The Financial Markets Authority (FMA) has made a permanent stop order that applies to Wisdom House Investment Partners and Yuen Pok (Paul) Loo after they engaged in misleading and dishonest conduct.
After making an interim stop order that applied to Wisdom House and Loo on August 15, the FMA is now satisfied Loo falsely held himself out as a financial adviser in an email to clients or potential clients. 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 forged letter purporting to be from the FMA confirming that the FMA 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 FMA considered the email to clients and forged FMA letter were false or misleading, or likely to mislead or confuse, and contain a material misdescription or material error. The materials are a “restricted communication” relating to the supply, or possible supply, of financial services (namely a financial advice service).
The stop order prohibits Wisdom House and Loo from:
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. The FMA requests any clients of Loo or Wisdom House to contact the FMA.
The FMA has opened a criminal investigation in relation to this matter and the stop order does not affect the FMA’s ability to take further regulatory action.
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