23 Jun 2015

Ross investor ordered to pay back $454k

6:22 pm on 23 June 2015

A Wellington lawyer who invested in New Zealand's largest ponzi scheme has been ordered to pay back nearly half a million dollars in fictitious profits he withdrew.

David Ross.

David Ross Photo: RNZ

The High Court in Wellington has confirmed the liquidators of Ross Asset Management could claw back the full amount of fictitious profits received by investor Hamish McIntosh before the company's liquidation.

However, Justice MacKenzie said McIntosh did not have to pay back the original $500,000 he invested in the scheme.

It is the first of three test claims against investors who between them withdrew $3.8 million from Ross Asset Management.

The liquidator, John Fisk, is claiming the right to redistribute their money to investors who lost $115 million when the scheme collapsed in 2012.

Ross Asset Management Investors Group head Bruce Tichbon said today's judgement was a small victory.

He said the amount was less than half a percent of the money that was lost by investors.

Mr Fisk said he planned to continue with the two other cases that had already started in the High Court.

He was also reviewing the position of a number of other investors who benefited from Ross Asset Management in the period leading up to the company's liquidation.