21 Oct 2008

Former Access Brokerage boss fined $200,000

12:25 pm on 21 October 2008

The former head of the now defunct Access Brokerage has been fined $200,000 by the stock exchange.

Peter Marshall was sentenced to prison three years in May for defrauding Access after a shortfall in client funds of $4.8 million was discovered when he went on sick leave in 2004 in May.

The stock exchange says Marshall failed to act in the best interest of his clients or protect their funds, and did not attend an interview at the exchange when asked to do so.

He also failed to act ethically and brought the stock exhange and its members into disrepute.

Marshall has 20 working days to pay the fine. But whether he can, is not known. He is in prison and is ill.