The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko – can confirm that Yuen Pok (Paul) Loo pleaded guilty to several criminal charges at the Manukau District Court on Friday 15 September.
Mr Loo pleaded guilty to:
· one charge of forgery under section 256(1) of the Crimes Act 1961;
· one representative charge of using a forged document under section 257(1) of the Crimes Act 1961;
· one representative charge of providing financial services when he was not registered under section 11(2) of the Financial Service Providers (Registration and Dispute Resolution) Act 2008 (FSP Act); and
· two representative charges of failing to comply with the FMA’s orders under section 479(2) of the Financial Markets Conduct Act 2013.
The forgery charges relate to a letter Mr Loo forged purporting to be from the FMA granting his company Wisdom House Investment Partners Limited a full financial advice provider licence and sent it to his clients. The latter charges relate to Mr Loo providing financial advice without a registration when he was required to be registered under the FSP Act and Mr Loo’s breach of the FMA’s stop orders by continuing to contact his clients and provide financial advice.
Mr Loo will be sentenced at the Manukau District Court on 20 December 2023.
The FMA will comment further at the sentencing decision.