Sonray director faces 24 criminal charges
The director of collapsed brokerage firm Sonray Capital Markets, Russell Johnson, has appeared in Melbourne Magistrates Court after his arrest on 24 criminal charges following an investigation by the Australian Securities and Investments Commission (ASIC).
Johnson, of Toorak Victoria, was charged with two charges to commit theft to the value of $5.78 million, two charges of conspiracy to engage in false accounting, one charge of conspiracy to obtain financial advantage by deception, 17 charges of theft to the value of $742,641, and two charges of submitting a false document to ASIC.
If convicted, he would face a maximum of ten years' imprisonment on each of the state offences.
Johnson was granted bail on the condition that he surrender his passport and not attend any international point of departure.
The proceedings against Johnson follow the February arrest of Sonray chief executive, Scott Murray.
Murray, who is Johnson's brother-in-law, pleaded guilty to 10 criminal charges involving fake deposits, making false withdrawals and theft.
Sonray, established in 2003, was one of the first brokers to provide advice on contracts for difference. In June last year, John Lindholm and George Georges of Ferrier Hodgson - a turnaround, reconstruction and forensics company - were appointed voluntary administrators, and in October 2010 Sonray was placed into liquidation.
According to the liquidators, as at June 2010 Sonray had gross client positions of $76.85m, gross client holdings in either cash/equities held by counterparties of $30.15m, a shortfall of $46.7m, approximately 3,500 clients and 54 employees.
Recommended for you
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
With many advisers preparing to retire or sell up, business advisory firm Business Health believes advisers need to take a proactive approach to informing their clients of succession plans.
Retirement commentators have flagged that almost a third of Australians over 50 are unprepared for the longevity of retirement and are falling behind APAC peers in their preparations and advice engagement.
As private markets continue to garner investor interest, Netwealth’s series of private market reports have revealed how much advisers and wealth managers are allocating, as well as a growing attraction to evergreen funds.
