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ASIC has slapped a everlasting ban on monetary adviser Donald James Cuthbertson, banning him from offering any monetary companies and controlling a monetary companies enterprise for all times.
Cuthbertson’s firm, Sydney-based Skilled Wealth Administration Companies (PWMS), additionally had its Australian Monetary Companies (AFS) licence cancelled by the regulator, with a situation that the exterior dispute decision and preparations for compensating purchasers stay in place for 12 months.
Cuthbertson grew to become a director of PWMS on July 29, 2014, and has been the important thing particular person on the licence since March 11, 2015. He was additionally an authorised consultant of PWMS from July 2015 to September 28, 2022, and from Dec. 9, 2022, to current.
ASIC stated Cuthbertson, a director of PWMS, Skilled Wealth Administration (PWM), and Skilled Wealth Investments, was completely banned as a result of he was “not a match and correct particular person to supply monetary companies.”
He was discovered to have “misappropriated investor funds, made false or deceptive representations in reference to the redeemable desire shares he provided in PWMS and unlisted shares in PWM, made false or deceptive representations relating to the extent of danger concerned in buying and selling contracts-for-difference, and was concerned in coping with derivatives with out acceptable authorisation,” the regulator stated in a press release.
ASIC’s investigation additionally discovered that PWMS failed to make sure its monetary companies have been offered effectively, truthfully, and pretty, guarantee it had sufficient preparations in place to handle conflicts of curiosity, and keep complete property exceeding complete liabilities as proven within the licensee’s most up-to-date steadiness sheet lodged with ASIC.
Cuthbertson and PWMS have the precise to attraction to the Administrative Appeals Tribunal for a overview of ASIC’s resolution.
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