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The SFO with the assistance of the Financial Markets Authority, executed search warrants this morning in relation to an investigation concerning the Dunedin-based financial adviser, Barry Kloogh.
Mr Kloogh is the chief executive officer of financial advice company Breathe Financial.
The High St office of Breathe Financial and Financial Planning Ltd was one premises visited by officials.
A worker in a nearby business, who did not wish to be named, said a team of officials had taken away a large number of boxes filled with material from the office.
"There has already been one person turn up here this afternoon wanting to know whether their money is safe or not.''
The office was closed for business this afternoon. Mr Kloogh was not at his home and did not return calls today.
The action followed inquiries by the authority, leading to a referral to the SFO, a joint statement from the agencies said.
The authority would be assessing any matters relating to the Financial Advisers Act and supporting the SFO investigation.
They asked anyone with information they consider might be relevant to this investigation to contact the SFO either by phone: 0800 109 800 or email: firstname.lastname@example.org.
The authority was working to secure and preserve client funds, it said.
Mr Kloogh is the creator of the DebtBreaker System, an at-home software program designed to help people get out of debt and boost savings.