The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko - has filed criminal charges against former financial adviser David McEwen, for failing to comply with an FMA stop order, due to concerns he is still contacting potential investors.
The FMA issued Mr McEwen and a number of entities associated with him a stop order in December 2023 that prohibited him from:
- 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,
- Accepting further contributions, investments, or deposits in respect of McEwen and Associates' Financial Products.
'McEwen and Associates' financial products' was defined to mean, among other things, financial products offered by Mr McEwen or a number of entities associated with him.
The FMA alleges that Mr McEwen failed to comply with the stop order by continuing to make offers and accept contributions for financial products.
The FMA understands Mr McEwen has lived abroad since November 2023. Mr McEwen has been served with the charges, has entered a not-guilty plea and did not attend Court.
FMA Head of Enforcement Margot Gatland said: "We are concerned that Mr McEwen is continuing to flout the prohibitions of the stop order and may be causing potential harm to investors in doing so. I strongly 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."
The charges were filed in the Auckland District Court.
