Donald James Cuthbertson, a former financial services company director and financial adviser, has been charged following an ASIC investigation relating to allegations he made dishonest representations to investors resulting in losses of at least $850,0000 to at least six investors.
Mr Cuthbertson, of Newport in New South Wales, appeared today in the Downing Centre Local Court relating to six charges of dishonest conduct in relation to a financial product, contrary to s 1041G of the Corporations Act and one charge of the same offence committed by proxy.
Mr Cuthbertson was the sole director of Professional Wealth Management Pty Ltd (PWM) and related companies, Professional Wealth Management Services Pty Ltd (PWMS) and Professional Wealth Investments Pty Ltd (PWI). PWMS held an Australian financial services licence until it was cancelled by ASIC in 2023.
The charges relate to allegations that between 11 December 2018 and 9 October 2019, Mr Cuthbertson engaged in dishonest conduct including by proxy, when he made a series of dishonest representations to potential investors in relation to the acquisition of shares in his company PWM.
PWM was purportedly involved in developing technology for robotic trading across a range of different instruments. During investor seminars, Mr Cuthbertson is alleged to have made dishonest representations related to future potential share valuations, earnings and dividends as part of purported plans to float PWM on the Australian Securities Exchange.
The matter has been adjourned to 23 September 2025.
The matter is being prosecuted by the Office of the Director of Public Prosecutions (Cth) (CDPP) following a referral of a criminal brief by ASIC.
Background
PWMS was an Australian financial services business based in Sydney which held an AFS licence from March 2015 until it was cancelled by ASIC in August 2023. At that time, ASIC also permanently banned Mr Cuthbertson from providing any financial services, performing any function involved in the carrying on of a financial services business and controlling an entity that carries on a financial services business (refer: 23-217MR ASIC permanently bans financial adviser and cancels licence of Professional Wealth Management Services | ASIC).
The maximum penalty for each offence of s 1041G is 10 years' imprisonment and/or 4,500 penalty units ($945,000).
