Former adviser charged further on dishonest conduct

Former financial adviser and the sole director of Professional Wealth Management, Donald Cuthbertson, has been slapped with 24 offences in the Federal Court of Australia.

An indictment filed on August 28 showed Cuthbertson being charged with making false and misleading statements and engaging is dishonest conduct.

The charges relate to 10 offences contrary to section 1041E of the Corporations Act, 12 offences contrary to section 1041G of the Corporations Act and two offences contrary to 43(1) of the Crimes Act.

Last year, Cuthbertson was slapped with multiple charges for allegedly making dishonest representations to potential investors in relation to acquiring shares in his own doomed company.

On September 11, Cuthbertson was arraigned on these charges in the Federal Court and entered pleas of not guilty.

Cuthbertson was the sole director of Professional Wealth Management (PWM) and related companies, Professional Wealth Management Services (PWMS) and Professional Wealth Investments.

PWMS held an AFSL until it was cancelled by ASIC in 2023, along with banning Cuthbertson from providing any financial services.

PWM was involved in developing technology for robotic trading across a range of different instruments.

Cuthbertson allegedly made dishonest representations regarding potential future share valuations, earnings and dividends as part of purported plans to float PWM on the ASX.

ASIC alleges Cuthbertson continued to make the representation to investors after they acquired shares in PWM between the period of 11 December 2018 and 9 September 2025.

Further, it is alleged Cuthbertson attempted to pervert the course of justice by communicating with and sending draft affidavits to two prosecution witnesses.

The maximum penalty for each offence contrary to section 1041E of the Corporations Act is 10 years' imprisonment for conduct which occurred before 13 March 2019, and 15 years' imprisonment for conduct which occurred on or after 13 March 2019.

The maximum penalty for each offence contrary to section 1041G of the Corporations Act is 15 years' imprisonment.