The proceedings brought against New Zealand financial adviser David Ross for allegedly masterminding a $400 million Ponzi scheme have been adjourned until 2014.
The case against Mr Ross was due to be heard before the Financial Advisers Discplinary Committee – the first to be brought before this newly-established body – within the next fortnight, but Mr Ross’s legal team was successful in moving for an adjournment.
Mr Ross appeared in the Wellington District Court last month facing five charges brought by the NZ Serious Fraud Office and three by the Financial Markets Authority and was referred to the jurisdiction of the new committee.
If found guilty, Mr Ross could face a maximum penalty of 12 months’ imprisonment and/or a NZ$100,000 fine.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 23 Aug 2017Former ANZ adviser banned for lifeBy Staff Reporter
- 23 Aug 2017Industry veteran joins Bondi boutique’s boardBy Aleks Vickovich
- 23 Aug 2017Invest in next generation, says AWSBy Staff Reporter
- 22 Aug 2017O’Dwyer announces EDR transition panelBy Staff Reporter
- 23 Aug 2017ASIC reveals recent enforcement activityBy Larissa Waterson
- 22 Aug 2017Advisers must become ‘lifestyle coaches’: ZurichBy Jessica Yun
- view all