The fraudster behind New Zealand's biggest Ponzi scheme has today been released from Rimutaka Prison.
David Ross operated Ross Asset Management from his Wellington high rise, a fraudulent scheme in which hundreds of private investors lost about $115 million.
Ross has been granted parole six years into his 10-year sentence.
Investor Andrew Tichbon was duped by Mr Ross’ scam. He says Ross has gotten off lightly.
“Getting out after six years of nearly 11 years, what kind of message does that send to the public? To me it sends a message that white-collar crime isn't really that important to us,” says Mr Tichbon.
Another one of Ross’ investors, Barry Prince feels the same.
"David Ross effectively sentenced hundreds of people to great financial loss and great suffering, so you've got one opposed to hundreds, so at least he should serve his 10 years and 10 months,” says Mr Prince.
David Ross masterminded a Ponzi scheme that conned 700 people out of $115 million.
Andrew Tichbon and Barry Prince are among over 600 investors who got 20 per cent of their money back, while others recovered more.
They're pushing for an inquiry and law change to make the liquidation of Ponzi schemes fairer.
"Our commercial law makes it like the wild west when you're investing. Frankly the chances of getting your money back after this kinda fraud are very slim,” says Mr Tichbon.
Commerce Minister Kriss Faafoi has shelved plans to change the law around Ponzi schemes, instead prioritising other financial laws which affect more New Zealanders.
Upon his release, Mr Ross old plans to move to a smaller centre where he can live off his pension.
He insists there's no stash stored away from his scamming ways, and is starting again.
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