Ross Asset investor tries to keep name secret

David Ross was jailed for 10 years and 10 months for running a Ponzi scheme in which his investors lost $115 million when his business collapsed. Photo / Mark Mitchell

The decision over whether liquidators can clawback $954,000 from an investor in David Ross' Ponzi scheme is being held up by that person continuing to push for name suppression.

A challenge over a refusal to grant permanent name suppression will be argued in the Court of Appeal in Wellington today.

The action is one of the test cases where liquidators of Ross' business, Ross Asset Management, are trying to get claw back $3.8 million from investors.

It is understood the decision of the first case - where the $954,000 is being sought - is being held up while name suppression issues are dealt with.

The argument in favour of clawback is that investors who received money in the period before RAM's 2012 collapse would receive more than their entitlement in a liquidation.
That particular investor withdrew funds in 2011, the year before RAM was raided and the business' assets frozen.

It was later discovered that Ross was running a Ponzi scheme and reporting false profits to investors of $351 million.

He is now serving a 10 year, 10 month jail sentence - the largest ever given to someone in a Serious Fraud Office case.

Any money that liquidators claw back will improve the return for about 1200 investors, who lost $100-$115 million in Ross' fraudulent scheme.