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Mayfair 101 director James Mawhinney has sought a temporary stay of ASIC’s case accusing him of being in contempt of court for allegedly breaching a 20-year ban on selling financial products.
Lawyers behind a scheme to defraud members of a class action over the collapse of Banksia Securities have offered $10.6 million to resolve a case that has put them on the hook for at least double that sum.
Former legal representatives of companies in the Mayfair 101 group are considering an application to strike out part of an appeal that alleges their “flagrant incompetence” led to director James Mawhinney copping a 20-year ban on soliciting investor funds.
The Australian Securities and Investments Commission has lost an interim injunction bid against the director of investment firm Mayfair 101 in its case seeking a contempt finding, despite arguing there was a substantial risk of harm to consumers.
The litigation funder behind a scam to defraud members of a class action over the collapse of Banksia Securities has entered liquidation, and the funder's two surviving directors will be among potential targets of attempts to recover money to pay a $21.7 million court judgment.
Beleaguered investment group Mayfair 101 will have to pay a $30 million penalty after a judge found a $12 million penalty proposed by ASIC was "insufficient".
The litigation funder behind a fraudulent scheme in a class action over Banksia Securities has entered administration with negligible assets to its name.
The judge who made findings against the son of the mastermind behind the Banksia class action scam may have formed strong views about the 27-year-old's role before he testified and used the flawed suggestion that he was his father's right-hand man as an "evidential gap filler", an appeals court has been told.
Two former barristers ordered to pay at least $21.7 million in damages and costs for their role in a fraudulent scheme to pocket a windfall from the Banksia Securities class action have filed for bankruptcy.
The Banksia Securities class action saga will return to the appeals court, with a lawyer indicating he plans to challenge last month's ruling that found he knowingly assisted in a plot to defraud tens of thousands of investors in the collapsed lender.