A foreign exchange broker who used forged documents to disguise his company’s financial status has pleaded guilty to fraud.
Russell Maher (52) pleaded guilty today at the Auckland District Court to 47 charges of ‘Using forged documents’ brought by the Serious Fraud Office. The charges relate to Forex Brokers Limited (FBL), through which the defendant provided foreign exchange services.
He was remanded on bail by Judge Brooke Gibson until his sentencing at the Auckland District Court in late September.
Acting director of the SFO, Rajesh Chhana, said Maher “risked client funds and New Zealand’s reputation as a safe place to do business through his arrogant and, ultimately, criminal action”.
“He used his clients’ money to maintain the facade of a successful business. Significant losses to client funds could have been avoided if Mr Maher had behaved honestly and accepted that his business had failed,” Chhana said.
The SFO began investigating FBL in 2017 after it collapsed and $500,000 in bullion was found in an office safe and creditors were reportedly owed $15m.
Maher had operated the foreign exchange broking business from 1995 until 2017, with shares of the company being held by him and his wife.
The company, founded in 1995, was placed into liquidation in April 2017 and Maher was declared bankrupt in November 2018.
source: New zealand herald
