On 6 March 2025, ASIC made orders permanently banning Sydney-based financial adviser Peter Surtenich from:
- providing any financial services
- performing any function involved in the carrying on of a financial services business (including as an officer, manager, employee, contractor or in some other capacity), and
- controlling, whether alone or in concert with one or more other entities, an entity that carries on a financial services business.
Between 28 July 2020 and 14 December 2020, while a director and responsible manager of Australian financial services (AFS) licensee Suetonius Wealth Management Pty Ltd, Mr 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, Mr Surtenich 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. Mr Surtenich had no basis for making the representations.
Additionally, ASIC determined that Mr 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’, Mr 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.
Mr Surtenich has been permanently banned because he acted dishonestly and showed a fundamental lack of knowledge and judgement, integrity, trustworthiness and professionalism.
These qualities are not only necessary for providing financial services but are also imperative for those who control a financial services business or perform a role in a financial services business.
Mr Surtenich has the right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision.
Background
What to do if you’ve been scammed
In the event you may be a victim of a scam, you can find out what action to take, and who to contact for information or assistance in the following resources:
- What to do if you’ve been scammed on our Moneysmart website
- ID Care – Helps individuals affected by identity theft and cybercrime
- ACCC’s Scamwatch – Information for consumers and small business about how to recognise, avoid and report scams
- Small business scams – Find out more about the common scams targeting small businesses and how to protect yourself.
Being scammed can have consequences for your financial and mental health.
- If you are experiencing financial difficulty, you can speak to an independent financial counsellor for free by contacting the National Debt Helpline on 1800 007 007 (9:30am to 4.30pm in your local time zone, Monday to Friday). You can also find a financial counselling agency using the map on the Moneysmart website. The National Debt Helpline may not be able to assist with your SMSF specifically.
- If you, or someone you know needs help, we encourage you to contact Lifeline on 13 11 14 or Beyond Blue on 1300 224 636, who provide 24/7 support services.
More information
- ASIC cancels AFS licence of Suetonius Wealth Management Pty Limited (24-046MR).