Ponzi victim wants bigger share of the pie

  • 23/06/2018
David Ross.
David Ross. Photo credit: Newshub.

An investor who got burned in a ponzi scheme hopes the distribution of assets is fair to those affected.

Ross Asset Management went into liquidation in 2012, and the High Court is working out if investors who withdrew before the collapse should get more or less money.

Barry Prince wants those who withdrew early to get less money because they had a financial advantage - but says the decision will depend on which laws the judge uses.

"Hopefully the judge will apply laws associated with equity when he makes his decision. But he might well just stick with the Companies Act and the Property Law Act, which means we will lose."

Another investor is arguing people who bailed out of the scam should get more of their money back.

More than 700 clients lost around $115 million in the decade-long grift. The liquidation process began in 2012 and has affected clients here and overseas.

Asset manager David Ross was sentenced in 2013 to 10 years and 10 months in prison.

"I'd be sitting down with my fingers crossed," says Mr Prince. "That's all I can do - I've done as much as I can."