Mr Russell Andrew Johnson, the sole director of Sonray Capital Markets Pty Ltd (Sonray), has pleaded guilty in the Supreme Court of Victoria to seven criminal charges brought by ASIC. Mr Johnson pleaded guilty to three charges of false accounting, one charge of submitting a false document to ASIC, two charges of theft and one charge of obtaining a financial advantage by deception. The charges relate to the use of various Sonray client's trading accounts to create numerous unfunded deposits for which no physical cash was involved. This was done to either obtain funds for use by himself or Sonray, or to hedge the trading book against margin calls. Mr Tanzer also made a false statement in a solvency report submitted to ASIC about equity injections of $5.2 million into Sonray.