RAM investor must return fictitious profit
The test case taken against barrister Hamish McIntosh is part of an attempt to claw back $3.8 million from investors.
Liquidators had been seeking $954,000 from McIntosh, who previously had name suppression.
Justice Alan McKenzie ordered him to pay $454,000 – the “fictitious profit” he received from his $500,000 investment. He does not have to repay the initial investment.
The liquidators, John Fisk and David Bridgman from PwC, say they intend to proceed with remaining two cases against investors. They are also looking at other investors who received payments from Ross.
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