FMA files criminal charges over alleged fake FAP licence

Loo faces a raft of charges including using a forced document under the Crimes Act, giving financial advice without being registered under the Financial Service Providers (FSP) Act, and failing to comply with a previous FMA stop order under the Financial Markets Conduct (FMC).

If found guilty he faces maximum penalties of 10 years in prison under the Crimes Act, 12 months imprisonment and/or a fine of up to $100,000 under the FSP Act, and a fine of up to $300,000 under the FMC Act.

The FMA accuses him of forging an FMA letter purporting to grant his company, Wisdom House Investment Partners, a full financial advice provider (FAP) licence and then sending it to clients.

The charges also relate to Loo providing financial advice without being registered as required under the FSP Act and breaching FMA stop orders by continuing to contact clients and provide financial advice.