Investors in NZ's biggest ponzi scheme to sue ANZ for tens of millions | WHAT REALLY HAPPENED


Investors in NZ's biggest ponzi scheme to sue ANZ for tens of millions

Investors in Ross Asset Management - New Zealand's largest ponzi scheme - are taking legal action against ANZ bank over how it managed the accounts for the failed financial advice firm.

But the bank says it was also misled by David Ross. It denies the allegations and will be defending the claims.

Wellington financier and former head of the Ross Asset Management David Ross was jailed for 10 years and 10 months in November 2013 after he defrauded more than 700 clients of $115.5 million.

Only about $10 million has ever been recovered.

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