Former BBY chief exec charged over alleged dishonest conduct

stockbroking/ASIC/court/dishonesty-charges/

10 June 2025
| By Laura Dew |
image
image image
expand image

The former chief executive of stockbroker BBY has been charged with aiding, abetting, counselling or procuring the alleged dishonest conduct of BBY.

ASIC alleges that between about 10 June 2014 and about 16 December 2014, chief executive Arunesh Narain Maharaj aided, abetted, counselled or procured BBY in the course of carrying on a financial services business, to engage in dishonest conduct in communications with ASX Ltd and its subsidiaries, in relation to a $192 million acquisition of shares in Aquila Resources Ltd on behalf of a client.

Maharaj appeared in Downing Centre Local Court in Sydney on 10 June where he was charged with one offence contrary to sections 1041G(1) and 1311 of the Corporations Act 2001 (Cth) and section 11.2(1) of the Criminal Code.

The offence carries a maximum penalty of 10 years’ imprisonment, or a fine of 4,500 penalty units ($765,000) or three times the total value of benefits obtained (or both). 

BBY was a former stockbroking and financial services business that was placed into voluntary administration on 17 May 2015 and in liquidation on 22 June 2015 with significant client shortfalls. Its Australian Financial Services Licence (AFSL) was cancelled by ASIC in June 2021. 

The matter was prosecuted by the Commonwealth Director of Public Prosecutions after a referral by ASIC. 

As well as this, Maharaj is subject to two existing charges arising out of ASIC’s BBY investigation for aiding, abetting, counselling or procuring the dishonest obtaining of a financial advantage for BBY from St George Bank. This is adjourned until 10 June 2025.

ASIC’s investigation into BBY is ongoing.

 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

4 months 1 week ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

4 months 1 week ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

6 months 1 week ago

Commonwealth Bank has formally dropped to zero advisers following LGT Crestone’s acquisition of its advice arm – some six years on from the Hayne royal commission. ...

4 days 22 hours ago

Prime Minister Anthony Albanese has confirmed who will succeed Stephen Jones to serve as the Assistant Treasurer and Financial Services Minister. ...

4 weeks 1 day ago

The corporate regulator has cancelled the AFSL of a Queensland-based financial services provider, having held the licence since mid-2016....

4 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
91.29 3 y p.a(%)
2
3