Investors in the failed Ross Asset Management have written to the Minister of Commerce, claiming weak regulations are stopping them from recovering more of their lost investments. Listen to Radio NZ Checkpoint here
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
Radio NZ Checkpoint 11 July 2014 – Investors Pay Ross’s Legal Bills
Listen to Bruce Tichbon (RAMIG), followed by John Fisk (PwC). Contains some useful update information. Listen to the interviews (about 4 minutes duration).
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
Presentation by boss of FMA
Some interesting information here. Naturally, the Ross debacle gets mention, how could the FMA not mention it? Read the presentation.
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