The Australian Securities and Investments Commission (ASIC) has charged the former director of Professional Wealth Management after he misrepresented his company to potential investors.
The actions of Donald James Cuthbertson – who was also a financial adviser – resulted in losses of at least AU$850,0000 to at least six investors.
Cuthbertson was the sole director of Professional Wealth Management, Sydney-based Professional Wealth Management Services, and Professional Wealth Investments.
The charges relate to allegations that between 11 December 2018 and 9 October 2019 Cuthbertson was dishonest with potential investors about the future potential share valuations, earnings and dividends of PVM as part of purported plans to float the company on the Australian Securities Exchange. PWM was said to be involved in developing technology for robotic trading.
The matter has been adjourned to 23 September 2025.
