Dodgy financial adviser in more trouble with FMA
The order was made against Wisdom House Investment Partners Limited and Yuen Pok (Paul) Loo, who was previously engaged in serious misconduct at his previous employer, Foxplan.
The FMA says making this interim stop order is necessary "to prevent Wisdom House and Mr Loo causing harm, arising from what appears to be dishonest and misleading activities."
Under the order Loo is prohibited from, distributing any restricted communication that relates to the supply of a financial advice service to any person, supplying a financial advice service to any person, and supplying the financial service of keeping, investing, administering, or managing money, securities, or investment portfolios on behalf of other persons.
Previously, the FMA cancelled the transitional financial advice provider (FAP) licence of Wisdom House in December 2021 after Loo had engaged in serious misconduct at Foxplan.
The FMA’s investigations continue while it considers whether a permanent stop order is warranted.
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