Additional charges have been brought against Donald James Cuthbertson, a former financial services company director and financial adviser. Mr Cuthbertson is alleged to have made dishonest representations to investors and communicated with prosecution witnesses after proceedings had been commenced.
On 10 February 2026, an Amended Court Attendance Notice, Further Court Attendance Notice and charge certificate were filed in the Local Court of New South Wales. As a result, 11 additional charges relating to dishonest conduct and two charges for attempting to pervert the course of justice have been laid. Two existing charges were withdrawn, bringing the total number of charges Mr Cuthbertson faces to 18.
Mr Cuthbertson previously faced six charges of dishonest conduct in relation to a financial product, contrary to s 1041G of the Corporations Act 2001 (Cth), 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. PWMS held an Australian financial services (AFS) licence until it was cancelled by ASIC in 2023.
The dishonesty charges relate to allegations that between 11 December 2018 and 9 September 2025, Mr Cuthbertson engaged in dishonest conduct, when he made a series of dishonest representations to potential investors in relation to his company PWM.
PWM was purportedly involved in developing technology for robotic trading across a range of different instruments. Mr Cuthbertson is alleged to have made dishonest representations regarding future potential share valuations, earnings and dividends as part of purported plans to float PWM on the Australian Securities Exchange. It is alleged that Mr Cuthbertson continued to make representations to investors after they acquired shares in PWM.
Mr Cuthbertson appeared at the Downing Centre Local Court on 10 February 2026, where the additional charges were laid. The matter was adjourned to 14 April 2026 for committal mention.
The matter is being prosecuted by the Office of the Director of Public Prosecutions (Cth) following 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).
The maximum penalty for each offence contrary to s 1041G of the Corporations Act 2001 (Cth) which occurred before 13 March 2019 is 10 years' imprisonment and/or 4,500 penalty units and/or the amount of the benefit derived multiplied by three.
The maximum penalty for each offence contrary to s 1041G of the Corporations Act 2001 (Cth) which occurred on or after 13 March 2019 is 15 years' imprisonment.
The maximum penalty for each offence contrary to s 43(1) of the Crimes Act 1914 (Cth) is 10 years' imprisonment.
On 30 September 2025, the Court granted Mr Cuthbertson conditional bail, which included the following conditions requiring him to:
- surrender his passport,
- not have any contact, directly or indirectly, with any complainant or prosecution witnesses other than through his legal representatives,
- not provide unlicensed financial services or engage in any financial service business while unlicensed, and
- not accept or request payment from persons pursuant to or relating to the provision of unlicensed financial services.
