David Ross denied parole: Low risk is not no risk
Ross is serving a 10-year, 10-month sentence for offending which the sentencing judge described as being “on a scale unprecedented in this country".
He ran Ross Asset Management until 2012 when it was revealed to have been a Ponzi scheme. Investors lost about $115 million. Many were elderly people who had trusted Ross with their life savings.
He became eligible for parole on January 27 but needed to find a suitable property to be paroled to before the case could be considered.
His lawyer argued Ross was a low risk of further offending. There would be no future opportunity because of Ross's notoriety, his disqualification from any involvement in the financial industry, and the support which Ross continued to enjoy from some (but not all) of his immediate family and from friends.
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