New Zealand Financial Markets Authority reports former adviser David McEwen pleads guilty to breaching stop order with sentencing set for 14 January

The New Zealand Financial Markets Authority announced that former financial adviser David McEwen has pleaded guilty to all charges relating to breaching an FMA stop order and is scheduled to be sentenced on 14 January. The stop order was imposed after the FMA found certain communications by Mr McEwen and associates about 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. It prohibited offering, issuing, selling or otherwise disposing of McEwen and Associates’ financial products, distributing restricted communications relating to those offers, and accepting further contributions, investments or deposits. Criminal charges were filed in December 2024 after the FMA alleged Mr McEwen continued to make offers of financial products and take contributions despite the stop order. The FMA reiterated its recommendation that investors contacted by Mr McEwen or associated entities in relation to a financial product offer report it to the regulator, with sentencing pending on 14 January.