11 May 2018

Government moves on Ponzi schemes "moral victory'

From Nine To Noon, 9:08 am on 11 May 2018

Victims of New Zealand's largest Ponzi scheme say the Government's moves to change insolvency laws to make redress simpler is a moral victory. The Consumer Affairs Minister, Kris Faafoi has put out a discussion document on insolvency law which would be amended to address corporate investment schemes that are deliberately designed to defraud. In New Zealand's biggest case, Ross Asset Management director David Ross was jailed in 2013 for 10 years and 10 months. At least 700 investors lost $115 million. Bruce Tichbon is the spokesperson for the Ross Asset Management Investors Group.