Background
Between December 2023 and March 2026, the Financial Markets Authority (FMA) undertook a series of regulatory and enforcement actions against former financial adviser David McEwen and associated entities, culminating in criminal convictions and long‑term prohibitions.
In December 2023, the FMA imposed a permanent stop order against David McEwen and entities associated with him. The stop order prohibited the offer, issue, sale, or disposal of financial products; the distribution of restricted communications relating to those products; and the acceptance of further investments or contributions. The FMA determined that communications promoting the financial products were false or misleading, contained material misdescriptions or errors, and failed to comply with the Financial Markets Conduct Act 2013 due to unsubstantiated claims regarding product value.
In May 2024, the FMA cancelled the Financial Advice Provider licence of Stockfox Limited, an entity associated with David McEwen, with effect from 30 May 2024.
Despite the stop order, the FMA alleged that David McEwen continued to make offers and accept contributions for financial products. As a result, in March 2025, the FMA filed criminal charges in the Auckland District Court for failing to comply with the stop order. At that time, the FMA stated that Mr McEwen had been living overseas since November 2023, had been served with the charges, entered a not‑guilty plea, and did not attend court.
In September 2025, the FMA received complaints from clients of a former financial adviser, with concerns that unauthorised credit and debit card payments may have been made on their accounts. The FMA publicly warned affected clients and subscribers to check their bank statements.
In November 2025, David McEwen entered guilty pleas to all charges relating to breaching the FMA‑issued stop order and was scheduled for sentencing in January.
In March 2026, David McEwen was convicted on four charges of breaching the FMA stop order. He was sentenced and banned for seven years from being a director or promoter, from involvement in the management of a company in New Zealand, and from providing financial advice services.
This case demonstrates the FMA’s enforcement response to non‑compliance with stop orders, including licence cancellation, criminal prosecution, public warnings to consumers, and the imposition of significant prohibitions on individuals who continue regulated activity in breach of the law.
