Former financial adviser cops minimal fine
Former financial adviser David McEwen has been convicted and fined for breaching FMA stop orders; but the fine imposed was minimal.
Friday, March 6th 2026, 9:28AM
The Financial Markets Authority, which brought the prosecution suggested a fine of between $150,000 and $200,000. However, in sentencing at the District Court in Auckland this week, Judge Simon Lance ordered a $15,000.
He was also banned from being a company director and from providing financial advice services for seven years.
Defence counsel Karl Trotter was unsuccessful in seeking a discharge without conviction. However, he did submit any fine should be “nominal”, which it was.
McEwen had previously pleaded guilty to four charges of breaching Stop Orders issued by the FMA.
McEwen, who is overseas, continued to offer advice despite the Stop Orders and raised about $183,000 in investments.
In sentencing Judge Lance described the offending as of medium seriousness.
Prosecutor Sam McMullan told the court McEwen’s offending was “corrosive to the integrity of New Zealand’s financial markets.”
Judge Lance said McEwen had provided an affidavit setting out financial means.
It said McEwen had no real estate, no assets, no savings, was in arrears to Inland Revenue, and “in poor health physically and mentally”.
McMullan said the accuracy of the details were hard to confirm, and the judge said there was no way of assessing it as McEwen did not attend the court hearing.
| « Harbour takes out top award |
Special Offers
Comments from our readers
No comments yet
Sign In to add your comment
|
|
Printable version |
|
Email to a friend |
