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08 February 2024

Wisdom House Investment Partners Limited

Background

FMA filed criminal charges against Yuen Pok (Paul) Loo following offences under financial markets legislation.

Mr Loo has been charged with:

  • forgery under section 256(1) of the Crimes Act;
  • using a forged document under section 257(1) of the Crimes Act;
  • providing financial services when he was not registered under section 11(2) of the Financial Service Providers (Registration and Dispute Resolution) Act (FSP Act); and
  • failing to comply with the FMA’s orders under section 479(2) of the Financial Markets Conduct Act (FMC Act).

The leading charges under the Crimes Act carry a maximum penalty of 10 years’ imprisonment. The charge under the FSP Act carries a maximum penalty of 12 months' imprisonment or a fine not exceeding $100,000 or both. The charge under the FMC Act carries a maximum penalty of a fine not exceeding $300,000. The charges were filed in the Manukau District Court.

The charges relate to allegations that Mr Loo forged a letter purporting to be from the FMA granting his company Wisdom House Investment Partners Limited (Wisdom House) a full financial advice provider (FAP) licence and sent it to his clients. The charges also relate to Mr Loo providing financial advice without a registration when he was required to be registered under the FSP Act and Mr Loo’s breach of the FMA’s stop orders by continuing to contact his clients and provide financial advice.

In August 2022, the FMA issued a permanent stop order against Mr Loo and Wisdom House, for which he is the sole director and shareholder, after finding that Mr Loo had falsely claimed to be a financial adviser in an email to clients and attaching the forged FAP licence to the email.

Following the issuing of the permanent stop order, the FMA opened a criminal investigation into Mr Loo, resulting in the filing of these criminal charges.

Mr Loo’s first court appearance was on 22 May 2023. He was remanded without plea until 13 June 2023.

Timeline:

February 2024

Yuen Pok (Paul) Loo, a former financial adviser, has been sentenced in the Manukau District Court to a combination of six months’ community detention with a 7pm to 7am curfew, 200 hours’ community work and 12 months’ intensive supervision following a prosecution brought by the Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko.

18 Sep 2023

The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko – can confirm that Yuen Pok (Paul) Loo has pleaded guilty to several criminal charges at the Manukau District Court on Friday 15 September.

23 May 2023

FMA has filed criminal charges against Yuen Pok (Paul) Loo following offences under financial markets legislation.

31 August 2022

16 August 2022

FMA made an interim stop order and advised 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, as the regulator continues to investigate these matters.

December 2021

FMA cancelled the transitional financial advice provider (FAP) licence of Wisdom House Investment Partners Limited, after its sole financial adviser engaged in serious misconduct at his previous employer.