Former financial advisor David McEwen has entered guilty pleas to all charges relating to breaching a stop order imposed by Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko and is scheduled for sentencing on January 14.
David McEwen is a former financial adviser previously based in Auckland who operated various associated entities.
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. The effect of the Stop Order prohibits:
- Making offers, issues, sales or other disposals of McEwen and Associates' financial products,
- Distributing any restricted communication that relates to an offer of McEwen and Associates' financial products, and
- Accepting further contributions, investments, or deposits in respect of McEwen and Associates' financial products.
In December 2024, the FMA filed criminal charges against Mr McEwen for breaching the Stop Order by continuing to make offers of financial products and take contributions.
The FMA has also previously advised former or existing clients of McEwen and associated entities or subscribers to the publication 'McEwen Investment Report' to check their credit and debit card statements for possible unauthorised payments, after receiving complaints from his clients in which it is suspected that credit and debit card payments have been made on their accounts without their authority.
FMA Head of Enforcement Margot Gatland said: "We continue to recommend that investors contacted by Mr McEwen or entities associated with him, in relation to the offer of a financial product, report it to the FMA.
"Ultimately, confident participation in the financial markets can only exist if an intrinsic level of market integrity exists, which stop order provisions serve to facilitate."
