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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.