Ponzi scheme fraudster gets parole

Convicted fraudster David Ross will be freed on parole on February 24.

The decision is subject to him securing accommodation for his release.

Ross was jailed in 2013 for 10 years and 10 months for his role in a massive $115 million Ponzischeme fraud that fleeced more than 700 investors.

His parole hearing took place on December 5 at Rimutaka Prison.

The decision was released yesterday.

The Parole Board said there was some further work that Ross needed to do in terms of ‘‘reviewing his safety plan and developing a risk management plan’’.

‘‘The intervening period between now and then should be sufficient for accommodation to be found.

‘‘If for any reason it is not, this grant of parole will need to be revoked,’’ its decision stated.

Ross will be subject to special conditions for two years from his release.

He will not be allowed to hold roles with any businesses or to provide any kind of financial advice, or participate in the management of anyone’s finances.

He will also need to seek approval before he takes any employment, including voluntary and unpaid work ‘‘to ensure that it is appropriate given the nature of his offending and the extent to which any residual risk remains’’.

Ross has also been ordered not to have any contact with any of his victims.

‘‘Understandably, many of his victims feel angry and hopeless given the destruction of their economic wellbeing brought about by his offending,’’ the Parole Board decision said.

‘‘Some of Ross’ victims are family. He will need to discuss all victim contact issues carefully with his probation officer. Given that condition, it may be wise for him not to make media comments or otherwise post comments on social media which victims could have access to.’’

He will need to attend a psychological assessment and ‘‘attend and participate and complete any recommended treatment as directed’’.

David Ross, now 69, shown at his sentencing in 2013.