Ponzi schemer ‘still a risk’
David Ross, who orchestrated New Zealand’s largest Ponzi fraud, will spend at least another year in jail after the Parole Board decided he still poses a risk to the public.
Despite pleading that he was ‘‘a broken man’’ who had been cooperative with authorities when the fraud was uncovered, had pleaded guilty at the first possible opportunity, had been an ‘‘exemplary’’ prisoner and now had supporters ready to help him rebuild his life, his hope of release were dashed by the board, led by convener Judge Arthur Tompkins.
The decision, which was shared with his hundreds of victims yesterday, said Ross had failed to adequately explain his actions and the board ruled he posed an undue risk to potential future victims, because of his ability to deceive, seemingly without anxiety.
‘‘The unprecedented and enormous scale of Mr Ross’ persistent offending ... compel this board to the conclusion ... the proposed parole conditions are insufficient to manage Mr Ross’ level of risk to the safety of the community whilst on parole,’’ the board said.
‘‘There is no sure foundation upon which the board could conclude that the same factors which enabled Mr Ross to lie, deceive and steal so comprehensively and for so long, throughout his years of offending, are not still present to an undue level.’’
His next appearance before the Parole Board will be some time before March 31, 2020.
Bruce Tichbon, a former client who now operates as a spokesman for the Ross Asset Management Investors Group, welcomed the parole board’s decision.
‘‘We are delighted that the community will be protected for 12 more months from Ross, whose ability to lie and deceive is unprecedented,’’ Tichbon said.
A month ago, Ross’ first appearance before the Parole Board was adjourned after it emerged that a rental property that had been arranged for him had not been assessed as suitable by Corrections Department officials.
Because Ross has served the portion of his sentence that represents the punishment element, the Parole Board was essentially assessing whether releasing him posed undue risk to the public.
Appearing via audio-visual link between Rimutaka Prison and the board’s headquarters in central Wellington, at a hearing on March 20, Ross said there was no way for him to resume a career in finance, which he acknowledged had been a longrunning fraud.
His lawyer, Mike Kilbride, said Ross struggled to even open a bank account in his own name.
Ross said it was inconceivable that he would return to fraud.
‘‘Everything I had is gone. I do not have any assets outside, anywhere. I am a broken man, with nothing.’’