Fake adviser gets mixed sentence
A former financial adviser who admitted providing financial services when he was not registered, has been sentenced to community detention with a curfew, community work and intensive supervision.
Thursday, February 8th 2024, 10:52AM
by Andrea Malcolm
Yuen Pok (Paul) Loo was sentenced at the Manukau District Court to a combination of six months’ community detention with a 7pm to 7am curfew, 200 hours of community work and 12 months of intensive supervision following a prosecution brought by the Financial Markets Authority (FMA).
In September last year Loo pled guilty to charges of forgery, using a forged document, providing financial services when he was not a registered financial services provider, and failing to comply with orders by FMA.
The forgery charges related to a Loo’s use of a forged letter from the FMA granting his company Wisdom House Investment Partners a full financial advice provider licence. He then sent this to clients.
He was also charged with providing financial advice without a registration under the FSP Act and breaching the FMA’s stop orders by continuing to contact clients and provide financial advice.
In sentencing, Judge Jonathan Moses said had it not been for Loo’s specific employment circumstances, a sentence of home detention would have been appropriate.
FMA head of enforcement Margot Gatland said Loo's conduct was a serious breach of the ethical standards expected of financial advisers.
“His actions undermine the integrity and reputation of the financial advice profession and financial markets. Today’s sentence sends a clear message that this behaviour will not be tolerated.”
| « Trustees seeking refuge in PIEs could weaken our capital markets | NZ Super a taonga we can afford as is - retirement commissioner » |
Special Offers
Comments from our readers
No comments yet
Sign In to add your comment
|
|
Printable version |
|
Email to a friend |
