NZ FX Broker Russell Maher Pleads Guilty to 47 Fraud Charges
- 52-year-old Maher provided foreign exchange services through Forex Brokers Limited.
Russell Maher, the sole director of Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Brokers Limited (FBL), has pleaded guilty at the Auckland District Court this Tuesday to 47 charges of ‘Using forged documents,’ which was brought by New Zealand’s Serious Fraud Office (SFO).
Through FBL, 52-year-old Russell Maher provided foreign exchange services. From the company, he reportedly managed to steal millions of dollars from his clients. The SFO alleges some $3 million was lost. Maher, on the other hand, argues it was less than $1 million.
According to the SFO, he forged documents to disguise the fact that the company was in financial difficulty and deliberately misrepresented the status of transactions. The maximum penalty for each charge is ten years of imprisonment.
Maher operated FBL from 1995 until 2017. He is the sole director of the FX broker and shares of the company were held by himself and his wife. As Finance Magnates previously reported, he originally entered a no plea against the fraud charges back in June.
SFO: Russell Maher was arrogant
Commenting on the case, 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.”
Maher was remanded on bail for sentencing on the 30th of September, 2019. The New Zealand-based broker was placed in liquidation in April of 2017 and Maher was declared bankrupt in November 2018. Among FBL’s clients were car yards and other importers.
The SFO works alongside the Financial Markets Authority (FMA), the government agency responsible for financial Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term. The agency was established to investigate and prosecute serious or complex financial crime, including bribery and corruption.
Russell Maher, the sole director of Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Brokers Limited (FBL), has pleaded guilty at the Auckland District Court this Tuesday to 47 charges of ‘Using forged documents,’ which was brought by New Zealand’s Serious Fraud Office (SFO).
Through FBL, 52-year-old Russell Maher provided foreign exchange services. From the company, he reportedly managed to steal millions of dollars from his clients. The SFO alleges some $3 million was lost. Maher, on the other hand, argues it was less than $1 million.
According to the SFO, he forged documents to disguise the fact that the company was in financial difficulty and deliberately misrepresented the status of transactions. The maximum penalty for each charge is ten years of imprisonment.
Maher operated FBL from 1995 until 2017. He is the sole director of the FX broker and shares of the company were held by himself and his wife. As Finance Magnates previously reported, he originally entered a no plea against the fraud charges back in June.
SFO: Russell Maher was arrogant
Commenting on the case, 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.”
Maher was remanded on bail for sentencing on the 30th of September, 2019. The New Zealand-based broker was placed in liquidation in April of 2017 and Maher was declared bankrupt in November 2018. Among FBL’s clients were car yards and other importers.
The SFO works alongside the Financial Markets Authority (FMA), the government agency responsible for financial Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term. The agency was established to investigate and prosecute serious or complex financial crime, including bribery and corruption.