David Ross
A Wellington financial adviser has been charged over an alleged $400 million Ponzi scheme.
The Serious Fraud Office (SFO) has laid the charges against 63-year-old David Robert Gilmour Ross following a joint investigation with the Financial Markets Authority (FMA).
Ross faces four Crimes Act charges of false accounting and one of theft by a person in a special relationship.
The SFO says the
investigation into Ross Asset Management (RAM) and related entities
began in November last year following several complaints of delays and
non-payment of funds to investors. In October 2012, the FMA obtained
asset preservation orders and orders appointing receivers and managers
to the Ross Group of entities. Initial inquiries by receivers showed
investments of only $10.2m actually existed.
The
SFO alleges that Ross conducted a Ponzi scheme which he disguised by
falsely reporting clients’ investments. It says that large portions of
client portfolios shown as invested through a broker 'Bevis Marks' were
fictitious and never existed, resulting in an overstatement of
investment positions by more than $380 million.
More than 1,200 RAM client accounts have been affected by the scheme.
Thu, 13 Jun 2013 10:55a.m.
Read more: http://www.3news.co.nz/Charges-over-alleged-Ponzi-scheme/tabid/423/articleID/301308/Default.aspx#ixzz2WAPevgwb
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