FMA filed the charges in the Manukau District Court
An Auckland businessman has been charged with forgery, using a forged document, and breaches of financial laws by the Financial Markets Authority.
FMA has filed criminal charges against Yuen Pok (Paul) Loo after he allegedly forged a letter claiming his company, Wisdom House Investment Partners, was granted a full financial advice provider (FAP) license by the authority.
Loo was also charged with sending the letter to clients, providing financial advice to clients even though he was not registered under the Financial Services Providers Act and breaching an order from FMA to cease operations.
The forgery and using a forged document charges carry a maximum penalty of 10 years’ imprisonment, the provision of unlicensed advice charge under the FSP Act carries a maximum penalty of 12 months' imprisonment or a fine not exceeding $100,000 or both, and the charge relating to Loo’s non-compliance with FMA’s stop order under the FMC Act carries a maximum penalty of a fine not exceeding $300,000.
FMA said it opened a criminal investigation and pursued charges against Loo in August last year after he and Wisdom House, where he was sole director and shareholder, were issued a permanent stop order.
Loo first appeared in court on May 22 and was remanded without plea until June 13.
