Former NZ financial adviser David McEwen sentenced and banned
Summary
Former New Zealand financial adviser David McEwen has been sentenced and banned for seven years following his conviction on four charges of breaching an FMA Stop Order. He was fined $15,000 for continuing to seek money from former clients after the order was issued.
What changed
The Financial Markets Authority (FMA) of New Zealand has announced the sentencing and seven-year ban of former financial adviser David McEwen. McEwen was convicted on four charges for breaching a 2023 Stop Order, which was issued to prevent financial harm to his clients. He was fined $15,000 and his application for discharge without conviction was dismissed. The breaches included continuing to seek funds from former clients, obtaining approximately $17,000 after the Stop Order was in effect, and engaging in conduct similar to that which led to the original order.
This enforcement action highlights the FMA's commitment to protecting consumers and the financial system from significant harm. Regulated entities and individuals should note the severe consequences of breaching FMA orders, including substantial fines, lengthy bans from the industry, and potential criminal convictions. The FMA's previous warnings and media releases regarding McEwen and associated entities underscore the importance of adhering strictly to regulatory directives.
What to do next
- Review FMA enforcement actions for individuals and entities previously subject to Stop Orders.
- Ensure all client interactions and financial dealings strictly comply with any existing FMA orders or directives.
- Report any suspected breaches of regulatory orders to the FMA immediately.
Penalties
$15,000 fine and a 7-year ban from being a director, promoter, or involved in the management of a company in New Zealand, and from providing financial advice services.
Source document (simplified)
Back 04 March 2026
Former NZ financial adviser sentenced for breaching stop order
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MR No. 2026 – 06
Former financial advisor David McEwen has been convicted of four charges of breaching an FMA Stop Order. He has been banned from being a director or promoter, or involved in the management, of a company in New Zealand and for providing financial advice services for 7 years.
He has also been fined $15,000 and his application for a discharge without conviction was dismissed.
The penalties come after he pleaded guilty in November 2025 to four charges relating to breaching a 2023 Stop Order, imposed by Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko.
FMA Head of Enforcement Margot Gatland said the Stop Order was made to prevent material financial harm to Mr McEwen’s clients.
“We focus our enforcement actions on preventing and addressing significant harm to consumers, markets and our financial system. Mr McEwen breached our Stop Order in various ways almost immediately after it was made, after he had left New Zealand.”
The conduct that breached the Stop Order was similar to the conduct that caused the FMA to issue the Stop Order.
“He continued to seek money from former clients and obtained around $17,000 after the Stop Order was issued.”
The FMA has previously issued warnings about financial products offered by Mr McEwen or businesses associated with him.
This includes advising former and existing clients to check their credit and debit card statements for possible unauthorised payments. The FMA received complaints from his clients where it was suspected that credit and debit card payments had been made on their accounts without their authority.
Previous FMA warnings and our media releases which are linked to Mr McEwen and associated entities can be found here:
David McEwen | Financial Markets Authority
View David McEwen Banning Order [58KB]
Ends
Media contact: [email protected]
Non-media queries: [email protected]
Background
Mr McEwen breached the terms of the Stop Order in three ways, by:
a. Offering and issuing financial products, and associated restricted communications, in relation to Cosmopolitan Holdings 2024 Pty Ltd, an entity Mr McEwen incorporated in Singapore on 11 November 2023 (after the FMA had begun investigating him but before making the Stop Order). In response to those offers investors made payments totalling $173,000.
b. Offering and issuing financial products, and associated restricted communications, in relation to Agtech 3 Ltd, an entity captured by the Stop Order.
c. Issuing units in the International Opportunities Partnership, an investment vehicle Mr McEwen created in July 2024 (after the Stop Order was made). These units purported to replace, without investor consent, financial products that investors held in relation to other entities associated with Mr McEwen. In return, Mr McEwen asked investors for an “administration fee” which would be incurred by all investors “based on the value of each investment … to assist with costs associated with formation of the partnership and issuance of units”. These units were issued to an unknown number of investors. By 8 August 2024, 23 investors had paid $17,046.49 to Mr McEwen for this “administration fee”.
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