Controversial foreign exchange software company Phoenix Forex has been placed into liquidation, but key figures from the company have set up a similar operation in Ireland and India. One of the other principals of Phoenix Forex was David McEwen, who has been a financial journalist, a broker and a consultant to paying clientele. McEwen has since done his best to avoid further fallout from the collapse of Phoenix Forex, the clients who lost money, the people who supplied services to Phoenix, the magazine he used to spruik.
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It did not need to be licensed by the regulator as it wasn't offering a financial service.
Former business journalist-turned stock-tipper David McEwen is also a shareholder. The statement said the company was "surprised" by the FMA warning and insisted it was only a software distributor.