The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko - has 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.
