An Auckland foreign exchange dealer has pleaded guilty to fraud that cost his clients at least $1 million.
Photo: RNZ / Dan Cook
Russell Maher admitted in the Auckland District Court to 47 counts of using forged documents.
The Serious Fraud Office brought the charges relating to the way he operated his company Forex Brokers Limited.
Maher used forged documents to deliberately misrepresent what he was doing, and cover up that his company was in financial trouble.
The amount lost has been disputed but was between $1m and $3m.
SFO acting director Rajesh Chhana said Maher was arrogant as he used clients' money to pretend the business was successful.
Maher has been remanded on bail for sentencing at the end of September.
The maximum penalty for each charge is 10 years in jail.