[The Wrap] Where were the clues in the Kloogh case?
Just over a week ago the SFO, with the assistance of the Financial Markets Authority, raided the offices of authorised financial adviser Barry Kloogh
While details of the case are yet to be revealed and no charges have yet been laid against Kloogh there is a developing story that this has more than a whiff of concern that could involve some sort of misappropriation of funds.
The fact that the SFO is involved means that this is more than an AFA breaching the Professional Code of Conduct. If it was the latter then the FMA would be in charge and the matter would, in all likelihood, end up at the Financial Advisers Disciplinary Committee.
Secondly, the SFO only gets involved if the issues are complex and/or large.
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![[The Wrap] What the heck is happening at the FMA?](https://goodreturns.publit.io/file/c_fill,w_300,h_200/a6c3bc06-6401-44de-96e2-286c090e132d.jpg)