The criminal proceeding brought against David Robert Gilmour Ross by FMA relates to allegations of breaches of the Financial Markets Act, Financial Advisers Act and FSP Act. The Serious Fraud Office has also laid four Crimes Act charges of false accounting and one charge of theft by a person in a special relationship against Mr Ross.
David Ross's appeal was declined by the Court of Appeal.
David Ross has filed an appeal against the minimum non-parole period ordered by the Court on the basis that it was manifestly excessive and/or inappropriate. No date has yet been allocated for the appeal hearing.
Mr. Ross recieved managemnet ban till 20 November 2018.
David Robert Gilmour Ross (63) was sentenced in the Wellington District Court today to 10 years and 10 months of imprisonment.
The Court directed that Mr. Ross serve a minimum non-parole period of 5 years and 5 months and also ordered that reparation be paid from Mr. Ross' personal assets through the Receivership. See media release.
David Ross today pleaded guilty in the Wellington District Court to charges laid by the SFO and the FMA. See media release.
The FMA has laid three more charges against Mr Ross in the Wellington District Court under financial markets legislation. See media release.
Charges laid in the Wellington District Court against David Robert Gilmour Ross. The charges laid by the Serious Fraud Office (SFO) allege he operated a $400 million Ponzi scheme. They follow a joint agency investigation between SFO and the Financial Markets Authority (FMA). See joint press release between SFO and FMA.
PwC released its first liquidators report. A copy of this can be found here on PwC's website.
The Court ordered the liquidation of four of the Ross Group entities i.e. Ross Asset Management Limited (RAM), Bevis Marks Corporation Limited, Mercury Asset Management Limited, and McIntosh Asset Management Limited.
Remuneration rates for John Fisk and David Bridgman, as appointed liquidators, were also approved by the Court.
FMA provided Bruce Tichbon, representative of the RAM Investor Group, with an update.
The Court was advised by FMA and PwC that they consider liquidation of some of the companies to be the next step.
All parties are aware of the importance of managing these next steps in a cost-effective way. FMA has today responded to concerns raised by Bruce Tichbon for the RAM investor group.
FMA has responded to inquiries received from Bruce Tichbon of the RAM Investors Group.
FMA and the Receivers attended a meeting with David Ross and his lawyer today. Mr Ross cooperated throughout and responded to enquiries made by the Receiver.
The Receivers and Managers' (John Fisk and David Bridgman) focus over the first five days of their appointment has been to identify and secure investment assets. After searching the custody accounts identified by Mr Ross and through wider searches in international investment markets, they have so far located investments of only $10.2 million out of the purported investments of $449.6 million, held on behalf of more than 900 investors across 1720 accounts. The search continues. See media release.
The High Court in Wellington froze the assets of David Ross of Ross Asset Management Limited and the following related entities:
John Fisk and David Bridgman of PwC appointed as receivers and managers, along with experienced brokers from First NZ Capital, to manage the business of David Ross and Ross Asset Management. See media release.
The investigation commenced when the Financial Markets Authority received complaints from investors who had been unable to withdraw funds, several months after requesting.