Media Release
MR No. 2022 – 31
The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko has made a permanent stop order that applies to Wisdom House Investment Partners Limited and Yuen Pok (Paul) Loo after they engaged in misleading and dishonest conduct.
After making an interim stop order that applied to Wisdom House and Mr Loo on 15 August, the FMA is now satisfied Mr Loo falsely held himself out as a financial adviser in an email to clients or potential clients. The email also contained statements that directly or indirectly refer to the supply, or possible supply, of a financial advice service and are reasonably likely to induce persons to request the supply of a financial advice service.
Attached to the email was a forged letter purporting to be from the FMA confirming that the FMA had granted Wisdom House a financial advice provider (FAP) licence. Previously, the FMA cancelled the transitional FAP licence of Wisdom House in December 2021 after Mr Loo had engaged in serious misconduct at his previous employer.
The FMA considered the email to clients and forged FMA letter were false or misleading, or likely to mislead or confuse, and contain a material misdescription or material error. The materials are a “restricted communication” relating to the supply, or possible supply, of financial services (namely a financial advice service).
The stop order prohibits Wisdom House and Mr Loo from:
- distributing any restricted communication that relates to the supply of a financial advice service to any person; and
- supplying a financial advice service to any person; and
- supplying the financial service of keeping, investing, administering, or managing money, securities, or investment portfolios on behalf of other persons.
The FMA advises the public not to engage with, nor to accept offers of financial services from, and not to provide money to, Mr Loo or Wisdom House. The FMA requests any clients of Mr Loo or Wisdom House to contact the FMA.
The FMA has opened a criminal investigation in relation to this matter and the stop order does not affect the FMA’s ability to take further regulatory action.
The stop order was issued under section 462 of the Financial Markets Conduct Act 2013.
ENDS
Media contacts:
Andrew Park
FMA Media Relations Manager
[email protected]
021 220 6770
Campbell Gibson
FMA Senior Adviser, Media Relations
[email protected]
021 945 323
