Kloogh clients wait anxiously

Barry Kloogh
Barry Kloogh
Anxious investors who used Dunedin financial adviser Barry Kloogh have expressed frustration at a lack of information about the fate of their money.

Three weeks ago, the SFO and the Financial Markets Authority announced they were investigating Mr Kloogh - an investigation in which to date no charges have been laid against Mr Kloogh.

The authorities will not comment on how many investors might be affected, but the Otago Daily Times has been contacted by several, and also spoken to lawyers representing investors.

Those people had invested sums which ranged from low six-figure amounts to high six-figure totals.

The dearth of information has proven frustrating for those people, with one investor saying he was dismayed no further updates had been made.

"The FMA and SFO have thanked me for whatever info I can provide them, but I have heard nothing else since, from anyone," the investor said.

"I've been advised that it is going to be a slow process, but would still like to be reassured that I am included in the information flow for investors like myself."

A Serious Fraud Office spokesman said it did not generally comment on an investigation until the point where charges, if any, were laid.

"This is because any public statement the SFO makes about an ongoing investigation could potentially compromise it."

The SFO still wanted people to contact it if they had information which could be relevant to the investigation into Mr Kloogh, the spokesman said.

The investigation began on May 23, with search warrants being executed at several Dunedin properties and the FMA saying it was working to secure and preserve client funds.

The SFO investigates allegations of serious or complex fraud, and does not become involved in civil cases.

Another person frantic for news about their money said "it's like everyone has gone to ground".

The person said they understood inquiries were ongoing, but investors had been left dangling waiting for more information.

"Our worry is we still don't know what is going on."

An FMA spokesman said the authority could say little as it wanted to preserve the integrity of the SFO's investigation.

"The FMA will communicate directly with investors when we are in a position to do so."

Comments

If you are a client of Barry’s and have been getting statements from ‘FNZ custodian’, I suggest you get in touch with Consilium as this is where your money is invested through and the investment is held by the custodian/trust, and may be intact. My investment was, and I was given the option of transferring to another financial advisor, or withdrawing funds.
https://www.consiliumnz.co.nz/