A jailed fraudster who diddled about 27 Wakatipu investors faces a parole board hearing next month.
Wellington-based financial advisor David Ross was jailed in November 2013 for conning about $115 million out of 700-plus clients in one of New Zealand’s biggest Ponzi schemes.
Ross, then 63, was sentenced to 10 years and 10 months in prison.
The judge ordered him to serve a minimum of half that time, meaning he could be released mid-April, at earliest.
Whether that happens will be the subject of a parole board hearing that’s been scheduled for next month, communications manager Tim Graham confirms.
The former head of Ross Asset Management, whose offending occurred over a 12-year period, pleaded guilty to eight charges ,brought by the Serious Fraud Office and the Financial Management Authority.
Those fleeced included a Queenstowner whose lawyer allegedly blew the whistle.
After his sentencing, Kingston cleaner Bev Nicholson, who lost a $30,000 nest egg in Ross Asset Management which she invested with her late partner, told “I hope [Ross] comes out [of jail] in a box.”
She said wasn’t happy with the length of his sentence – “he’s only going to do five years”.