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'Rot in hell' - David Ross told

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  • 'Rot in hell' - David Ross told

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    Investors who lost money in the country's biggest ever Ponzi scheme have made emotional statements at court this morning, telling the man at the centre of a $380 million fraud to "rot in hell".

    David Robert Gilmour Ross, 63, pleaded guilty in August to all charges laid by the Serious Fraud Office (SFO) and the Financial Markets Authority (FMA) in relation to what is thought to be the country's biggest ever Ponzi scheme.

    An investigation into Ross Asset Management last year uncovered the scheme ran for at least 12 years, and affected more than 1200 clients.
    Investors have packed out the public gallery in the Wellington District Court today to see Ross sentenced, and four have read statements to the court.

    One investor told Ross to "show some guts" and look him in the eye while he was reading his statement.
    He then told Ross to "rot in hell".Another investor broke down in tears as she told of losing hundreds of thousands of dollars she had saved to provide for the future of her severely disabled child.

    The Crown lawyer has asked for a starting point of 15 years in prison for Ross with a minimum jail term of 10 years and six months, saying that his offending is the worst of its kind seen in New Zealand.Ross' lawyer, Gary Turkington, said his client had now taken the shirt off his back to provide all his remaining assets to the receiver to go to victims.

    The sentencing judge, Denys Barry, told Ross he had created a complex web of deceit and was a liar and a thief.
    He told the court Ross had bought misery on hundreds of people, including frail elderly people.

    The judge said any reparations available to victims would be a drop in the bucket and no sentence can help them or even provide solice.

    Credit TV3

    • Corrigenda
      #1
      Corrigenda commented
      Editing a comment
      You are dead right there. You can rob and pillage the community for many millions of dollars and get home detention in your mansion (paid for with embezzled funds). BUT at the other end of the scales, one of our locals, a man in his 60's and not too bright, went into HIS OWN bank wearing a teatowel around his head and with a SPOON inside another teatowel as a weapon, and demanded money. The staff gave him a couple of hundred dollars, then called the police. Of course they were able to give his name, address and the car he would be driving, a very old Datsun. There was a police chase/follow through the Grey Valley and the Buller Gorge at about 55 kph before they pulled him up. Now poor Willie is a resident in Christchurch Prison and will be there for the next 5 years!!!!! No old boy network for him!!! :-(

    • Corrigenda
      #2
      Corrigenda commented
      Editing a comment
      ""Gary Turkington, said his client had now taken the shirt off his back to provide all his remaining assets to the receiver to go to victims. ""

      Ha bloody ha. I bet there are NO assets to go to the victims. There will be tucked safely away overseas somewhere for him later. UMMMMM did he get a gaol sentence?? No mention in the article!

      """"no sentence can help them or even provide solice."""" (SOLACE is the correct spelling here)

      Maybe not, but it would make things easier to accept if the perp was inside doing time and not sitting in his mansion!!
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