17 August 2022

Investor alert: Yuen Pok (Paul) Loo / Wisdom House Investment Partners Limited

 

The FMA is advising the public not to accept offers of financial services from, or provide money to, Mr Yuen Pok (Paul) Loo or Wisdom House Investment Partners Limited.

The FMA has made an interim stop order that applies to Wisdom House and Mr Loo arising from what appears to be dishonest and misleading activities.

It appears that Mr Loo held himself out as a financial adviser to clients or potential clients of Wisdom House in an email when he is not permitted to do so. 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 letter purporting to be from the FMA confirming that the FMA has granted Wisdom House a financial advice provider licence.

The email to clients and the FMA letter (which appears to be a forgery) are false or misleading, or likely to mislead or confuse, and contain a material misdescription or material error.

The stop order prohibits Mr Loo and Wisdom House from:

  • (a)  distributing any restricted communication that relates to the supply of a financial advice service to any person; and
  • (b)  supplying a financial advice service to any person; and
  • (c)  supplying the financial service of keeping, investing, administering, or managing money, securities, or investment portfolios on behalf of other persons.

More details are in our media release.

Entity name: Wisdom House Investment Partners Limited
Individual name: Yuen Pok (Paul) Loo