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SFO raids office of Dunedin adviser

The Serious Fraud Office, with the assistance of the Financial Markets Authority, has executed search warrants on Thursday in relation to an investigation concerning the Dunedin-based financial adviser.

Friday, May 24th 2019, 9:55AM

They raided the offices of Barry Kloogh who is the chief executive officer of financial advice company Breathe Financial.

The action followed enquiries by the FMA, leading to a referral to the SFO, a joint statement from the agencies said.

The authority would be assessing any matters relating to the Financial Advisers Act and supporting the SFO investigation.

They asked anyone with information they consider might be relevant to this investigation to contact the SFO either by phone: 0800 109 800 or email: kloogh@sfo.govt.nz.


The authority was working to secure and preserve client funds, it said.

It appears from the Breathe website that the company's main activity was mortgage advice and helping clients repay their loans faster. Kloogh is credited as being the creator of the DebtBreaker System, an at-home software program designed to help people get out of debt and boost savings.

TMMOnline understand Kloogh was previously with NZ Home Loans.

Tags: FMA

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Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.19 4.25 4.49
ANZ Special - 3.69 3.75 3.99
ASB Bank 5.20 ▼4.25 ▼4.19 ▼4.39
ASB Bank Special - ▼3.75 ▼3.69 ▼3.89
BNZ - Classic - 3.69 3.75 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Lender Flt 1yr 2yr 3yr
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
Housing NZ Corp ▼5.19 ▼4.29 ▼4.29 ▲4.49
HSBC Premier 5.89 3.79 3.79 3.89
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
Lender Flt 1yr 2yr 3yr
ICBC 5.65 3.85 3.95 3.89
Kiwibank 5.80 ▼4.30 ▼4.40 4.74
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - ▼3.55 ▼3.65 3.99
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.69 4.79 -
Resimac 5.30 4.86 4.14 4.19
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 3.78 3.78 3.99
Sovereign ▼5.30 4.35 4.29 4.55
Sovereign Special - 3.85 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.79 3.84 3.99
The Co-operative Bank - Standard 5.15 4.29 4.34 4.49
TSB Bank ▲6.09 ▲4.65 ▲4.59 ▲4.85
TSB Special 5.29 ▼3.85 ▼3.79 4.05
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.69 4.79 5.19
Westpac - Offset 5.34 - - -
Westpac Special - ▼3.69 ▼3.75 ▼3.99
Median 5.50 4.29 4.25 4.19

Last updated: 16 August 2019 8:50am

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