Donald James Cuthbertson, a former director of the Financial Services company and financial adviser, was accused after an ASIC investigation of claims of having dishonest performances for investors, resulting in losses of at least $ 8500000 in at least six investors.
Mr Cuthbertson, of the Newport in New South Wales, appeared today at Downing Center’s local court about six categories of dishonest behavior in relation to a financial product, as opposed to the S 1041G of the Law on companies and a category of the same crime committed.
Mr Cuthbertson was the only manager of the professional management of Wealth Management PTY LTD (PWM) and related companies, PTY LTD (PWMS) Vocational Management Services and PTY LTD (PWI).
PWMS held Australia’s financial services permit until it was canceled by ASIC in 2023.
The allegations concern the allegations that from December 11, 2018 and October 9, 2019, Mr Cuthbertson was involved in dishonest behavior, including the proxy, when he made a series of dishonest performances in potential investors in relation to the acquisition of shares in PWM.
PWM is supposed to be involved in the development of technology for robotic transaction in a series of different instruments. During the investor seminars, Mr Cuthbertson is said to have made dishonest performances associated with future possible shares, profits and dividends in the context of supposed plans to eliminate PWM in the Australian Exchange of Mobile Values.
The issue has been postponed on September 23, 2025.
The maximum sentence for each offense of the S 1041G is 10 years in prison and/or 4,500 sentence ($ 945,000).