25 Jun 2014

NZ's biggest fraudster loses appeal

10:14 pm on 25 June 2014

The Court of Appeal has rejected an appeal by the man responsible for New Zealand' s biggest fraud.

David Ross.

David Ross. Photo: RNZ

David Ross, the former director of the failed company Ross Asset Management, was jailed in November last year for 10 years and 10 months, with a minimum non-parole period of half that time.

The ponzi scheme he'd been running had collapsed, owing investors $115 million, and he had pleaded guilty to charges laid by the Serious Fraud Office and the Financial Markets Authority.

In a judgement released on Wednesday, the Court of Appeal says the appeal against the sentence is dismissed.

In response, the Financial Markets Authority and the SFO say the decision to uphold the original sentence reflects the seriousness of Ross's offending and the harm caused to investors.