David Ross. Photo: RNZ
Victims of the country's biggest ever ponzi scheme say they’re angry that a plan to protect small investors from ponzi schemes has been shelved by Commerce Minister Kris Faafoi.
Kris Faafoi's changes to insolvency laws had originally included a plan to give liquidators greater scope to claw back money from investors who withdrew funds from a ponzi scheme just before a collapse, to share among all investors.
That part of the law reform has now been put on hold with the Minister saying he wants to avoid delaying progress on other parts of the reforms, relating to other kinds of insolvencies that don't involve fraud.
Bruce Tichbon represents investors who lost money in Ross Asset Management, New Zealand's biggest ponzi scheme.
