Local Govt | National News Video | Parliament Headlines | Politics Headlines | Search

 

David Ross pleads guilty


29 August 2013

David Ross pleads guilty

Wellington financial adviser David Robert Gilmour Ross (63) today pleaded guilty in the Wellington District Court to charges laid by the Serious Fraud Office (SFO) and the Financial Markets Authority (FMA).

A joint agency investigation between SFO and FMA into Ross Asset Management (RAM), and related entities, saw SFO charge Mr Ross on 13 June. The charges comprised four counts of false accounting and one count of theft by person in special relationship.

On 28 June FMA charged Mr Ross with one count of providing a financial service when he was not registered for that service, one count of knowingly making a false or misleading declaration or representation to FMA for the purposes of obtaining authorisation to become an Authorised Financial Adviser, and one count of supplying information or producing documents to FMA which he knew to be false or misleading.

The investigation into RAM and its related entities commenced in October last year when FMA received complaints from investors who had been unable to withdraw funds. FMA took immediate action to preserve investors’ funds by obtaining asset preservation orders and appointing receivers and managers to RAM and its related entities. A joint investigation with SFO subsequently commenced.

The SFO charges alleged that Mr Ross conducted a Ponzi scheme which he disguised by falsely reporting clients’ investments. 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 have been affected by Mr Ross’ scheme.

SFO Acting Chief Executive, Simon McArley said, “While a guilty plea does not address the significant losses incurred by a large number of victims, it will bring some relief to those victims. SFO and FMA have worked well together, applying their respective specialist skills in order to progress the investigation quickly and enable this timely outcome.”

FMA Head of Enforcement, Belinda Moffat said, “The financial adviser regime relies on advisers providing truthful information when they apply for any licence and Mr Ross’ conduct has seriously undermined the integrity of that regime. We are committed to restoring investor confidence and will continue to respond immediately to investor complaints against market participants.”

Mr Ross has been remanded in custody to reappear on 24 October to set a sentencing date.

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines


Gordon Campbell: On The Rivals For The Covid Saliva Testing Dollar

If you want a good insight into what the limits of tiny, barely discernible steps to reduce poverty actually look like, delve into the latest Statistics Department figures on poverty in New Zealand Most of the nine measures utilised reveal little or no progress in combatting poverty over the 21 months to March 2020... More>>


 

Government: Reserve Bank To Take Account Of Housing In Decision Making

The Reserve Bank is now required to consider the impact on housing when making monetary and financial policy decisions, Grant Robertson announced today. Changes have been made to the Bank’s Monetary Policy Committee’s remit requiring it to take into ... More>>

ALSO:


RNZ: Alert Levels Remain

There are no new community cases of Covid-19 today, the Ministry of Health has confirmed.
Covid-19 Response Minister Chris Hipkins says at least half of the Papatoetoe High School community have been tested and the results that have come through so far have all been negative... More>>

ALSO:

Stats NZ: Latest Release Of Child Poverty Statistics

All measures of child poverty were trending downwards, prior to the COVID-19 lockdown, across the two years since year ended June 2018, Stats NZ said today. The COVID-19 lockdown in late March 2020 affected Stats NZ’s ability to collect data from households ... More>>

ALSO:


NZ Initiative: New Report Highlights How Our Housing Crisis Could Worsen If We Don’t Act Now

If New Zealand politicians thought the housing crisis in 2020 was bad, the worst is yet to come, warns a new report by The New Zealand Initiative. In The Need to Build: The demographic drivers of housing demand , Research Assistant Leonard Hong ... More>>

Parliament: Kiwi MPs Among The “Most Educated In The World”

New analysis of MP qualifications reveals New Zealand’s Parliament is one of the most educated and highest qualified in the world, and significantly more educated than Australia’s. The research, by Mark Blackham of BlacklandPR and Geoffrey Miller ... More>>

The Dig: An Illogical Ideological Struggle

Dig beneath all the trade wars and the arguments to the effect that the USA should not permit China to achieve economic and technological superiority, or even parity, and you find the real reason behind the conflict... More>>

Travel: Government Eases Visa Restrictions For Visitors In New Zealand

Visitor visa holders will be able to stay in New Zealand a little longer as the Government eases restrictions for those still here, the Minister of Immigration has announced. More>>

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels