The convicted fraudster was one of the first four advisers brought before the committee.
But the complaint against him was adjourned at the FADC’s first session last year because criminal charges were pending against him.
He pleaded guilty to eight charges relating to Ross Asset Management and was jailed for more than 10 years.
The FMA had since said it wanted to withdraw its complaint but the FADC said it was not permitted to do so.
Because of that, the FMA said it would provide no evidence to support the complaint. It did not think an FADC ruling would provide any public benefit or punishment beyond what the criminal proceedings had already delivered. "FMA does not consider that it would be appropriate to seek a fine in this matter as FMA considers that any funds that Mr Ross may have should be made available to investors in the course of the receivership."
The FADC has the power to cancel an adviser’s authorisation and fine him or her up to $10,000.
Ross’s authorisation has already been cancelled.
The FADC said today it understood the FMA position and had dismissed the complaint.
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