Wise Insurance loses licence over alleged fake insurance claims

Wednesday 27 August 2025 · 2 outlets · 2 reports · updated Wed 27 Aug 2025, 10:56am

In this story Financial Markets Authority

The Financial Markets Authority has deregistered Wise Insurance after its director, Le Zhou, allegedly filed fake health and life insurance claims. The company's principal financial adviser faces criminal charges, and the director is accused of pocketing $260,000 in commissions from fabricated claimants.

How they headlined it

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1. RNZWed 27 Aug 2025, 10:21am

   Wise Insurance loses financial advice provider licence over fake claims (opens in new tab)

2. NZ HeraldWed 27 Aug 2025, 10:56am

   Financial Markets Authority cancels Les Vela’s licence; director allegedly pockets $260K commission from made-up people (opens in new tab)