The FMA has made a permanent stop order that applies to Wisdom House Investment Partners and Yuen Pok (Paul) Loo.
After making an interim stop order that applied to Wisdom House and Loo on 15 August, the FMA says it is now satisfied Loo falsely held himself out as a financial adviser in an email to clients or potential clients.
The email is also alleged to have 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.
The FMA says attached to the email was a forged letter purporting to be from the FMA confirming it 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 Loo had engaged in serious misconduct at his previous employer.
The stop order prohibits Wisdom House and 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 Loo or Wisdom House. Clients of Loo or Wisdom House should contact the FMA.