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BFCSA: New Zealand $400 million PONZI - David Ross stands accused. FMA as useless as ASIC

Posted by on in Consumers Fight Back
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Ponzi accused facing more charges

The man accused of a $400 million Ponzi scheme has made a second appearance in the Wellington District Court, without entering a plea.

Ross Asset Management director David Ross, 63, now faces eight charges including three new counts brought by the Financial Markets Authority as well earlier charges brought by the Serious Fraud Office.

David Ross did not enter a plea when he appeared at court.

David Ross did not enter a plea when he appeared at court.


He was in court on Friday and was remanded on bail to reappear on 22 August.

An investigation began in October 2012 when the FMA received complaints from investors who had been unable to withdraw funds.

In June this year, police and the SFO charged David Ross with five counts of false accounting and theft by a person in a special relationship affecting more than 1200 of his clients, many of whom lost their life savings.

The FMA laid three new charges later that month which carry combined fines of $500,000.

They include providing a financial service Mr Ross was not registered to provide, making a false or misleading declaration to the authority to become an authorised financial adviser, and supplying information or documents to the authority which he knew to be false or misleading.

FMA enforcement head Belinda Moffat said the charges send a strong message that there are serious consequences if false information is provided to the authority.

Investors believe others may have known

Outside court, investors said they want the possibility that lawyers and solicitors might have been aware of the alleged Ponzi scheme to be investigated.

Investors' spokesperson Bruce Tichbon.

Investors' spokesperson Bruce Tichbon.


Representative BruceTichbon said he believes there is evidence to show that David Ross was not operating alone. "There's a large amount of anecdotal information that indicates there's a high level of coordination and cooperation in what went on."

Mr Tichbon, who lost more than $1 million, said on Friday his group has been trying to get the authorities to acknowledge that there were others involved in the case.

Mr Tichbon said he has looked David Ross in the eye, but can't say he felt much better. "The guy, I think, is not going to get what he deserves and I don't think the investors are going to get anything like what they deserve - but we are prepared to work very, very hard to achieve that."

He said is disappointed by the further delay in the case and believed the FMA failed to properly check that Mr Ross was qualified to take money from investors.

Another investor, Barry Prince, said he was disappointed that the SFO charges were not dealt with on Friday.

"The Serious Fraud Office have laid charges against him and I think they should have got on with those. The fact the Financial Markets Authority have come out with another three charges just sort of muddied the water and it's postponed things. It's just a further waste of taxpayers' money."

ED:  For over a decade NZ FMA has been run by Aussies from same ASIC Gene Pool..........ah well.....they just hand out parking tickets and fines.  And, they use the same "we will get tough words as ASIC uses.  At least the NZ Serious Fraud Office laid charges.  Australian Federal Police doing nothing about fraud in Australia.      This email address is being protected from spambots. You need JavaScript enabled to view it.

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  • doyla66
    doyla66 Sunday, 07 July 2013

    Woo-hoo! Signs of some life over there?

    Thankyou, Denise !! :D
    I'm not alone! - a very familiar sounding case ... useful to know, when I get the next "duck for cover" letter from ASIC/FMA/SFA ...
    if I could just find all the others affected by this multi company case maybe we could get something happening together ... clever fund managers ensure that you never find out who the others are ... or whether they were treated differently ...
    BTW, are you collecting useless buck passing letters from FMA yet?
    ASIC -> FMA -> ASIC -> NZC -> ASIC -> Who next: QPS? FPA? SFA? Interpol? ...

  • doyla66
    doyla66 Sunday, 07 July 2013

    ah..I keep forgetting ... didn't one of our PMs tell the UN Australia doesn't have fraud?
    Just like Banks don't repossess homes ...
    And the Earth is flat and it's citizens are all happy compliant hard working sheep?
    An Australian perspective?
    QED: the best way of proving Australia doesn't have fraud is to not investigate it so there are no stats on fraud convictions !
    Those steps outside the courts would have some stories to tell ...

  • doyla66
    doyla66 Sunday, 07 July 2013

    Australian Federal Police doing nothing about fraud in Australia. That is so right. If New Zealand Serious Fraud Office can lay charges then what about our federal police. Where are those with gumtion to tackle the real issues. Fraud is fraud and should be investigated. If the government need funds then the fines imposed should bump up their coffers let alone doing something for the people who they are supposed to represent

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