Sourced from: https://financefeeds.com/new-zealands-sfo-brings-fraud-charges-director-forex-brokers-limited/
Mr Maher was remanded to reappear in the Auckland District Court on July 23, 2019.
As stated by the SFO allegations, Wood operated his Ponzi scheme from January 2010 into May 2017 — with new investors’ funds to pay other investors their reported gainsto refund their principal investment. The SFO estimates that 18 investors lost at least $7 million .
New Zealand’s Serious Fraud Office (SFO) has brought fraud charges against Russell Maher, whose company is in liquidation.
According to the allegations, the defendant worked a Forex broking firm — FBL, by 1995 until 2017. Mr Maher was the only manager and shares of their company had been held with him and his wife.
New Zealand’s SFO was active in trying to put an end to Forex fraud. In October this past year, the body brought fraud charges against Kelvin Clive Wood.
Other importers along with car yards utilized the services of FBL. FBL was placed in liquidation in April 2017 and Mr Maher was declared bankrupt in November 2018.
Mr Maher looked at the Auckland District Court today charged with 47 counts of’Applying forged papers’. The charges relate to Forex Brokers Limited (FBL), by which he supplied Forex services. The maximum penalty for each fee is 10 years’ imprisonment.
The SFO stated Mr Maher provided customers with forged documents that intentionally misrepresented the status of these trades he was supposed to perform. He’s thought to have used forged documents to disguise that FBL was in trouble.
The article New Zealand’s SFO brings fraud costs from director of Forex Brokers Limited appeared initially on FinanceFeeds.
FinanceFeeds –
Wood is alleged to have eased foreign market and trading solutions through two companies — Forex (NZ) Limited and Forex NZ 2000 Limited. His clients placed money with him by his companies for the purpose of fixed interest term deposits, the cost of foreign currency, overall investment and foreign exchange trading purposes. Clients invested on the premise that their main wasn’t in danger.
