NBR covers the ratbag Forex guys, weasel excuses flow

Following on from my post about the ratbags at OakFX the NBR has covered the story and boy did they get the run around from David McEwen.

Financial reporter turned investment advisor David McEwen is trying to distance himself from a foreign exchange operator the Financial Markets Authority is warning people to be wary of.

Phoenix Forex is directed by Kendall Twigden.

Phoenix shareholders are Ms Twigden (20%), Craig Campbell (70%) and Mr McEwen (10%).

Mr McEwen offers investment advice through his McEwen Investment Report weekly newsletter and private client portfolio management services through McEwen Wealth Management.

Part of the Phoenix sales pitch for OakFX included an article in?NZ Investor Magazine?praising the product. That article was written by Mr McEwen.

Mr McEwen tells NBR ONLINE he has not been party to the recent interaction with FMA, as he is not a director of the company.

He says he has been a ?fond follower? of the product for the past two years but he is not involved it selling it.

?I don?t sell the product, I don?t receive a commission or anything like that. But I do have clients that own it and I track their performance.

?A lot of them are making very good returns relative to the risk.?

Pressed about his involvement in the firm, Mr McEwen said he was simply a minority shareholder in the group. ?

?I tend to look after the publishing and stock market side of the business as opposed to the foreign exchange.?

He says he doesn?t think the FMA claims about the likely returns have any merit.

?I guess that?s a conversation the director?s going to have with the FMA.?

Mr McEwen then suggested NBR ONLINE contact the director and gave a phone number for Ms Twigden ? the same number we contacted Mr McEwen on.

A receptionist expressed surprise because she said Ms Twigden is away overseas until the end of September.

?She?s out of the country. He [David] should have known that.?

Asked if she thought Mr McEwen was fobbing us off, she said:

?I couldn?t really say but perhaps, yes.?

David McEwen is donkey deep involved.?he was using his magazine to promote his financial product dispassionately and independently, without any conflict of interest statement.

McEwen’s Linkedin profile says he is the owner of Acorn Publishing – who publish McEwen Investment Report and World Investor NZ Magazine. Guess who else is a director – Kendall Twigden… that’s right the sole director of OakFX.

They even went to the extent of ensuring the OakFX logo was positioned in the middle of the front cover…