Phoenix Forex man and partner return to Auckland beachside luxury
Phoenix Forex director Kendall Twigden and her partner Mark Brewer arrived back in New Zealand today following a public warning about the company’s foreign exchange trading system.
The pair settled back into their rented $4 million beach front property at Milford on Auckland’s North Shore, where a gardener was busy trimming hedges on the patio overlooking the Hauraki Gulf.
While there was some activity inside the house, a housemaid who answered the door said Mr Brewer and Ms Twigden had just gone out when NBR ONLINE approached this morning.
Mr Brewer, an undischarged bankrupt, is said to be a senior figure at the Phoenix Group, whose businesses include marketing and distribution Oak FX, an automated trading software programme that promises investor returns of up to 65%.
The system has caught the attention of the Financial Markets Authority (FMA), which recently issued a warning about Phoenix Forex and Oak FX, which charges investors an up-front subscription fee of $25,700.
“FMA believes that Phoenix Forex's claims about the level of returns made by its trading system are untrue, and that Phoenix Forex is misrepresenting the profitability of, and risks associated with, its trading system,'' the warning says.
NBR ONLINE wanted to ask Mr Brewer about his involvement with Phoenix Forex and Oak FX and get his and Ms Twigden’s reaction to the FMA warning.
The FMA notes that Phoenix Forex is not registered as a financial service provider, and has not been authorised or licensed by FMA for any service.
The company last week put out a statement to its customers saying the public warning came as a surprise as “we have had ongoing, constructive dialogue with the FMA for some time.
Phoenix said it’s legal team, including a barrister and QC, had been engaged in an effort to satisfy the FMA that it did not ultimately need a license to trade futures as a distributor for software product.
Ms Twigden is listed as holding 20% of the shares in Phoenix Forex. Other shareholders include 70% owner Craig Campbell, who resigned as a director in January, and David McEwen, an investment advisor.
Mr Brewer is a self-described “sales legend” for Phoenix Forex, according to a Linkedin profile.
He was bankrupted for a second time in March 2010 and prohibited from direct management of a company.
His choice of abode on Milford beach looks pleasant enough but the exclusive location is not vandal free.
NBR ONLINE would like to hear from anyone who may have witnessed or taken photographs of someone in the act of keying a silver BMW car parked in the public parking space on the corner of Holiday and Cecil Roads at approximately 10.30am Friday September 6.