New Zealand man has pleaded guilty to running $ 300 million Ponzi scheme, the country's largest ever.
Wellington former financial adviser David Ross pleaded guilty to five charges of false accounting Thursday and theft. Has 63 years jail, waiting for his sentencing in October.
Regulators said that 1,200 investors lost paper returns over 3.8 million New Zealand dollars ($ 29.6 billion) plan. Serious Fraud Office's acting manager Graham Gill said their pocket losses of at least NZ 1.15 billion.
Ross first started managing funds in 1989. Regulators suspended his license last year, acted as financial adviser, his asset management company, Ross was forced into bankruptcy.
Gill said, Ross reported that never existed on the customer's return on investment.
 



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