Property guru McEwan bankrupted

Former high-flying developer and self-styled property investment guru Dan McEwan has been bankrupted.

Dozens of small investors in McEwan projects are millions of dollars out of pocket, as one development after another goes to mortgagee sale.

In the High Court at Auckland late last week, McEwan was adjudged bankrupt over a $978,000 debt. Troubled finance company Hanover Finance told the court it was also owed $4 million.

But McEwan's own lawyer had earlier told the Auckland District Court that his 70-year-old client, who claims his only source of income is a pension, owed in excess of $100 million.

McEwan is to be sentenced in the District Court tomorrow for breaching the Securities Act by offering investments without a registered prospectus or investment statement.

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Posted: 4 Mar 2009

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