The former manager of investment firm Ross Asset Management, David Ross, charged over the loss of millions in investor’s funds, has been remanded to appear in court next week.
Ross, 63, faces five Serious Fraud Office charges of false accounting and fraud and three from the Financial Markets Authority of providing a financial service when he was not registered to do so, made false or misleading statements to get authorisation as a financial adviser and supplying information to the authority that he knew to be false or misleading.
He has not pleaded to the charges.
Wellington District Court judge Peter Hobbs remanded Ross on bail for one week.
Ross is alleged to have lured new investors to his Ross Asset Management fund with promises of returns of up to 30 per cent a year, but instead used the money to pay those getting out of the scheme and to fund his lavish lifestyle.
The alleged Ponzi scheme is supposed to have been worth $400 million.
- © Fairfax NZ News
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