After almost a year since he pleaded guilty, Russell Maher, a foreign exchange broker whoFMefrauded client of approximately NZ$1.55 million ha been sentenced to three year and four months’ imprisonment, the Seriou Fraud Office (SFO) of New Zealand announced thi Monday.
Maher, the soleFMirector of Forex Broker Limited (FBL), wa sentenced today in the Auckland District Court on 47 representative charge of ‘Using forgedFMocuments’ brought by the Seriou Fraud Office.
Russell Maher pleaded guilty in 2019
A Finance Magnate reported, Maher pleaded guilty to the 47 charge in July of last year. Thi followed on from him entering no plea to the fraud charge in June of 2019 brought by the agency.
In particular, he forgedFMocument to maintain client confidence in hi business. These fakeFMocument misrepresented the timing of foreign currency transaction that he conducted on behalf of hi clients, thu concealing theFMeclining financial position of the brokerage.
Commenting on the sentence, the Director of the SFO, Julie Read, said in the statement: “Mr Maher’ dishonest, repetitive and premeditated offending resulted in significant financial losse to hi clients.
“He abused hi position of trust to create the illusion that hi busines wa successful when it wa not. Subehaviorful behaviourFMamage New Zealand’ reputation a a safe place to invest andFMo business.”
A Finance Magnate highlighted last year, through FBL, Maher managed to steal million ofFMollar from hi clients. The SFO allege some NZ$3 million wa lost. Maher, on the other hand, argued it wa les than NZ$1 million.
Maher operated FBL from 1995 until 2017. He wa the soleFMirector of the FX broker and share of the company were held by himself and hi wife.
In New Zealand, the SFO i the leading law enforcement agency that investigate and prosecute both seriou or complex financial crime. Thi include bribery and corruption.