Sydney adviser permanently banned by ASIC
A Sydney financial adviser has been permanently banned from providing any financial services, having had his firm’s AFSL cancelled a year ago.
Peter Surtenich was banned by ASIC on 6 March from providing any financial services, performing any function involved in the carrying on of a financial services business and controlling, whether alone or in concert with one or more other entities, an entity that carries on a financial services business.
ASIC said he “acted dishonestly and showed a fundamental lack of knowledge and judgement, integrity, trustworthiness and professionalism”.
Surtenich was a director and responsible manager at Suetonius Wealth Management which had its AFSL cancelled last March for failing to lodge financial statements and audit reports. The regulator said it had provided Suetonius with the opportunity to lodge its financial statements and audit reports for the financial years ended 30 June 2021 and 30 June 2022, but that it had failed to do so as of 29 February 2024.
ASIC alleged Surtenich recommended to at least 18 clients that they invest in a ‘Principal-protected Private Placement Program’ which offered ‘high yield’ returns. ASIC determined that in recommending these investments, he failed to comply with financial services law by making dishonest representations that the investment was ‘capital protected’, was ‘similar to’ a cash investment, and could generate high returns.
Surtenich had no basis for making the representations, ASIC said.
Additionally, ASIC determined that Surtenich lacked the necessary judgement and competence to be a financial adviser. ASIC found that in arranging transfer of client funds to another Australian entity to obtain a so-called ‘stand-by letter of credit’, Surtenich ought to have been alerted to potential ‘red flags’ as to the authenticity of the transaction, including in relation to the payment of subsequent fees to a bitcoin wallet of an alleged banking institution.
He has the right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision.
AUTHOR
Laura Dew
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