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RAM investors return profits

Ross Asset Management investors have agreed to return profits they received from the fraudulent fund manager rather than go through a court battle trying to keep them.

Friday, February 5th 2016, 11:16AM

The latest liquidators' report shows the three former investors agreed to give back $446,000.

The money could eventually be distributed among people who lost money in the ponzi scheme. 

Ross created fictitious returns and duped clients into thinking he was managing $440 million. Receivers were only able to find assets worth $10 million

Ross was jailed for 10 years and 10 months after pleading guilty to fraud in 2013.

Liquidators PWC have begun legal action against five former investors, and have reached agreements with a further 28 to put possible legal action on hold pending cases that could set a precedent.

The Court of Appeal is expected to soon announce a decision on PWC's action against lawyer and successful Ross investor Hamish McIntosh.

The High Court ruled he had to return $454,000 of profits from Ross Asset Management, but should be able to keep his original $500,000 deposit.

 

Tags: David Beattie

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AIA 4.55 3.55 3.89 3.99
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