Former Financial Adviser Faces NZ FMA's Criminal Charges For Breaching Stop Order

The Financial Markets Authority of New Zealand (NZ FMA) has filed criminal charges against former financial adviser David McEwen, accusing him of breaching an FMA-issued stop order. The regulatory action is due to concerns that McEwen is still contacting potential investors.

In December 2023, the FMA imposed a stop order on McEwen and several associated entities. This order barred them 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, and accepting further contributions, investments, or deposits in respect of McEwen and Associates’ financial products. 

The FMA alleges that McEwen violated the stop order by continuing to make offers and accept contributions for such products. 

Margot Gatland, the FMA's Head of Enforcement, expressed concerns over McEwen's ongoing disregard for the stop order and potential harm to investors. He said, “I strongly recommend that any investors contacted by Mr. McEwen or entities associated with him regarding financial product offers report it to the FMA.”

Criminal charges have been lodged in the Auckland District Court. McEwen has reportedly resided overseas since November 2023. He has been served with the charges, entered a plea of not guilty, and did not appear in court.