Yuen Pok (Paul) Loo was sentenced in the Manukau District Court to a combination of six months' community detention with a 7pm to 7am curfew, 200 hours' community work and 12 months' intensive supervision. Photo: RNZ / Cole Eastham-Farrelly
Former financial adviser Yuen Pok (Paul) Loo has been sentenced for forgery and financial markets legislation offences.
Loo was sentenced in the Manukau District Court to a combination of six months' community detention with a 7pm to 7am curfew, 200 hours' community work and 12 months' intensive supervision following a prosecution brought by the Financial Markets Authority (FMA).
FMA head of enforcement Margot Gatland said Loo's conduct was a serious breach of the ethical standards expected of financial advisers.
"His actions undermine the integrity and reputation of the financial advice profession and financial markets," she said.
"Today's sentence sends a clear message that this behaviour will not be tolerated."
Loo pleaded guilty in September to a charge of forgery under the Crimes Act, and four additional charges of using a forged document, providing financial services while unregistered, as well as failing to comply with FMA orders.
The forgery charges relate to a letter forged by Loo and sent to a number of his clients purporting to be from the FMA granting his company, Wisdom House Investment Partners, a full financial advice provider (FAP) licence.
However, the FMA cancelled the transitional FAP licence of Wisdom House in December 2021 and issued a permanent stop order the following August.
The permanent stop order prohibited Loo and Wisdom House from distributing any restricted communications that related to the supply of a financial advice service to any person as well as investing, administering, or managing money, securities etc. on behalf of other persons.
In sentencing Loo, Judge Jonathan Moses said a sentence of home detention would have been appropriate if it not been for his specific employment circumstances.
