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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

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