Friday 5th July 2013
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Accused Ponzi-style scheme operator David Ross made an appearance of less than five minutes in the Wellington District Court this morning, just enough time for his counsel to seek adjournment until Aug. 22 for substantive hearings on eight Crimes and Financial Advisers Act charges.
Ross faces charges relating to $384.8 million of assets recorded in the accounts of a Ross vehicle, Bevin Marks, at Sept 30 last year, which court documents describe as being the product of "fictitious transactions."
Ross was in the body of the court, along with some of the approximately 900 investors who placed funds under management with him, before the hearing, but was remanded briefly in custody after the hearing while bail conditions were renewed.
News media outnumbered spectators in the court. Ross made no comment during his brief appearance, his mouth downturned, and eyes flicking occasionally to the scrum of photographers and television camera operators recording the event.
Judge Barbara Morris heard brief representations from Gary Turkington, appearing for Ross, and Crown prosecutor Kristy McDonald QC, on agreed terms for the adjournment.
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