Dealer banned for mismanaging investments
TheAustralian Securities and Investments Commission(ASIC) has secured an enforceable undertaking from Robert Marusco, a director of former licensed securities dealer NKH Securities, stopping him from acting as a director or key person of a responsible entity for a managed investment scheme for 12 months.
ASIC has also ordered Marusco to complete an educational course on managed investments with the Securities Institute of Australia.
NKH Securities’ dealers licence was revoked in November last year, after ASIC identified concerns about the company’s ability to meet its obligations as a responsible entity for a number of managed investment schemes.
ASIC claims that NKH Securities may have failed to comply with the conditions of its securities dealers licence, and the compliance plans and constitutions of the various managed investment schemes operated by it.
AUTHOR
Freya Purnell
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