Ponzi schemer Ross to challenge 10 year, 10 month sentence
Ponzi schemer Ross to challenge 10 year, 10 month sentence: report
Dec. 16 (BusinessDesk) – Convicted Ponzi scheme perpetrator David Ross is to appeal against his sentence of 10 years and 10 months, claiming it is “manifestly excessive”.
Fairfax Media reports confirmation of the appeal from Ross’s Wellington barrister, Gary Turkington, who did not immediately return calls for confirmation.
Wellington-based Ross built up a private investment service by word of mouth, producing regular reports for shareholders indicating healthy but fictitious returns.
A spokesman for some 1,200 investors defrauded of around $115 million, Bruce Tichbon, was also not immediately available for comment.
Between June 2000 and September 2012, Ross reported false profits of $351 million from fictitious securities trading.
The appeal is expected to be heard in April or May next year, the reports say.
Ross is destined to serve a non-parole period of five years and five months under his current sentence, which Turkington reportedly says will be contested either on the grounds of its being “manifestly excessive” or “inappropriate.”
The fraud was the largest single such crime committed by an individual in New Zealand, and preyed on many wealthy lower North Island investors.