SPCS

SOCIETY FOR PROMOTION OF COMMUNITY STANDARDS INC.

Liquidators seek to bankrupt fraudster David Ross

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Fraudster DAVID Robert Gilmour ROSS took $3.5 million from his company before it went broke and liquidators want it back.

Part of the cash will come from Ross’s share of household goods from his Lower Hutt mansion, due to be auctioned.

Liquidators will seek to bankrupt Ross, following the settlement of a $3.5m debt he and his wife owed his company, Ross Asset Management.

In November, Ross was jailed for 10 years and 10 months for operating a fraudulent scheme in which private investors lost about $115m.

Ross Asset Management (Ram) fleeced at least 700 investors through portfolios in which they thought they had more than $380m.

For full story on by Hamish McNicol published 15/05/14 go to:

http://www.stuff.co.nz/business/money/10045559/Liquidators-seek-to-bankrupt-fraudster-Ross

NZ’s single biggest fraudster struck off NZ Institute of Accountants Register

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NEW ZEALAND’S single biggest fraudster is no longer a member of the New Zealand Institute of Chartered Accountants, which found it “difficult to imagine more serious offending” than his.

David Robert Gilmour Ross, whose company Ross Asset Management, fleeced at least 700 investors, was jailed last November for 10 years and 10 months for running a fraudulent scheme in which investors lost about $115 million.

At a NZICA disciplinary tribunal hearing last week he was charged with being convicted of offences punishable by imprisonment or fine that reflected on his fitness to practice accountancy and brought the profession into disrepute.

A decision released by the professional body yesterday ordered that Ross be removed from the institute’s register of members.

He was not represented and entered no plea at the hearing.

The tribunal found “it difficult to imagine more serious professional misconduct than this”, which was reflected in Ross’ sentence, it said.

Ross had admitted running a Ponzi scheme that he disguised by falsely reporting clients’ investments.

Despite the severity of the charges, the tribunal ordered no monetary penalty as it would dilute funds available to investors.

Ross was ordered to pay full costs of $7200 to the institute for the expense of the hearing.

It also ordered full publicity and said Ross had 14 days to appeal against the decision

Source: Accountants turf out disgraced Ross

Reported by Hamish McNicol

The Dominion Post. Friday 25 April 2014. P. B7.

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Background to story see earlier postings by SPCS:

INTERIM SUSPENSION OF DAVID ROSS’ MEMBERSHIP OF NZICA ANNOUNCED 16 January 2013

Wellington’s David Ross, at the centre of the collapse of a suspected Ponzi scheme involving about $450 million, was stripped of his membership of the Institute of Chartered Accountants (ICA), but it was only an “interim suspension”. David Robert Gilmour Ross lost his institute membership after a hearing held in secret in the middle of December 2013. The “interim suspension” was announced by the ICA disciplinary tribunal on 16 January 2013.

Published 17/01/13

David Ross stripped of Institute of Accountants (ICA) membership

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Published 17/11/12

Ross Asset Management case – involving a suspected Ponzi scheme – raises audit question

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Published 13/12/12

Securities Commissioner told of Ross Asset Management Ponzi scheme concerns but took no action

Former $6.4 m fraudster bankrupt over BNZ debt

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A FORMER fraudster who was jailed for seven years for fraud totalling $6.4 million has been declared bankrupt.

Wellington tax adviser Patrick [Pat] John Renshaw had until yesterday to pay the Bank of New Zealand a compromised debt of nearly $12,000.

BNZ had sought the order last month after Renshaw failed to pay an undisclosed amount. The application was adjourned after BNZ agreed to give him a month to pay the compromised debt of $11, 296 by April 7.

But in the High Court at Wellington yesterday, Renshaw consented bankruptcy. [Read more…]

Brian Damien Hunter, convicted serial fraudster, on trial for allegedly claiming to be a lawyer

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A man has gone on trial in Napier, accused of impersonating a lawyer.

Brian Hunter, 54, faces two charges of obtaining by deception, both of which relate to his hiring of removal firms.

He is alleged to have told them he was a lawyer from the Kapiti Coast named Michael O’Hara, acting on behalf of a client called Brian Shaw.

See full story: http://www.stuff.co.nz/dominion-post/news/hawkes-bay/9758891/Man-on-trial-for-claim-to-be-lawyer

More on serial fraudster Brian Damien Hunter:

Banned Company director

[Read more…]

Transparency International (NZ) past director – Michael Vukcevic – “a CV fraudster”

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High-level businessman’s CV false (Story by Phil Kitchin – Dominion Post 25/02/14)

The chairman of an influential business council with close links to the Government’s bid for a Middle East free trade agreement is a CV fraudster.

Fairfax NZ can reveal that Michael Vukcevic – head of the Auckland-based Middle East Business Council – falsely claimed to have a law degree from Victoria University.

Mr Vukcevic was also a director of anti-corruption agency Transparency International when he lied in his successful bid for the top New Zealand job at multinational law and patent firm, Baldwins.

The fraud will embarrass the firm, which was last year a finalist in the New Zealand Law Awards for a second year in a row.

It will also embarrass the Government because of the ties between the council and the Ministry of Foreign Affairs and NZ Trade and Enterprise.

As chair of the Middle East council, Mr Vukcevic rubs shoulders with powerful figures from MFAT – including Foreign Affairs Minister Murray McCully.

Mr Vukcevic used the fictitious degree to become chief executive at Baldwins in 2012.

He resigned in November last year citing “personal reasons”.

Victoria University has confirmed Mr Vukcevic’s only qualification from Victoria was a Bachelor of Arts degree.

Mr Vukcevic has not responded to multiple approaches asking for an explanation.

His seven-page CV also includes a claim he was a director for a recruitment firm. That claim is also false.

When he was at Baldwins the company’s website claimed Mr Vukcevic was a “Registered Patent Attorney” in Australia and New Zealand but he does not appear on the registers for either country.

He also claimed to be a barrister and solicitor in New Zealand but he is not registered as either with the Law Society.

Mr Vukcevic’s CV describes him as a “dynamic Chief Executive with a proven track record of success.”

It says his experience is across large public and corporate companies, private companies and Government.

Under the education, the CV claims Mr Vukcevic obtained a law degree and a BA from studying at Victoria from 1989 to 1992.

See full story:  http://www.stuff.co.nz/business/9762437/High-level-businessmans-CV-false.

Note:

1. The New Zealand Middle East Business Council website’s “Governance” listings describes Michael Vukcevic as:

 “current chairman of the New Zealand Middle East Business Council, and a past director of Transparency International (NZ).” [Suzanne Snively ONZM is currently Executive Chair of TINZ.
See: http://www.nzmebc.org.nz/about/governance/
2. TI(NZ) is a not-for-profit organisation dedicated to promote transparency, accountability and integrity in Government and civil society.
3.  Mr Vukcevic has not been investigated by police in relation to his actions and has not been charged with any crime.Dishonestly taking or using a document with “intent to obtain any property, service, pecuniary advantage, or valuableconsideration”is an offence under section 228 of the Crimes Act.
see http://www.odt.co.nz/news/national/293029/ceo-steps-down-after-fake-degree-revealed
Also see:
CEO [Michael Vukcevic] steps down after fake degree exposed. 25/02/14
http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=11209767
UPDATE: 26/02/14
CV Fraudster comes clean
http://www.stuff.co.nz/national/politics/9767240/CV-fraudster-comes-clean