The Financial Markets Authority (FMA) has issued a permanent stop order for Wisdom House Investment Partners Limited and proprietor Yuen Pok (Paul) Loo for engaging in misleading and dishonest conduct.
This comes after an interim stop order issued against Wisdom House and Loo on Aug. 15. The FMA concluded that Loo “falsely held himself out as a financial adviser in an email to clients or potential clients.” The regulator said 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 FMA, saying that Wisdom House was granted a financial advice provider (FAP) licence. However, in December 2021, the FMA cancelled Wisdom House’s transitional FAP licence due to Loo’s serious misconduct at his previous employer.
The stop order means that Wisdom House and Loo are prohibited from:
“The FMA advises the public not to engage with, nor to accept offers of financial services from, and not to provide money to, Mr Loo or Wisdom House,” the regulator said. “The FMA requests any clients of Mr 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.”
