If you spot this CEO and former National MP giving stock tips online, don’t believe what you see

Friday, 2 January 2026

Simon Power is the latest high-profile New Zealander to have his likeness used in scam advertisements.

Another influential New Zealand chief executive has seen his face and credibility commandeered as part of a sophisticated online scam, designed to pull in unsuspecting Kiwi investors.

Fisher Funds chief executive Simon Power, a former National MP, currently features prominently in an advertisement being circulated online, promising recommendations for “cheap, high-quality stocks and the latest market opportunities.”

The ad claims a certain unnamed stock currently only costs $3.60, but has the potential to grow exponentially.

“If you buy 1,000 shares and hold them until the end of 2025, their value could potentially exceed 300,000 NZD!” the ad proclaims.

The catch is that to get the necessary insight, you need to join a WhatsApp group (a platform owned by Facebook and Instagram owner Meta) that is purportedly run by Power.

Simon Power did not give this advice, nor did he give consent for his image to be used in this way.

The thing about this is that Power didn’t even know these ads were making the rounds until he was alerted by his team at Fisher Funds.

A spokesperson from Fisher Funds advises potential investors not to trust these ads at all.

“They are fake social media accounts that use doctored images of trusted New Zealand investment experts or industry leaders,” the spokesperson said.

The spokesperson explains that these WhatsApp scams often lead investors into so-called pump-and-dump schemes.

Earlier in 2025, the Financial Markets Authority released a statement advising Kiwi investors to be cautious if invited to join WhatsApp groups promising outrageous returns.

The FMA explained that in a pump-and-dump scheme, scammers will purchase large volumes of low-value shares in overseas companies and then persuade investors to do the same, artificially inflating the value of those shares.

Once the price goes up, the scammers sell their stake, causing the overall price to collapse and leaving investors with heavy losses.

But the scam doesn’t end there.

As the FMA explains, the scammers will then falsely claim that the victim is entitled to compensation or reimbursement, which allows them to harvest further personal information and payments from those hooked into the scam.

The credibility game

Sam Dickie features in a scam Instagram ad promising unrealistic returns.

The likeness of influential people is often used to give the advertisements the veneer of credibility.

The ad featuring Power also has a visible stamp of the Sharesies logo in the top-right-hand corner, while another scam features Fisher Funds’ Portfolio Manager Sam Dickie, sitting beneath the BNZ logo, offering enormous returns on lesser-known stocks.

The spokesperson from Fisher Funds stresses that Power, Dickie, or anyone else working at Fisher Funds would never use this approach to offer advice to potential clients.

Investigative journalist Paula Penfold says she is “angry and infuriated” after her name and image were used in convincing fake Facebook and Instagram ads to promote a bogus investment scheme, leaving some New Zealanders out of pocket.

“We use an active investment strategy that aims to deliver long-term, solid returns for our clients. We will never approach you and ask you to join a social media group, page or WhatsApp group to get investment or stock tips.

The spokesperson says both scams are being reported to the FMA, which is, in turn, working with Meta to have the pages shut down.

This isn’t the first time this has happened. Numerous high-profile New Zealanders, including Sir John Key, Mike Hosking and journalist Paula Penfold, have seen their images used in social scams and fake campaigns without their consent.

Reputable brands being roped in

In addition to Fisher Funds, the logos of both Sharesies and BNZ were also dragged into the ruse by the scammers.

These brands feature prominently because they are organisations Kiwis have learnt to trust due to their reputations in the local market.

A spokesperson from Sharesies tells me it’s incredibly important people stay vigilant.

'There are many organisations and individuals whose identities are being stolen to scam individuals,” the Sharesies spokesman said.

'We’ve stepped up an education campaign to warn people and we’ve also joined with other organisations to work with the government to combat scamming through the Anti-Scam Alliance.'

A social media problem

Roger Beaumont, the chief executive of the New Zealand Banking Association, says it’s important to recognise these for what they are: social media, rather than banking scams.

“Banks are at the end of the scam chain, which often starts with a fake ad or chat on social media, or a fake search engine result,” Beaumont said.

“In other words, these digital platforms are earning revenue from scammers.”

Beaumont isn’t wrong.

Reuters reported in November that Meta internally projected that US$16 billion (NZ$27 billion), a tenth of its overall annual revenue in 2025, would come from running advertising for scams and banned goods.

“Our banks are investing millions of dollars each year to help stop scams, but they’re only part of the solution,” says Beaumont.

“Industries such as social media companies, global tech platforms, and telcos, where scams usually start, also have a big role to play in preventing scams and the harm they cause.”

Stuff contacted Meta for comment on this issue, but had not yet received a response at the time of filing this story.

Vigilance is key

All the spokespeople approached for this piece agreed that vigilance is key, particularly during the quieter months when our guard tends to be down.

Fisher Funds recommends three simple steps to stay safe online:

Be suspicious and slow: Being vigilant and suspicious are necessary online. If something appears too good to be true, it probably is.

If in doubt, sit it out: If you are unsure, trust your gut instinct. Take a moment to pause, check the FMA scam page and be sure to do your homework if a post features someone well-known. In the examples above, a simple LinkedIn search will reveal that Power and Dickie don’t even work for the companies they have been associated with.

Report scams: if it’s clearly a scam, it pays to report it within the social media you are using and if possible, take screenshots that can be sent to the FMA.

Sharesies has also been running an extensive education campaign to make people aware of the scams that are currently doing the rounds.

Their advice is to cease contact with a scammer the moment you believe something doesn’t feel quite right.

You should then change your passwords immediately and contact the financial institution that you’ve used to transfer the funds or which you’ve seen implicated in the scam.

As is the case with Fisher Funds and other reputable financial institutions, Sharesies also reiterated that it would never initiate a message via social media. If they need to contact you, they will do it via email or their secure app.