The New Zealand Financial Markets Authority (FMA) has issued a permanent injunction against David Elgar McEwen and its affiliated entities McEwen and Associates.。

Entities associated with Mr. McElvin include Stockfox Limited, Cosmopolitan Holdings Limited, Strategy Services Limited, Fund Administration Services Limited, Digitech 1 Limited, M and A Holdings 1 Limited, M and A Holdings 2 Limited, Agtech 1 Limited, Agtech 2 Limited, Agtech 3 Limited, Startight Capital Holdings Limited。

The cease-and-desist order prohibits McEwen and Associates from:

• Provide, issue, sell or otherwise dispose of McEwen and Associates financial products
• issue any restricted communications in connection with the offer of McEwen and Associates financial products.
• Accept further donations, investments or deposits in connection with McEwen and Associates financial products

The Financial Markets Authority found that restricted communications by McEwen and Associates regarding offers for financial products:

• false or misleading, or likely to mislead or confuse
• Contains a material error description or material error
• Making an unsubstantiated statement about the value of McEwen and Associates financial products offered, not in accordance with the Financial Market Conduct Act 2013

The shareholders' agreement makes an inaccurate statement about the shares held by the company on behalf of investors at the time。

The sale and purchase agreement (S & PA) in connection with the offer of the financial product contains a statement that the investor will be entitled to a return on the investment, which will be paid in the form of additional equity, but since the equity issuer is not a party to the sale and purchase agreement, how to implement this statement is neither clear nor confusing。

In addition, restricted communications were sent to current and potential investors making unsubstantiated statements about the value of shares and / or assets held by the relevant companies。

The stop order rescinded and replaced a temporary stop order issued to McEwen and Associates in November 2023.。A permanent stop order will remain in effect until the Financial Markets Authority changes, suspends or revokes the order。