Australia's corporate watchdog has banned WA businessman Richard Philip Lambe from providing financial services for three years in the wake of his involvement in an alleged $120 million Pilbara Ponzi scheme.

The Australian Securities and Investment Commission found Mr Lambe had failed in his duty to supervise Marco Group company 511 GTN and businesswoman Veronica Macpherson as director of Anquan Securities and Investment, and "was likely to contravene a financial services law".

Veronica Macpherson promised high return rates to investors if they gave their money to Macro Group to invest in developments in Newman and Port Hedland. Credit:Reuters

It slapped a three-year financial services ban on Mr Lambe, who was also included on ASIC's banned and disqualified persons register.

The Pilbara scheme promised high returns to investors if they gave their money to Macro Group to invest in developments in Newman and Port Hedland.