‘Ponzi’ accused has court date

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Alleged Ponzi scheme accused David Robert Gilmour Ross enters Wellington District Court with his lawyer last Friday.

Ross, making his first court appearance on Serious Fraud Office and Financial Markets Authority charges, was remanded without plea until August 22.

An estimated 27 Wakatipu investors are among about 1200 people said to have lost over $400 million in an alleged Ponzi scheme which paid out interest from fresh investor funds and falsely reported investments.

The alleged scheme came to light late last year but Ross was unavailable early in the investigation due to his hospitalisation under the Mental Health Act.

Ross’s brother Greg Ross is a prominent Queenstown realtor with a majority stake in Locations Realty.