Fake adviser pleads guilty
'Financial adviser ' Yuen Pok (Paul) Loo admitted his guilt to several criminal charges at the Manukau District Court on Friday 15 September.
Monday, September 18th 2023, 11:02AM
by Andrea Malcolm
Loo pleaded 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 the Financial Markets Authority (FMA).
The forgery charges relate to a letter Loo forged claiming to be from the FMA granting his company Wisdom House Investment Partners a full financial advice provider licence and sending it to his 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.
He will be sentenced at the Manukau District Court on December 20. The FMA said in a statement it will comment further at the sentencing decision.
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