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 of community service and 12 months intensive supervision.
Photo: RNZ / Cole Eastham Farrelly
Former financial advisor Yuen Pok (Paul) Loo was convicted of forgery and violations of financial market legislation.
Loo was sentenced by the Manukau District Court to a combination of six months community detention with a 7pm to 7am curfew, 200 hours of community service and 12 months intensive supervision following a prosecution by the Financial Markets Authority (FMA).
Margot Gatland, the FMA's head of prosecution, 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 advisory profession and the financial markets,” she said.
“Today’s verdict sends a clear signal that this behavior will not be tolerated.”
Loo pleaded guilty in September to forgery of documents under the Criminal Code and four other charges of using a forged document, providing financial services without registration and failing to comply with FMA orders.
The forgery allegations relate to a letter forged by Loo, allegedly sent by the FMA to a number of his clients, granting his company, Wisdom House Investment Partners, a Full Financial Advisory Provider (FAP) license.
However, the FMA revoked Wisdom House's provisional FAP license in December 2021 and issued a permanent blocking order the following August.
The permanent gag order prohibited Loo and Wisdom House from disseminating restricted communications that related to the provision of a financial advisory service to one person and to the investment, management or administration of money, securities, etc. on behalf of other persons.
In sentencing Loo, Judge Jonathan Moses said a home sentence would have been appropriate had his particular professional circumstances not been taken into account.
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