FX broker collapsed with $46m shortfall; two senior officers jailed
Sonray Capital Markets Pty Ltd · Foreign exchange and CFD broker
The case in brief
Visible before detection
Checks that could have surfaced it, on hindsight
Bank credits vs books
Client trust account credits would fall short of client balances.
Can mislead when: AA only sees the accounts the company links, so an undisclosed account stays invisible. Cash-heavy businesses and timing differences create false flags.
Third-party confirmation
Direct bank confirmation would contradict the solvency report.
Can mislead when: Counterparties can collude or ignore requests. A non-response is logged as a gap, never as a pass.
End-use tracing of funds
Fund movements would be traced to non-client uses.
Can mislead when: Kubr sees only the company's own accounts. Once money reaches a third party's bank, Kubr can flag the payee but cannot see the next hop without that party's consent.
Where Kubr services would have helped
Borrower monitor
Offered in India- C1 Client trust account credits would fall short of client balances.
- C6 Fund movements would be traced to non-client uses.
Proceeds tracer
Offered in India- C1 Client trust account credits would fall short of client balances.
- C6 Fund movements would be traced to non-client uses.
Financial diligence
Offered in India- C1 Client trust account credits would fall short of client balances.
Model check
Offered in India- C1 Client trust account credits would fall short of client balances.
Mapped from the checks each service runs. A hindsight reading of public records, not a promise that the failure would have been found.
Same pattern
A summary of public documents. It reports what the sources say. It is not Kubr's finding and not a statement of guilt.