KEY POINTS:
The New Zealand Stock Exchange (NZX) has fined former Access Brokerage boss Peter Gerald Marshall $220,000 for breaching its rules.
Marshall, 62, was jailed in May for three years for fraud after Access Brokerage collapsed, owing clients $3.9 million.
An NZX disciplinary body investigation found Marshall engaged in conduct detrimental to his clients, placed client assets at unreasonable risk, failed to take steps to protect his clients' assets and declined to be interviewed by NZX when asked.
He also failed to observe proper ethical standards and act with honesty, integrity, fairness, due care, diligence and efficiency.
In April, a Wellington District Court jury found Marshall guilty on 14 counts of fraud.
Discrepancies in the Access accounts came to light in July 2004 when Marshall was on sick leave and company founder Bill Garlick temporarily took over as chief executive.
Mr Garlick discovered inconsistencies in Access reporting and advised the NZX in September.
Crown prosecutor Kristy McDonald QC told the court NZX identified a $4.8m cash shortfall and the company was placed in liquidation.
Along with the $220,000 fine, the NZX also publicly censured Marshall.
- NZPA
