ASIC targets married couple, issues ban

Richard Thomas Marshall has been banned from providing financial services for six years, while his wife, Gwenda Jean Marshall, has been banned for three years.

In a statement on Thursday, the corporate regulator said “an ASIC delegate found Mr and Mrs Marshall carried on a financial services business without holding an AFS licence from July 2015 until May 2021”.

According to ASIC, Mr Marshall advised clients of his company, RT Marshall, many of whom were elderly, to open margin lending accounts and appoint himself or Mrs Marshall as an authorised person to trade shares on their behalf.

“Mr Marshall arranged for shares to be traded on client accounts by instructing Mrs Marshall 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,” ASIC said.

Further, the ASIC delegate was satisfied there was evidence that Mr 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 said.

“In banning Mr Marshall, ASIC found that his conduct demonstrated that he was not a fit and proper person to provide financial services,” the corporate regulator said.

The ban prevents Mr and Mrs Marshall 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.

The couple have the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.