Former financial adviser banned for seven years, fined $15,000

Former Auckland financial adviser David McEwen has been banned for seven years after he continued seeking money from clients in breach of a regulatory order.

The ex-adviser – who pleaded guilty in November to four charges of breaching the Financial Markets Authority's (FMA) stop order – has been fined $15,000 and had his application for a discharge without conviction dismissed.

McEwen has been banned from being a director or promoter, or involved in the management, of a company and from providing financial advice services for seven years. The stop order had been issued to prevent material financial harm to his clients.

McEwen, previously based in Auckland, and several associated entities, were issued with a stop order by the FMA in December 2023.

The FMA said McEwen breached the stop order almost immediately.

Enforcement head Margot Gatland said the agency focused its enforcement actions on preventing and addressing significant harm to consumers and the financial system.

"Mr McEwen breached our stop order in various ways almost immediately after it was made, after he had left New Zealand," she said. "He continued to seek money from former clients and obtained around $17,000 after the stop order was issued."

The stop order prohibited making offers, issues, sales or other disposals of financial products, distributing any restricted communication, and accepting further contributions, investments, or deposits in respect of McEwen and Associates' products.

In December 2024, the FMA filed criminal charges against McEwen for breaching this, alleging he had continued to make offers of financial products and take contributions.

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The FMA has also previously issued warnings about financial products offered by McEwen or businesses associated with him, including advising former and existing clients to check their credit and debit card statements for possible unauthorised payments.

The authority said it had received complaints from clients where it had been suspected card payments had been made on their accounts without their authority.