Legal action has begun against Melbourne-based insurance broker Marcus Anthony, who allegedly engaged in fraudulent activity while operating without an Australian financial services licence.

The Australian Securities and Investments Commission says it began to question Mr Anthony’s activities following an investigation of the company he worked for, Marantmar Finance and Insurance.

It alleges he misappropriated client funds in a deceptive manner while posing as a broker and an agent. It says he spoke to a client about an insurance industry affiliation he did not have, and between August 2002 and January 2003 he told a client he could obtain motor vehicle insurance with the intention of pocketing the $2000 premium. 

Last week Mr Anthony pleaded not guilty in a Sydney court to charges of operating without a licence and fraud. He will reappear on September 21.