Minister affirms chance of better recovery for investors

Minister affirms chance of better recovery for defrauded investors

“The Minister Paul of Commerce Paul Goldsmith has given some Christmas hope to investors who lost money in the Ross Asset Management scam by affirming that money stolen up to 6 years before the collapse may be recovered or clawed back” states Bruce Tichbon, spokesperson for the Ross Asset Management (RAM) Investors Group.

“This is a huge improvement over the restrictive 2 year claw back offered earlier and means that more stolen money can potentially be recovered for defrauded investors. This may mean investors who have lost everything have something to hope for over the Christmas break.

However, the minister warns that: "I understand that there are significant legal questions to be settled and that any outcome of these actions is both uncertain and some time away".

“RAMIG is delighted that its efforts to achieve a more fair recovery have made some progress, but acknowledges there is still a long way to go.

“The Minister’s letter provides valuable insights into the government’s thinking but the Minister seems to offer no substantive changes that would better help to unravel the uncertainty for RAM and similar investors” states Bruce Tichbon.

“In particular he rejects the idea of a fidelity scheme like the one in the USA which has greatly increases fairness and provides a vehicle to force the USA finance industry to take responsibility for its frauds, and thus help out the retired couples and widows who are so vulnerable to financial fraudsters.

“It’s hardly surprising the USA finance markets are 4 times bigger compared to GDP than the NZ markets. We believe the government must start to think more carefully if its Business Growth Agenda is to have any chance of being successful” concludes Tichbon.

Copies of the Ministers letter and the original from RAMIG are attached.
LCommerce_VF_20140924.pdf
Ministerial_response_BTichbon_22_Dec2014.pdf

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