Hamish McIntosh: Is a Wellington lawyer who was an investor in one of New Zealand’s biggest Ponzi schemes . who has been ordered to pay back the fictitious profits he withdrew.
McIntosh, who lost his appeal for name suppression was an investor in Ross Asset Management (RAM) and was being pursued for hundreds of thousands of dollars in a “clawback” claim by liquidators.
McIntosh withdrew $954,000 from RAM’s Ponzi-style scheme before it collapsed.
In March the court heard the investor borrowed $500,000 from Westpac to invest with RAM in April 2007 and was paid out $954,000 in November 2011.
In a judgment issued on Tuesday Justice Alan MacKenzie ordered McIntosh to pay to the liquidators $454,047.62. However, he did not have to pay the liquidator his $500,000 investment.
Liquidator John Fisk said he believed the judge had made a fair and balanced assessment . [Read more…]