The former sole director of the Saxo Bank introducing brokerage, Russell Johnson was sent to Jail for his part in the collapse of Sonray including false accounting, theft, deception and conspiracy to steal.
Today, the Australian Securities and Investments Commission (ASIC) has announced that the former sole director of Sonray Capital Markets Pty Ltd (Sonray), Mr Russell Andrew Johnson, has been sentenced to six-and-a-half years in jail.
Sonray was established in 2003 and held an Australian financial services licence. It was one of the first brokers in Australia that provided advice on Contracts For Difference (CFDs). By mid 2010, Sonray was one of Australia’s largest Introducing Brokers (IBs)) employing about seventy people at offices in Melbourne and the Gold Coast. The broker had a white label agreement with Saxo Bank and was reported to be seeking a buyout by Saxo following financial difficulties but that did not materialize into a deal.
Today’s sentence, handed down in the Victorian Supreme Court, comes as a result of ASIC’s investigation into the company, which collapsed in June 2010 owing more than $46 million. Subsequently, Mr Johnson was charged with multiple offences, including false accounting, theft and deception and conspiracy to steal. Mr Johnson will serve a minimum of three-and-a-half years before he is eligible for parole.
The presiding judge in the case, Justice Macaulay said that the conduct engaged in was a serious example of the crimes charged, and that they had been committed with ‘a sophisticated degree of orchestration and planning’.
ASIC Chairman Greg Medcraft commented: "The collapse of Sonray, which held millions of dollars in funds for several thousand clients, was in part due to the complete disregard of the law by senior members of the company. Today’s sentence reinforces ASIC’s commitment to ensuring that company officers act at all times in the interests of a company. Where they fail to do so, the consequences will be significant."
Mr Johnson is the second person to be jailed following the collapse of Sonray. In October 2011, former CEO, Mr Scott Kenneth Murray, was sentenced to five years jail with a non-parole period of two years and six months for 10 charges brought by ASIC.
In 2011, there were reports in Australia of a settlement between the liquidator of Sonray and Saxo Bank, which owned shares worth $20 million in the failed IB, plus a contribution of $18.5 million to the compensation pool by Saxo Bank and insolvency practitioners Ferrier Hodgson.
Today, the Australian Securities and Investments Commission (ASIC) has announced that the former sole director of Sonray Capital Markets Pty Ltd (Sonray), Mr Russell Andrew Johnson, has been sentenced to six-and-a-half years in jail.
Sonray was established in 2003 and held an Australian financial services licence. It was one of the first brokers in Australia that provided advice on Contracts For Difference (CFDs). By mid 2010, Sonray was one of Australia’s largest Introducing Brokers (IBs)) employing about seventy people at offices in Melbourne and the Gold Coast. The broker had a white label agreement with Saxo Bank and was reported to be seeking a buyout by Saxo following financial difficulties but that did not materialize into a deal.
Today’s sentence, handed down in the Victorian Supreme Court, comes as a result of ASIC’s investigation into the company, which collapsed in June 2010 owing more than $46 million. Subsequently, Mr Johnson was charged with multiple offences, including false accounting, theft and deception and conspiracy to steal. Mr Johnson will serve a minimum of three-and-a-half years before he is eligible for parole.
The presiding judge in the case, Justice Macaulay said that the conduct engaged in was a serious example of the crimes charged, and that they had been committed with ‘a sophisticated degree of orchestration and planning’.
ASIC Chairman Greg Medcraft commented: "The collapse of Sonray, which held millions of dollars in funds for several thousand clients, was in part due to the complete disregard of the law by senior members of the company. Today’s sentence reinforces ASIC’s commitment to ensuring that company officers act at all times in the interests of a company. Where they fail to do so, the consequences will be significant."
Mr Johnson is the second person to be jailed following the collapse of Sonray. In October 2011, former CEO, Mr Scott Kenneth Murray, was sentenced to five years jail with a non-parole period of two years and six months for 10 charges brought by ASIC.
In 2011, there were reports in Australia of a settlement between the liquidator of Sonray and Saxo Bank, which owned shares worth $20 million in the failed IB, plus a contribution of $18.5 million to the compensation pool by Saxo Bank and insolvency practitioners Ferrier Hodgson.
58% of UK Investors Choose Professional Guidance over 'Finfluencers’
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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