New Zealand Law Society - FMA cancels Barry Kloogh's financial adviser authorisation

FMA cancels Barry Kloogh's financial adviser authorisation

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The Financial Markets Authority says it has cancelled the authorisation of Dunedin-based Barry Edward Kloogh to act as a financial adviser, as a result of concerns regarding compliance with his broker obligations under the Financial Advisers Act 2008.

It says Mr Kloogh was notified of the FMA’s proposal to cancel his authorised financial adviser authorisation, and he chose not to oppose it.

The Serious Fraud Office is investigating the activities of Mr Kloogh.

"Two companies that Mr Kloogh was the sole director of - Impact Enterprises Limited and Financial Planning Limited - were placed into liquidation by the Dunedin High Court on 29 August 2019, following an application by the FMA. The Official Assignee was appointed as the liquidator," the FMA says.

"Subject to any Court order to the contrary, the liquidator will, within 25 days of their appointment, send a report to the creditors (and Court) containing a statement of the companies’ affairs, proposals for conducting the liquidation, and, if practicable, the estimated date of its completion. It will also send a notice explaining the right of creditors to require the liquidator to call a meeting. At a creditors’ meeting, the creditors of the companies will be given the opportunity to appoint a liquidator of their own choosing."