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The former legal representatives of James Mawhinney have hit back at allegations of incompetence by the embattled Mayfair 101 founder on the last day of his appeal against decisions that saw him banned from soliciting funds or promoting any financial product for 20 years.
The founder of beleaguered investment group Mayfair 101, James Mawhinney, has argued that multiple law firms failed to advise him of the privilege against self-exposure to penalty in proceedings brought by the corporate regulator, which saw him banned from soliciting funds or promoting any financial product for 20 years.
Mayfair 101 has settled with liquidators of collapsed IPO Wealth Holdings after they won a bid to re-examine former director James Mawhinney over the transfer of “considerable funds and assets” from the fund to other entities.
A judge has granted ASIC a hotly contested extension of time in appeals brought by Mayfair Group and founder James Mawhinney after a judge slapped the investment group with a $30 million penalty.
A judge has struck out a defence invoking the right against self-incrimination in a $2 million case brought by freight company Maersk alleging a Melbourne waste tyre company director used the shipper to dump end-of-life tyres overseas.
The former director of Mayfair’s failed IPO Wealth Holdings, James Mawhinney, has lost his challenge to a judge’s decision allowing liquidators to examine him for an eighth day about the transfer of “considerable assets and funds” from the fund to other entities he controlled.
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.
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.
Embattled investment group Mayfair 101 is challenging a judge's decision last month to slug it with a $30 million penalty for engaging in misleading and deceptive advertising.