SFO Charges Financial Advisor with Serious Fraud
Wellington, NZ - Financial Markets Under Scrutiny
The Serious Fraud Office (SFO) has charged a financial advisor, David Ross, director of Ross Asset Management Limited, with multiple counts of fraud. The charges include making false entries in company documents and obstructing the exercise of powers by the Financial Markets Authority (FMA).
Allegations of Fraud and Obstruction
According to the SFO, Ross allegedly engaged in fraudulent activities to obtain property, privilege, service, pecuniary advantage, benefit, or valuable consideration. The SFO alleges that Ross’s actions were part of a larger scheme to deceive investors and defraud them of their funds.
Charges Against Ross
The charges against Ross include:
- Destroying, mutilating, or falsifying company documents
- Making false entries in books and accounts
- Obstructing the exercise of powers by FMA officials
If convicted, Ross faces up to 10 years in prison. The SFO investigation into his activities is ongoing.
FMA Involvement
The Financial Markets Authority (FMA) has also been involved in the case, issuing a statement saying that Ross’s actions were part of a larger scheme to deceive investors and defraud them of their funds.
“We take these allegations very seriously and will continue to work with the SFO to ensure that those responsible are held accountable,” said FMA chief executive Rob Everett.
Background: Ross Asset Management Limited
Ross Asset Management Limited was previously involved in a high-profile case involving alleged fraud and mismanagement of investor funds. The company has since been placed into liquidation.
Ongoing Investigation
The SFO’s investigation into Ross’s activities is ongoing, and the agency will continue to work with FMA officials to ensure that those responsible are held accountable for their actions.
The charges against Ross come as the SFO continues its efforts to detect, investigate, and prosecute serious or complex financial crime. The agency’s focus is on investigating and prosecuting criminal cases that have a real effect on business and investor confidence in New Zealand’s financial markets and economy.