Stepmother Of Banned Broker Heads To Court
The Age
Thursday November 20, 2003
A Frankston woman is suing Shaw Stockbroking in the wake of a forgery committed by her stepson, a former broker with the firm.
Patricia Maree Anderson's stepson, Martin Donohue, forged her signature so he could use shares she owned as collateral for options trades he made nominally on behalf of his natural mother, Lianne Lyall.
Mr Donohue, of Byron Street, Brighton, has been permanently banned from acting as a broker following an investigation by the Australian Securities and Investments Commission.
Ms Anderson says in the writ that the lodgement of the notices to use the shares as collateral was done without her knowledge.
She says Shaw Stockbroking has since refused to release control of most of her shares and others, owned by a family business, that her stepson also used as collateral without authority.
Shaw's general counsel, Cameron Coleman, released a statement to The Age saying Shaw had been working with the Australian Stock Exchange and ASIC to investigate Mr Donohue's actions in relation to his mother and other family members.
The statement says neither regulator is taking action against Shaw on its conduct relating to these matters or operations.
``Shaw has obtained judgement against Mr Donohue and his mother in an attempt to recover some of its losses, and will defend Mrs Anderson's claims and seek to recover Shaw's losses and costs from her as a result of the actions of the relevant parties," the statement continues.
``As the matter is now sub judice, Shaw cannot elaborate any further."
© 2003 The Age