Fraudster Davis Ross’ laywer isn’t happy with “1 day of prison for every $60,000″ that his client took from his victim. ¬†My gut feel is that it took his victims much more than a day to accumulate $60,000, so spending a day in jail for each $60,000 lot seems light.
Hamish McNicoll reports
There is “nothing useful” in the “stern” and “unreasonably crushing” minimum jail term imposed on David Ross, the fraudster’s lawyer says.
In November Ross, 64, was jailed for 10 years and 10 months for operating a fraudulent scheme in which private investors lost about $115 million. It was described as the single biggest fraud in New Zealand’s history
His company, Ross Asset Management, fleeced at least 700 investors through portfolios in which they thought they had more than $380m.
Ross’ appeal against the minimum non-parole period of five years and five months, half his full sentence, was heard in the High Court at Wellington this morning.
The sentence was equivalent to roughly one day for every $60,000 he stole from investors.
His lawyer, Gary Turkington, was appealing on the grounds it was “manifestly excessive”.
Today he questioned the point of such a lengthy minimum sentence, saying it was “just too much”.
Ross would be 68 by the time he was eligible for parole, though this was by no means a “get out of jail free card” in itself.
He would be “well into his twilight years,” Turkington said.
I suspect his victims had their “twilight years” completely ruined as well. ¬†I truly don’t see why it is harsh to lock someone up for such an insidious crime that affected to many people, took so much security, peace of mind and happiness away. ¬† Read more »