Married couple Richard and Gwenda Marshall have been banned from providing financial services for six and three years, respectively, for operating a financial services business without holding an AFSL licence.
Marshall advised the clients of RT Marshall, many of whom were elderly, to open margin lending accounts. He then appointed himself or his wife as an authorised person to trade shares on behalf of those clients.
Marshall arranged for these shares to be traded on client accounts by instructing his wife to execute the share trades on behalf of the clients. The clients were charged substantial fees for these services, ranging from $3,000 to $20,000 per client per financial year.
Further, the ASIC delegate discovered evidence that Marshall withdrew money from a deceased client’s estate without authority. He then failed to refund the money to the deceased’s estate when requested to do so.
In banning Marshall, ASIC found that his conduct demonstrated that he was not a fit and proper person to provide financial services.
Both have the right to appeal ASIC’s decision to the Administrative Appeals Tribunal.
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