On 6 March 2025, ob体育 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 鈥楶rincipal-protected Private Placement Program鈥� which offered 鈥榟igh yield鈥� returns. ob体育 determined that in recommending these investments, Mr Surtenich failed to comply with financial services law by making dishonest representations that the investment was 鈥榗apital protected鈥�, was 鈥榮imilar to鈥� a cash investment, and could generate high returns. Mr Surtenich had no basis for making the representations.
Additionally, ob体育 determined that Mr Surtenich lacked the necessary judgement and competence to be a financial adviser. ob体育 found that in arranging transfer of client funds to another Australian entity to obtain a so-called 鈥榮tand-by letter of credit鈥�, Mr Surtenich ought to have been alerted to potential 鈥榬ed flags鈥� 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 ob体育鈥檚 decision.
Background
What to do if you鈥檝e been scammed聽
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:
- on our Moneysmart website
- 鈥� Helps individuals affected by identity theft and cybercrime
- 鈥� Information for consumers and small business about how to recognise, avoid and report scams
- 鈥� 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.聽聽
- If you are experiencing financial difficulty, you can speak to an independent financial counsellor for free by contacting the 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 . The National Debt Helpline may not be able to assist with your SMSF specifically.聽
- 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.聽
More information聽
- ob体育 cancels AFS licence of Suetonius Wealth Management Pty Limited (24-046MR).