FMA cancels Kloogh's financial adviser authorisation

Barry Kloogh
Barry Kloogh
Barry Kloogh's career as a financial adviser is over after the Financial Markets Authority yesterday cancelled his authorisation.

Last week two companies which Mr Kloogh is sole director of, Financial Planning Ltd and Impact Enterprises Ltd, were placed in liquidation.

Investors who collectively have millions of dollars invested with Mr Kloogh are awaiting a report from interim liquidators Deloitte for more information on whether they might see any of their money again.

''Mr Kloogh was notified of the FMA's proposal to cancel his authorised financial adviser authorisation. He chose not to oppose it,'' an FMA spokesman said.

The Serious Fraud Office is investigating Mr Kloogh.

No charges have been laid against him.

The SFO executed search warrants on Mr Kloogh's properties on May 23, and the FMA suspended his AFA status on June 6.

In his reasons for granting the interim liquidation of FPL and IEL, Associate Judge Dale Lester said the FMA received a complaint about Mr Kloogh in December last year.

''Documents obtained by the FMA show that Mr Kloogh was offering brokering services to clients [through FPL and IEL], although neither they nor he were registered to offer broking services.''

At the liquidation hearing, Judge Lester was told it was believed the companies owed a combined $12.5 million.

The Otago Daily Times has spoken to dozens of investors affected by the collapse of Mr Kloogh's businesses, some of whom stand to lose substantial amounts of money.

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