Scoop has an Ethical Paywall
Forex broker Russell Maher pleads guilty to fraud
23 July 2019
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.
Mr Maher provided clients with forged documents that deliberately misrepresented the status of the transactions he was meant to carry out. He used forged documents to disguise that FBL was in financial difficulty.
The Acting Director of the SFO, Rajesh Chhana, said, “Mr Maher risked client funds and New Zealand’s reputation as a safe place to do business through his arrogant and, ultimately, criminal actions. He used his clients’ money to maintain the façade 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.”
Mr Maher was remanded on bail for sentencing at the Auckland District Court on 30 September.
ENDS
Gordon Campbell: On The Hikoi Aftermath
NZ Government: PM Marks One Year In Government
Helen Clark Foundation: Helen Clark Foundation Calls For Political Action To Reduce The Prevalence Of Junk Food And Improve Health Outcomes
Justice Committee: Further Decisions About Submissions Process For The Principles Of The Treaty Of Waitangi Bill
Infrastructure New Zealand: Single Agency Needed To Coordinate Climate Adaptation And Recovery
Free Speech Union: Fair Digital News Bargaining Bill Likely To Restrict Access To Information, Polling Shows Most Oppose
Auckland Transport: Driver Safety Screens Now Rolling Out Across Auckland’s Bus Fleet
