by fraudster David Ross, in which his children are the beneficiaries of a large shareholding, has been handed to receivers PwC. Read more
Ross liquidator sees chance of clawback case
A potential test case which might claw back $3.8 million of investor money lost to New Zealand’s single biggest fraudster, David Ross, is waiting on one final response, says liquidator PricewaterhouseCoopers. Read More
David Ross Guilty Plea 29 August 2013
Media coverage of David Ross pleading guilty can be found below.
We commend you to listen and read the Radio NZ coverage It contains very good interviews with David Ross’s lawyer (Gary Turkington), Graham Gill of the SFO, Bruce Tichbon of RAMIG, and some very relevant comments by Barry Prince.
We commend you to listen to comments by Liquidator John Fisk here
Further comments here by investor Bev Nicholson (well done again), RAM Investors Group spokesperson Bruce Tichbon; and DLA Phillips Fox partner Iain Thain, a lawyer specialising in commercial litigation, regulatory issues and insolvency.
Other media articles follow:
David Ross pleads guilty to fraud
We want Ross ‘poor’ after jail, say ponzi victims
Ross’ Ponzi scheme cleaned out clients
Mountain Scene – Skint Queenstown widow rues trusting Ross ‘Ponzi’ scheme
Philip Chandler 16 May 2013
A blue-collar Wakatipu widow left skint by a recent half-billion dollar investment company collapse says she faces being a cleaning worker till she dies.
Kingston’s Bev Nicholson – the first local victim to speak out – says one-man-band David Ross, of Wellington, convinced her not to withdraw her investment after her partner passed away in 2009. Read more
Bernie Madoff tormented by son’s suicide
By BRUCE GOLDING New York Post Last Updated: 7:38 AM, May 17, 2013
The Ponzi monster is now tormented by his own demons.
In an interview from prison, Bernie Madoff said he’ll be forever haunted by the suicide of his oldest son, and he can’t sleep at night because he blames himself for the 2010 tragedy. Read more
See also: Prison exclusive: Bernie Madoff can’t sleep Read here
Dominion Post – Hanover SFO investigation cost $1.1 million
Last updated 14:32 10/05/2013
The Serious Fraud Office has estimated the cost of its Hanover Finance investigation at $1.1 million.
On April 30, the SFO decided not to prosecute anyone associated with the collapse of Hanover Finance after an investigation lasting two years and eight months. Read more
Wall St Journal USA – Bankruptcy Costs Attacked
Updated May 12, 2013 BY EMILY GLAZER AND JENNIFER SMITH
Federal watchdogs are preparing to exert more control over costs in big bankruptcy cases.
In the initial push, the first overhaul of guidelines intended to keep costs in check in about 17 years is expected to be unveiled by July 1. It aims to tamp down on fee and expense applications submitted by attorneys for corporate debtors and sometimes creditors. Read more
NZ Herald – FMA slams Ross allegations
By Hamish Fletcher 1:10 PM Tuesday May 14, 2013
Suggestions the Financial Markets Authority knew about David Ross long before his business was raided were “crap”, the regulator’s chief executive told a conference this morning.
“Let me very clear about this because there have been some assertions and some whispering campaigns that everybody knew about Ross and that we were too slow to act. I’m standing here before you today to say that it took one phone call, one, for us to take action. Any suggestion that we knew about Ross beforehand is crap,” FMA head Sean Hughes said at the 2013 Forensic Conference in Auckland today. Read more
NZ Herald – FMA probes investors in collapsed Ross Assets
By Hamish Fletcher 1:30 PM Monday Apr 29, 2013
New Zealand’s market regulator has written to Ross Asset Management investors trying to get information to help its probe of the collapsed Wellington firm. Read more