NZ Ponzi scheme adviser case postponed
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.
Most retirees fear outliving their savings: Research
Two-thirds of retirees in Australia who have been out of the workforce for at le...
SuperConcepts offers pro bono support to SMSF clients
AMP subsidiary SuperConcepts has announced free assistance to SMSF clients who h...
MLC Wealth hires tech, operations chief
MLC’s wealth business has appointed a chief technology and operations officer ...