A dubious first for David Ross
David Ross has earned the dubious distinction of being the first Authorised Financial Adviser to have their licence suspended.
Wednesday, January 9th 2013, 11:59AM
The Financial Markets Authority board suspended Ross's AFA licence on December 17 for six months following a recommendation from staff.
The authority is investigating Ross and his associated firms at the moment which are suspected to be part of a Ponzi scheme.
It had written to Ross outlining its concerns and asking for a response. However the FMA says Ross's solicitors did not request a meeting and made no submission before the hearing on his AFA status.
Two other financial advisers have been identified by the FMA has having referred clients to Ross. It has chosen not to name them at the moment and has made no comment on whether their financial advisory status is under review.
It is note clear if they are AFAs or just registered advisers.
The FMA raided the central Wellington offices of Ross Asset Management in late October (another first) after investors complained they were unable to access their money.
Reports by liquidators PricewaterhouseCoopers have warned that little over $11 million of the almost $450 million his clients believed was being managed for them had been established, with little prospect of further material recovery.
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