David Ross' out-of-pocket investors want the Wellington financial adviser to get the maximum jail sentence possible and also to be "living on the dole" on his release from prison.
The 63-year-old today pleaded guilty to charges laid by the Serious Fraud Office and the Financial Markets Authority in the Wellington District Court, including four of false accounting and one of theft be a person in a special relationship.
The SFO charges alleged Ross conducted a Ponzi scheme which he disguised by falsely reporting clients' investments. Large portions of client portfolios shown as invested through a broker 'Bevis Marks' were fictitious and never existed, resulting in an overstatement of investment positions by more than $380 million.
More than 1,200 RAM client accounts have been affected by Ross' scheme, authorities said in a statement today.
An Auckland couple, who had less than $100,000 invested with Ross and do not want to be identified, want the 63-year-old to be jailed for a long period of time.