NZ's biggest fraudster David Ross to be released from prison

David Ross arriving for his hearing at the District Court in Wellington in 2013. Photo / Mark Mitchell

By RNZ

The man responsible for New Zealand' s biggest fraud will be released from jail in February after serving slightly more than six years.

David Ross, the former director of the failed company Ross Asset Management, was jailed in November 2013 for 10 years and 10 months, with a minimum non-parole period of half that time.

The ponzi scheme he'd been running collapsed in 2012, owing investors $115 million, and he pleaded guilty to charges laid by the Serious Fraud Office and the Financial Markets Authority.

Ross, 69, previously told the Parole Board that his offending occurred after a "mistake" was made, which led to the business being turned into a ponzi scheme. He conceded to the board that he was over‑confident he could correct the error of the over‑valuation of the portfolios and acknowledged that he was misguided in doing so.

In his latest appearance, the board found he displayed a "deep and sincere remorse" for his offending.

"He acknowledges that it has had a very material impact on his victims and said he is deeply sorry that he is unable to put things right," the board's decision said.

The decision to release him in February is subject to him securing accommodation for his release.

The board said Ross should be given the opportunity for treatment and counselling should focus on his past manipulative behaviour and his willingness to deceive.

He plans to move to a small town, living off his pension to avoid what the board describes as his former "cocktail circuit lifestyle".

The board said Ross poses a low risk of re-offending.

- RNZ