Criminal charges have been filed against former financial adviser David McEwen by the Financial Markets Authority, alleging he acted in violation of a permanent stop order.
McEwen and several associated entities were issued with a stop order by the Financial Markets Authority in December 2023.
The authority said the order was filed due to offers of financial products being “false or misleading”, containing a material misdescription or material error, and non compliance with the Financial Markets Conduct Act 2013 with respect to unsubstantiated claims made as to the value of the financial products offered.
The permanent stop order prohibited McEwen from:
- Making offers, issues, sales or other disposals of McEwen and Associates’ financial products
- Distributing any restricted communication that related to an offer of McEwen and Associates’ financial products
- Accepting further contributions, investments, or deposits in respect of McEwen and Associates’ financial products.
In a statement, theh Financial Markets Authority alleged McEwen had failed to comply with the stop order by continuing to make offers and accept contributions for financial products.
The authority understood McEwen had lived abroad since November, 2023.
McEwen had been charged in the Auckland District Court and had entered a not guilty plea but did not attend court, the Financial Markets Authority said.
Head of enforcement Margot Gatland said the authority was concerned McEwen was continuing to flout the prohibitions and may be causing potential harm to investors by 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 Financial Markets Authority.”