Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


SFO confirms investigation into Ross Asset Management

Media Release
19 November 2012

SFO confirms investigation into Ross Asset Management

The Serious Fraud Office (SFO) today confirmed that it has commenced a formal investigation into David Ross, Ross Asset Management Limited (In Receivership) and associated entities.

In response to investor complaints, the Financial Markets Authority (FMA) opened an investigation into Wellington Financial Advisor, David Ross and firm Ross Asset Management on 25 October. A freeze was obtained on Mr Ross’ assets and John Fisk and David Bridgman from PricewaterhouseCoopers, were as appointed as receivers and managers.

Acting Chief Executive of the SFO, Simon McArley said the Office had been working with the FMA over the last two weeks. An evaluation of the information now available has concluded that there are reasonable grounds to believe that an offence of serious fraud may have been committed and accordingly have commenced a Part II investigation under the SFO Act.

“We will continue to work closely with the FMA to ensure both agencies’ resources are applied effectively in a coordinated and timely manner. We are meeting with the FMA and Mr Fisk early this week to progress that”, he said.

“The SFO notes with concern the comments made by Mr Fisk that it is likely the historical returns advised to investors may be fictitious and that what has occurred has the characteristics of a Ponzi scheme. Given the scale of the potential loss this is a matter we take extremely seriously”.

A dedicated telephone message line +64 (0)4 462 7040 has been established by PwC for any investors or creditors who have an enquiry relating to Ross Asset Management Limited (In Receivership) and related entities. Investors with questions should continue to contact PwC.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Restrictions Lifted: No Further Tau Flies Found

The Ministry for Primary Industries (MPI) confirms that all restrictions on the movement of fruit and vegetables in Manurewa, Auckland, due to the Tau fly, have been lifted as of 2.26pm on Sunday 7 February. More>>

Crowdfinding: Awaroa Beach To Become Public Land If Appeal Succeeds

Conservation Minister Maggie Barry says a privately-owned beach will become part of the Abel Tasman National Park if an online crowdfunding campaign to buy it succeeds... More>>

ALSO:

Meat Workers Union: Waitangi Mondayisation Flaunted By Large Employer Of Maori

At the AFFCO Talley owned meat plant in Rangiuru, the company has resorted to bullying and threats... saying they could be disciplined and their union sued for an unlawful strike if workers exercise their rights to a paid day off tomorrow. More>>

Earlier:

ETS Review: Modelling Documents Released

Three technical documents are being released to help New Zealanders engage with the Emissions Trading Scheme (ETS) review, Climate Change Minister Paula Bennett says. More>>

ALSO:

Northland: Govt Plan Targets Transport, Web, Maori Assets

The government has released a 10-year plan to attract investors and lift economic growth in Northland, a region that perennially underperforms the rest of the country even while being endowed with natural beauty, productive land, minerals, a potential workforce, scope for manufacturing, forestry and aquaculture, and proximity to Auckland. More>>

ALSO:

Statistics: Unemployment Rate Falls To 5.3 Percent

The unemployment rate fell to 5.3 percent in the December 2015 quarter (from 6.0 percent), Statistics New Zealand said today. This is the lowest unemployment rate since March 2009. There were 16,000 fewer people unemployed than in the September ... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news