NZ man pleads guilty to ‘Ponzi’ scheme
Print Edition
A NEW Zealand fund manager pleaded guilty yesterday to masterminding the country’s largest “Ponzi” scheme, which defrauded more than 1,200 investors of NZ$380 million (US$300 million).
The Serious Fraud Office said Wellington-based David Ross, 63, admitted four counts of false accounting and one of theft over his running of Ross Asset Management, which collapsed last November.
“While a guilty plea does not address the significant losses incurred by... victims, it will bring some relief to those victims,” said Simon McArley, the SFO’s acting chief executive.
The SFO launched a joint investigation with the Financial Markets Authority late last year after receiving complaints from investors they were unable to access their funds.
The probe found Ross had siphoned hundreds of millions of dollars of clients’ money through a fictitious broker and his investment fund was worth only NZ$10.2 million.
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