The Australian Securities & Investments Commission (ASIC) made orders permanently banning Sydney-based financial adviser Peter Surtenich from providing any financial services, performing any function in a financial services business, and controlling an entity that carries on a financial services business. ASIC found that between 28 July 2020 and 14 December 2020, while a director and responsible manager of Australian financial services licensee Suetonius Wealth Management Pty Ltd, Surtenich recommended to at least 18 clients that they invest in a “Principal-protected Private Placement Program” offering “high yield” returns. In doing so, he made dishonest representations that the investment was “capital protected”, “similar to” a cash investment and could generate high returns, without any basis. ASIC also determined he lacked the judgement and competence required of a financial adviser, including by failing to respond to “red flags” about authenticity when arranging transfers of client funds for a purported stand-by letter of credit, such as subsequent fees being requested to a bitcoin wallet of an alleged banking institution. Surtenich can apply to the Administrative Review Tribunal for review of ASIC’s decision.
Australian Securities & Investments Commission 2025-03-13
Australian Securities & Investments Commission permanently bans adviser Peter Surtenich for dishonest representations to clients
The Australian Securities & Investments Commission (ASIC) has permanently banned Sydney-based financial adviser Peter Surtenich from providing financial services due to dishonest conduct. As a director of Suetonius Wealth Management Pty Ltd, Surtenich misled at least 18 clients into investing in a "Principal-protected Private Placement Program" by falsely claiming it was "capital protected" and similar to a cash investment. ASIC found he lacked necessary judgement and competence, ignoring red flags about transaction authenticity. Surtenich may seek a review of this decision by the Administrative Review Tribunal.