Former stockbroking CEO cops fraud charges
The former chief executive of stockbroking firm, BBY Limited, has appeared in a Sydney court after being charged with aiding, abetting, counselling or procuring fraud.
The Australian Securities and Investments Commission (ASIC) alleged that Arunesh Narain Maharaj aided the dishonest conduct of another former BBY employee, who deceptively gained additional funding from St George Bank by drawing down on an overdraft facilitation account held by BBY, which he was not entitled to do so.
The charges follow an ASIC investigation after the firm entered voluntary administration in May 2015 and liquidation in June 2015. BBY’s Australian financial services licence (AFSL) was suspended by ASIC in May 2015 and cancelled in June 2021.
Maharaj has been charged with two counts of obtaining the additional funding at the end of June 2013 and November 2014 to early 2015 under sections 192E(1)(b) and 346 of the Crimes Act 1900 (NSW), with each charge carrying a maximum penalty of 10 years’ imprisonment.
The court adjourned the matter for further mention to take place on 5 December.
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