David Ross reveals compulsory treatment under Mental Health Act

Accused ponzi scheme operator held for three weeks; says will co-operate with FMA, receivers, Serious Fraud Office now released.

Accused ponzi scheme operator David Ross was released from hospital late yesterday.

Mr Ross had been receiving compulsory treatment under the Mental Health Act in hospital for the past three weeks, according to a statement issued through law firm Chapman Tripp.

"During this time he has been unable to assist authorities," Chapman Tripp says.

But now the Ross Asset Management founder will co-operate fully with all inquiries into his company and the funds invested with it.

Through his lawyers, Mr Ross has now undertaken to co-operate fully with the Financial Markets Authority, the receivers and the Serious Fraud Office.

Wellington-based Ross Asset Management may have taken management fees of $30 million since 2000, receivers say after pinpointing just $10 million of assets out of a purported $450 million.

In further developments today ,PwC receivers John Fisk and David Bridgman have taken control of seven additional entities which are holding assets on behalf of the Ross Group.

1 comment
Login in or Register to view & post comments