Clients and subscribers of former financial adviser David McEwen have been urged to check their bank statements for unauthorised payments.

The Financial Markets Authority (FMA) said it has received complaints about suspected credit and debit card payments made on their accounts without their authority.

In March, the FMA filed criminal charges against Auckland-based McEwen for allegedly failing to comply with a stop order preventing him from contacting potential investors.

The permanent stop order was issued by the FMA against McEwen and a number of related entities in December 2023 over concerns of a risk of investor harm.

Through these entities, McEwen also offered subscription services to his clients for a share-tipping service and newsletter.

“Former or existing clients of McEwen and associated entities or subscribers to the publication McEwen Investment Report are advised to check their credit and debit card statements for possible unauthorised payments,” FMA executive director for response and enforcement Louise Unger said.

“If a charge has been made to cards without your authority, we advise you contact your credit card company or bank immediately and ask about the possibility of reversing the charge, how to withdraw any expired authorities and whether it is necessary to cancel any existing cards.”

The FMA said some of the customers advise that they subscribed to publications up to 10 years ago.

“In general, this serves as a good reminder to anyone with a money card that they should always check their bank and card statements for unauthorised payments,” Unger said.

The entities associated with McEwen are 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 Holdings Limited, Innovative Capital Limited and McEwen’s Limited Partnership.

McEwen previously worked for the National Business Review between 1992 and 1996.

On social media, McEwen described himself as having more than 30 years’ experience watching the markets and now specialises in “timely commentary on shares that I classify through nine key assessment criteria”.