The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko has received complaints from clients of a former financial adviser in which it is suspected that credit and debit card payments have been made on their accounts without their authority.
David McEwen is a former financial adviser previously based in Auckland who operated various associated entities. Through these entities, he also offered subscription services to his clients for a share-tipping service and newsletter.
FMA Executive Director for Response and Enforcement Louise Unger said: "Former or existing clients of McEwen and associated entities or subscribers to the publication 'McEwen Investment Report' are advised to check their credit and debit card statements for possible unauthorised payments.
"If a charge has been made to cards without your authority, we advise you contact your credit card company or bank immediately and ask about the possibility of reversing the charge, how to withdraw any expired authorities, and whether it is necessary to cancel any existing cards.
"In general, this serves as a good reminder to anyone with a money card that they should always check their bank and card statements for unauthorised payments."
Some of the customers advise that they subscribed to publications up to ten years ago.
Previously, the FMA has issued warnings about financial products and related advice provided by Mr McEwen (or associated entities). The FMA previously made a Stop Order after finding that certain communications made by Mr McEwen and associates relating to offers of financial products were false or misleading, or likely to mislead or confuse, contained a material misdescription or material error and/or did not otherwise comply with the Financial Markets Conduct Act 2013.
In March 2025, the FMA filed criminal charges against Mr McEwen for breaching the Stop Order by continuing to make offers and take contributions.
