The Financial Markets Authority has filed charges of forgery, using a forged document, and breaches of financial laws against an Auckland businessman.
It has filed criminal charges against Yuen Pok (Paul) Loo alleging he forged a letter said to be from the Authority granting his company Wisdom House Investment Partners a licence as a financial advice provider.
The FMA has also charged him with sending the letter to clients, giving financial advice to clients even though he was not a licensed advisor, and breaching an order from the Authority to stop business.
The forgery and using a forged document charges carry a maximum penalty of 10 years jail, the giving financial advice while not licensed has a maximum penalty of 12 months' imprisonment or a fine not exceeding $100,000 or both, and failing to comply with the FMA stop order a fine not exceeding $300,000.
The Authority said it investigated and pursued the charges against Loo in August last year after he and Wisdom House were banned from providing financial advice and dealing in investments.
The financial regulator had had previous dealings with Loo and Wisdom House in 2021 after misconduct at a previous employer.
Loo was remanded without plea at the Manukau District Court to reappear mid-June.