Former financial adviser cops minimal fine

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.