Local brother mum on Ross firm collapse

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The Queenstown-based brother of the man behind Ross Asset Management has declined to comment on the company’s $450 million meltdown.

Wellington financial advisor David Ross – whose assets have been frozen – is the brother of veteran Wakatipu real estate agent Greg Ross, the majority partner of Locations Realty.

Mountain Scene requested to talk to Greg about issues relating to his brother, who was hospitalised this month.

However, Greg texted: “I’m sorry but I have no comment.”

Receivers appointed to manage Ross Asset Management, David Ross and 10 other Ross entities last week revealed they had so far only found about $10m out of a purported $450m held by 900 investors.

The receivers said they’d not yet met with David Ross but had had contact with Greg, David’s wife Jillian and their legal advisors – “all of whom have provided some assistance with our inquiries”.

Ross Asset Management receivers state David Ross was the sole director of all entities.

The Serious Fraud Office this week revealed it’s investigating David Ross and Ross Asset Management

This follows statements in the first report by the receivers that historical returns to investors might be fictitious.

Mountain Scene last week reported that at least 10 locals are investors. 

Meanwhile, NBR Online is today (Thursday) reporting that David was released from hospital late yesterday.
 
David had been receiving compulsory treatment under the Mental Health Act in hospital for the past three weeks, according to a statement issued through law firm Chapman Tripp. 

“During this time he has been unable to assist authorities,” Chapman Tripp says, adding the Ross Asset Management founder will co-operate fully with all inquiries into his company and the funds invested with it.