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Temporary stop order placed on Wisdom House Investments

Temporary stop order placed on Wisdom House Investments

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A finance company has been temporarily shut down by the Financial Markets Authority, and the firm and its director halted from giving financial advice or dealing in investments and assets.

Photo: 123rf

The temporary stop order was placed on Wisdom House Investment Partners and its principal, Yuen Pok (Paul) Loo, until 5 September, which the Financial Markets Authority (FMA) said was to prevent the company and Loo causing harm, arising from what it said appeared to be dishonest and misleading activity.

“It appears that Mr Loo held himself out as a financial adviser to clients or potential clients of Wisdom House in an email when he is not permitted to do so,” the FMA said in a statement.

It said the email sent by the firm referred to providing financial advice and could have caused people to ask for it, and had an attached letter said to be from the authority confirming that Wisdom House held a relevant licence.

“The email to clients and the FMA letter (which appears to be a forgery) are false or misleading, or likely to mislead or confuse, and contain a material misdescription or material error,” the FMA said.

It was Wisdom House and Loo’s second brush with the FMA.

Last year, the authority cancelled the company’s financial advice licence after Loo engaged in serious misconduct at his previous employer.

The FMA said it was continuing to investigate the company and Loo and was looking into making the stop order permanent.

“The FMA advises the public not to engage with, nor to accept offers of financial services from, and not to provide money to, Mr Loo or Wisdom House, as the regulator continues to investigate these matters.”

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