The fund promoter appeared in a Melbourne court on Tuesday. His group of companies has already been fined $30 million for misleading and deceptive conduct.
James Mawhinney, the businessman behind the Mayfair 101 private investment fund which collapsed owing $211 million, was arrested in Melbourne on Tuesday charged with four counts of dishonest conduct while carrying a financial services business.
Mr Mawhinney appeared in the Melbourne Magistrates court and was granted bail, although he is not allowed to leave the country. He is due to reappear in court in June. Mr Mawhinney was in Melbourne for civil proceedings in the Federal Court ahead of a retrial that initially led to a 20-year ban. Mr Mawhinney’s MayfairThe arrest is the latest in a long-running tussle with the corporate regulator that began in 2016 when Mr Mawhinney operated IPO Capital. In 2017, Mr Mawhinney established the IPO Wealth Fund which advertised extensively on the premise that it could provideWhile the schemes paid fixed interest payments of around 5.
The Australian Securities and Investments Commission filed a lawsuit that year alleging misleading conduct in the manner in which the Mayfair companies marketed their investment products. That resulted in a $30 million fine, while Mr Mawhinney was banned from the financial services industry for two decades.is a senior reporter with The Australian Financial Review covering the aviation and tourism sectors. She has previously reported on banking, mining and commodity markets.
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