The length of David Ross’ minimum non-parole period is “crushing” says his lawyer, who applied to the Court of Appeal for it to be reduced.
Anger from Ross’ out-of-pocket victims is still very raw as one of the country’s biggest fraudsters appealed against the minimum sentence he must serve in jail before becoming eligible for parole.
David Robert Gilmour Ross, Wellington financier and former head of the Ross Asset Management (RAM), was sentenced at the Wellington District Court last year to 10 years 10 months’ jail.
The 63-year-old’s elaborate fraud, spanning 12 years, cost hundreds of investors their life savings and retirement funds.
In total, $115.5 million of investments is estimated to have been lost in the group, which folded last November. Prior to its collapse, Ross had led investors to believe they had $351.5m in client portfolios.
A minimum non-parole sentence of five years and five months was imposed by the sentencing judge.