Russell Andrew Johnson, the sole director of collapsed Australian investment management firm Sonray Capital Markets, has pleaded guilty to seven criminal charges filed against him by the Australian Securities and Investments Commission.

[tag|Russell Andrew Johnson|]Russell Andrew Johnson[/tag], the sole director of collapsed Australian investment management firm [tag|Sonray Capital Markets|]Sonray Capital Markets[/tag], has pleaded guilty to seven criminal charges filed against him by the [tag|Australian Securities and Investments Commission|]Australian Securities and Investments Commission[/tag]. 

Johnson admitted guilt to three charges of false accounting, one charge of submitting a false document to the ASIC, two charges of theft to the value of A$742,641 ($693,698) and one charge of obtaining a financial advantage by deception, said the regulator in a statement on its website. 

He was granted bail and will appear at the Supreme Court on 11 November 2013 for sentence hearing on the conditions that he let the court know of any change to his residential address, surrender his passport and not contact any prosecution witness.

Sonray Capital Markets, which was established in 2003, was placed into liquidation on 27 October 2010. According to Ferrier Hodgson, as at 22 June 2010 Sonray had gross client positions amounting to A$76.85 million and a shortfall of A$46.7 million, among others. Back then, the firm had around 3,500 clients and 54 staff.

"The integrity of the market is one of the ASIC's key priorities, and investors have a right to expect that their money will be handled honestly and appropriately. Where this does not occur, ASIC will not hesitate to take action to protect the interests of the clients," said [tag|Greg Tanzer|]Greg Tanzer[/tag], ASIC commissioner.

The case against Johnson follows the October 2011 sentencing of former Sonray chief executive Scott Murray to five years in jail on 10 charges brought by the ASIC, which included six counts of false accounting and two counts of theft.