Friday, November 16, 2012

Putting the NZ in Ponzi

 Forbes reckons NZ is the best place to do business:
New Zealand came first for a lack of corruption, a low level of red tape, a high level of personal freedom and strong investor protection. 
NZ is also a great place for naive greedy investors to get ripped off. Ross Asset Management has been raided by the FMA earlier this month, finding little of the $449 million in deposits:
Clients of Mr Ross have spoken about how they were introduced to the firm by friends or advisers, because of its exceptional financial returns, often of more than 30 per cent a year. have added Ross Asset Management to their Deep Freeze List. This brings the estimated total to date of financial destruction of NZ investor funds since 2006 to $9,290,400,000.

How soon before NZ hits $10 billion in bad gambles, and where is this "strong investor protection" that Forbes is talking about?