The court heard McEwen provided no affidavit but sent a certificate from a “notary” in Lithuania.
Notaries vary from country to country but they are generally lawyers authorised to conduct activities such as witnessing signatures on legal documents.
According to Judge Lance, McEwen in the document said he had no savings or assets and was significantly in debt.
“There is simply insufficient evidence in relation to the financial status of Mr McEwen,” Judge Lance said.
“What’s he actually doing at the moment?”
He said the information given was too vague for sentencing to proceed.
Judge Lance said some character references, made via email, indicated McEwen still had money.
It would be pointless to sentence McEwen to a six-figure fine if he had no way of paying, the judge said.
Sentencing was adjourned to early March.
“There’s nothing stopping him from coming back to New Zealand. It’s his decision,” Judge Lance said.
The court heard there was no chance of a custodial sentence for this type of offending.
David McEwen.
In November, McEwen pleaded guilty to all charges relating to breaching a Financial Markets Authority (FMA) stop order.
The FMA filed charges against McEwen in December 2024 for breaching the order by continuing to make offers of financial products and taking contributions.
The stop was issued against McEwen and related entities over concerns of a risk of investor harm.
The authority previously told clients of McEwen and associated entities to look at the publication McEwen Investment Report to check credit and debit card statements for possible unauthorised payments.
McEwen’s associated entities included Stockfox Limited, Cosmopolitan Holdings Limited, Strategy Services Limited, Fund Administration Services Limited, and Digitech 1 Limited.
Other entities included M and A Holdings 1 Limited, M and A Holdings 2 Limited, Agtech 1 Limited, Agtech 2 Limited, Agtech 3 Limited, Startight Holdings Limited, Innovative Capital Limited and McEwen’s Limited Partnership.
A view of the Old Town in Vilnius, Lithuania’s capital. Photo / Karol Kozlowski, Robert Harding RF, robertharding via AFP
On social media, McEwen had described himself as having more than 30 years’ experience watching the markets.
He had claimed to specialise in “timely commentary on shares that I classify through nine key assessment criteria”.
He worked for the National Business Review between 1992 and 1996.
John Weekes is a business journalist covering aviation and courts. He has previously covered consumer affairs, crime, politics and courts.
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