Sharechat Logo

David Ross pleads guilty to all charges, remanded in custody

Thursday 29th August 2013

Text too small?

David Ross, former manager of Ross Asset Management, pleaded guilty to five charges laid by the Serious Fraud Office and three charges by the Financial Markets Authority in the Wellington District Court and has been remanded in custody.

Ross faced four charges of false accounting and one of theft by a person in a special relationship. He had previously been charged on three counts in June.

The SFO charges alleged that Ross conducted "a Ponzi scheme which he disguised by falsely reporting clients' investments," according to a statement from the SFO. "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 were affected.

Judge Geoffrey Ellis remanded Ross in custody until Oct. 24 to set a sentencing date and ordered sentencing and reparation reports.

Ross Asset Management's assets were frozen and receivers appointed last year by the Financial Markets Authority after the watchdog received complaints about delayed or non-payment of investor funds. Ross wasn't available in the early days of the investigation due to his hospitalisation under the Mental Health Act.

BusinessDesk.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

AIA June 2020 Monthly Traffic Update and July 2020 Preview
PCT - Delivering on strategy underpins strong operating result
KFL - August 2020 monthly update
BRM - August 2020 monthly update
MLN - August 2020 monthly update
Further COVID-19 Restrictions at SkyCity’s New Zealand Properties
FY20 results guidance met, Results date, Banking Facility
Sky sells OSB assets to NEP NZ, secures 10 year partnership
NZX fully operational - announcement re COVID-19
Heartland Market Update

IRG See IRG research reports