Ross was denied parole after hearings in February and June, with the parole board saying that he showed "little insight" into his offending.

Fraudster David Ross has been released from prison. He has been granted parole four years before the end of his sentence.

Ross was jailed in 2013 for 10 years and 10 months for his role in a huge $115 million Ponzi-scheme fraud, which ripped off more than 700 investors.

Hundreds of investors believed Ross was managing accounts worth, collectively, almost $380m.

Ross has been called New Zealand's Bernie Madoff in reference to the New York fraudster who is serving a 150 year sentence.

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A liquidators report for Ross Asset Management in January 2019 said $20.9 million had been clawed back from 195 investors.

STUFF In 2013 Judge Denys Barry described the fraudster as "a liar and a thief operating on a scale unprecedented in this country".

On Monday investor Barry Prince said Ross is not the only one serving a sentence, 1News reported.

"David Ross effectively sentenced hundreds of people to great financial loss and great suffering."

Another of Ross' victims, investor Andrew Tichbon said: "Getting out after six years out of nearly 11 years. What kind of message does that send to the public?

"To me, the message it's sending is that white collar crime isn't really that important to us."

KEVIN STENT/STUFF For months after Ross Asset Management's collapse, David Ross continued to live in his large home on Woburn Rd, Lower Hutt. Eventually, Ross reached a settlement deal which would see him surrender assets including art works, as well as a half share in his home, despite the home being held in trust.

Ross was denied parole after hearings in February and June, with the parole board saying that he showed "little insight" into his offending.

But the parole board said that at the December hearing, Ross displayed "a deep and sincere remorse for his offending".

His parole hearing took place on December 5 at Rimutaka Prison and the decision was released in December.

At his first parole board hearing Ross told the board a network of family and churchgoers was ready to help him once he was released.

Ross was now eligible for superannuation.

Ross will be subject to special conditions for two years from his release.

He will not be allowed to hold roles with any businesses, or to provide any kind of financial advice, or participate in the management of anyone's finances.

Ross will need to seek approval before he takes any employment, including voluntary and unpaid work, "to ensure that it is appropriate given the nature of his offending and the extent to which any residual risk remains".

NATHAN SANDERS/OPEN2VIEW The Lower Hutt mansion that belonged to David Ross, when he pleaded guilty to operating NZ's single biggest fraud at the helm of Ross Asset Management.

Ross has also been ordered not to have any contact with any of his victims.

"Understandably, many of his victims feel angry and hopeless given the destruction of their economic wellbeing brought about by his offending," the parole board's December decision said.

"Some of Ross' victims are family. He will need to discuss all victim contact issues carefully with his probation officer. Given that condition, it may be wise for him not to make media comments or otherwise post comments on social media which victims could have access to."

He will need to attend a psychological assessment and "attend and participate and complete any recommended treatment as directed".

His fraud was an all-pervasive fraud, which in 2013 led the sentencing judge to describe Ross as "a liar and a thief operating on a scale unprecedented in this country".