The Auckland District Court sentenced Russell Maher, director of Forex Brokers Limited (FBL), to three years and four months in prison. The decision comes after he defrauded multiple clients of more than $1.55 million, by making use of forged documents.
This week, he pleaded guilty at the Auckland District Court to 47 charges, all related to FBL.
Everything was done through a single company
According to the Serious Fraud Office, the most part of the charges relate to Forex Brokers Limited, the company within Maher was working.
The defendant was promising to maintain client confidence in his business by using fake documents, in an attempt to misrepresent the timing of forex transactions he conducted on behalf of multiple clients.
It was discovered that Russell Maher has been operating a foreign exchange broking business between 1995 and 2017, being the sole director, while the shares of FBL were split between him and his wife.
Main target: automotive import firms
Before Forex Brokers Limited was placed in liquidation in 2017 and Mr. Maher was declared bankrupt, in November 2018, several card yards and many other importers were using the services provided by his company.
“Mr. Maher’s dishonest, repetitive, and premeditated offending resulted in significant financial losses to his clients. He abused his position of trust to create the illusion that his business was successful when it was not. Such deceitful behavior damages New Zealand’s reputation as a safe place to invest and do business,” said Julie Read, Director of the country’s Serious Fraud Office.