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RAM investors allege insider trading

Ross Asset Management investors’ representatives have written to the Serious Fraud Office, asking it to investigate allegations of insider trading.

Monday, May 27th 2013, 7:16AM

by Susan Edmunds

“We believe answering these questions will be an essential part of giving our members, through  better understanding, either hope that their savings are retrievable (at least in part), or some closure that their money is irretrievably lost.”

Ross Asset Management Investors Group spokesman Bruce Tichbon said authorities were told about problems with Ross three years before it collapsed.

The FMA has rejected that.

But Tichbon said trends in Ross’s data, such as large amounts of withdrawals in 2009 and 2010 showed that word had started to get around about potential trouble.

There is believed to have been $52 million withdrawn in 2010, and only $40 million contributed. The year before, $30.5 million was contributed and $25 million withdrawn.

Tichbon said Ross’s cashflow also became significantly negative in the last three years of operation.

He asked the SFO whether it had noticed the trends and whether it would analyse them. He also asked whether it would pursue any “complicit” parties, including those who knew Ross well.

Tichbon said members of his organisation had reported varying rates of return. “Those who were close to David Ross got higher returns (on paper).”

He said the SFO should investigate whether those getting higher returns had a consistent pattern of getting large amounts of money out before the collapse.

“Before RAM collapsed, David Ross was chasing certain clients pressuring them to invest with him. Once he had their money, it appears he immediately transferred it to others who were demanding their money out. Can these transactions be traced?”

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