A foreign exchange broker whose company is in liquidation has entered no plea to fraud charges brought by the Serious Fraud Office.
Russell Maher (52) appeared at the Auckland District Court today charged with 47 counts of ‘Using forged documents’. The charges relate to Forex Brokers Limited (FBL), through which the defendant provided foreign exchange services. The maximum penalty for each charge is 10 years’ imprisonment.
The SFO alleges Mr Maher provided clients with forged documents that deliberately misrepresented the status of the transactions he was meant to carry out. He is believed to have used forged documents to disguise that FBL was in financial difficulty.
Mr Maher was remanded on bail to reappear at the Auckland District Court on 23 July.