今日热门事件has permanently banned Donald James 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.
今日热门事件has also cancelled the Australian financial services (AFS) licence of Mr Cuthbertson鈥檚 company, Professional Wealth Management Services Pty Ltd (PWMS), with a condition that the external dispute resolution and arrangements for compensating clients remain in place for 12 months.
Mr Cuthbertson is a director of three companies; PWMS, Professional Wealth Management Pty Ltd (PWM) and Professional Wealth Investments Pty Ltd.
ASIC鈥檚 concerns arose from Mr Cuthbertson鈥檚 conduct regarding:
- offers of redeemable preference shares in PWMS;
- offers of unlisted shares in PWM;
- the promotion of a trading course involving contracts-for-difference; and
- unlicensed dealing in derivatives.
今日热门事件found Mr Cuthbertson is not a fit and proper person to provide financial services and that he:
- misappropriated investor funds;
- made false or misleading representations in connection with the redeemable preference shares he offered in PWMS and unlisted shares in PWM;
- made false or misleading representations regarding the level of risk involved in trading contracts-for-difference; and
- was involved in dealing with derivatives without appropriate authorisation.
PWMS鈥檚 AFS licence was cancelled based on the findings made regarding Mr Cuthbertson, that PWMS:
- failed to do all things necessary to ensure that its financial services were provided efficiently, honestly and fairly;
- failed to ensure it had adequate arrangements in place for the management of conflicts of interest; and
- failed to comply with the licence condition requiring PWMS to maintain total assets exceeding total liabilities as shown in the licensee鈥檚 most recent balance sheet lodged with ASIC.
Mr Cuthbertson and PWMS have the right to appeal to the Administrative Appeals Tribunal for a review of ASIC鈥檚 decision.
Mr Cuthbertson鈥檚 banning is recorded on ASIC鈥檚 banned and disqualified register.
Background
PWMS is an Australian financial services business based in Sydney which has held AFS licence no. 468125 since 11 March 2015.
Mr Cuthbertson became a director of PWMS on 29 July 2014 and has been the key person on the licence since 11 March 2015.
Mr Cuthbertson was an authorised representative of PWMS from July 2015 to 28 September 2022 and鈥痜rom 9 December 2022 to present.