Dunedin-based financial adviser Barry Kloogh was offering brokering services to clients through the first defendant, Financial Planning Ltd, and the second defendant, Impact Enterprises Ltd, although neither they nor he was registered to offer broking services. The FMA referred the matter to the Serious Fraud Office in May 2019.
Interim liquidators were appointed in July 2019 after an application by the FMA. The Official Assignee was later appointed as liquidator in August 2019 and is investigating the affairs of two of Mr Kloogh’s companies – Financial Planning Limited (FPL) and Impacted Enterprises Limited (IEL).
SFO case webpage
The Official Assignee issued its first report for FPL & IEL.
FMA cancels Barry Kloogh’s authorised financial adviser (AFA) authorisation, as a result of concerns regarding compliance with his broker obligations under the Financial Advisers Act 2008. See media release.
A hearing to place FPL and IEL into liquidation is set by the Court for 29 August.
If FPL and IEL are placed into liquidation on 29 August, liquidators will be appointed (replacing interim liquidators) and will have the power to deal with the companies’ assets and continue to investigate the affairs of the companies. They will provide their first report to investors and creditors within 25 working days and will seek to arrange a meeting of creditors within 30 working days.
29 August - the Dunedin High Court places FPL and IEL into liquidation. The Official Assignee is appointed as liquidator.
The FMA applies to the Dunedin High Court to liquidate FPL and IEL and to have interim liquidators appointed. The Court grants interim liquidation on 17 July. Interim liquidators from Deloitte are appointed to maintain the assets and investigate the affairs of the companies. See media release.
The FMA refers the case to the Serious Fraud Office (SFO) on 13 May, after conducting an initial investigation.
The SFO executes search warrants on Mr Kloogh’s home and business premises on 23 May.
The SFO investigation is ongoing and anyone with information can contact the SFO by phone: 0800 109 800 or email:[email protected].