“It is about time New Zealand law caught up with the slippery slope – and beneficiaries – of ponzi schemes”
“OF ALL the great minds in the world, few can outperform the mind of a Member of Parliament in devising reasons why something cannot be done …. [as illustrated by] Commerce Minister Paul Goldsmith, who has produced an impeccably inactive response to the plight of ponzi scheme victims of fraudster David Ross.”
Dominion Post Opinon Piece (21/01/15) by “Chalkie” – Fairfax Business bureau deputy editor Tim Hunter
Full article xsee: http://www.stuff.co.nz/business/opinion-analysis/65245344/ponzis-square-pegs-in-insolvency-laws-round-holes
David Robert Gilmour Ross, Wellington financier and former head of the Ross Asset Management Ltd (RAM) [In Liquidation from 17/12/12], was sentenced at the Wellington District Court in 2013 to 10 years 10 months’ jail.
The 63-year-old’s elaborate fraud, spanning 12 years, cost hundreds of investors their life savings and retirement funds.
In total, $115.5 million of investments is estimated to have been lost in the group, which folded last November. Prior to its collapse, Ross had led investors to believe they had $351.5m in client portfolios.
A minimum non-parole sentence of five years and five months was imposed by the sentencing judge.
For more see: http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11271814