ASIC bans couple over unlicensed financial services
ASIC has banned former financial adviser Richard Thomas Marshall from providing financial services for six years, and his wife Gwenda Jean Marshall for three years for operating unlicensed and removing money from a deceased client's account.
An ASIC delegate found that the couple carried on a financial services business without holding an AFS licence from July 2015 until May 2021.
Richard Marshall advised clients of his company, RT Marshall, many of whom were elderly, to open margin lending accounts, appointing himself or his wife as an authorised person to trade shares on behalf of those clients.
He then arranged for shares to be traded on client accounts by instructing his wife to execute the share trades on behalf of clients. The clients were charged substantial fees for these services, ranging from $3000 to $20,000 per client, per financial year, ASIC said.
Further, the ASIC delegate was satisfied there was evidence that Richard 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.
ASIC concluded that Richard Marshall's conduct demonstrated that he wasn't a fit and proper person to provide financial services.
The ban prevents the couple from providing any financial service, controlling an entity that carries on a financial services business and performing any function involved in carrying on a financial services business.
Both of the Marshalls have the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
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