Broker jailed for three years after defrauding clients of $1.55 million


Foreign exchange broker Russell Maher was sentenced in Auckland District Court.

Chris McKeen/Stuff

Foreign exchange broker Russell Maher was sentenced in Auckland District Court.

A foreign exchange broker has been sent to jail for three years and four months after forging documents and defrauding his clients of about $1.55 million.

Russell Maher, a 53-year-old former broker and director of Forex Brokers Limited (FBL), was sentenced in Auckland District Court on Monday for 47 representative charges of using fraud documents.

The charges were brought by the Serious Fraud Office.

The SFO said Maher sought to maintain client confidence in his business by forging documents.

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The documents misrepresented the timing of foreign currency transactions he conducted on behalf of his clients, it said.

“In doing so he concealed the deteriorating financial position of FBL.”

SFO director Julie Read said: “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 behaviour damages New Zealand’s reputation as a safe place to invest and do business.”

Maher was the sole director of the company, and its shares were held by Maher and wife Joanne Bostock.

The company was liquidated in 2017.

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