Ross Asset Management Limited : 13-09

Ross Asset Management Limited


Ross Asset Management (RAM) Limited carried out a business of investment services from their offices in Wellington. David Ross is the company's founder and sole director.

In response to investor complaints, the Financial Markets Authority (FMA) opened an investigation into Wellington Financial Advisor, David Ross and firm Ross Asset Management Limited on 25 October 2012. A freeze was obtained on Mr Ross' assets and John Fisk and David Bridgman from PricewaterhouseCoopers, were as appointed as receivers and managers.

After evaluating information obtained by the SFO from the FMA and receivers, the Director determined that there were reasonable grounds to believe that an offence involving serious or complex fraud may have been committed. An investigation under Part II of the Serious Fraud Office Act was commenced on 19 November 2012.

Progress of Investigation

  • Mr Ross appeared in the Wellington District Court on Friday 15 November and was sentenced to 10 years and 10 months of imprisonment.

  • Mr Ross has pleaded guilty in the Wellington District Court to all charges laid by the Serious Fraud Office the Financial Markets Authority in this joint investigation. He has been remanded in custody and is required to reappear on 24 October at which time he will be further remanded to 15 November for sentencing.

  • The next appearance for Mr Ross in the Wellington District Court will be on 22 August 2013.

  • The next appearance for Mr Ross in the Wellington District Court will be on 5 July 2013.

  • Charges were laid on 13 June in the Wellington District Court against David Robert Gilmour Ross. The charges laid by the Serious Fraud Office (SFO) allege he operated a $400 million Ponzi scheme. They follow a joint agency investigation between SFO and the Financial Markets Authority (FMA). The Wellington financial adviser faces four Crimes Act charges of false accounting and one charge of theft by person in special relationship.

  • The investigation is at an early stage. The Office is in the process of collecting and assessing information in relation to a number of different entities in the Ross Group.

  • The SFO has commenced its investigation and are working closely with the FMA to ensure both agencies' resources are applied effectively in a coordinated and timely manner. Investigators are meeting with both the FMA and PricewaterhouseCoopers to progress that.

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