Michael Galvin KC acting for the IPO Wealth liquidators told Justice Robson that Mr Mawhinney had transferred investor monies to the British Virgin Islands. This statement was relied upon by ASIC to appoint liquidators to M101 Nominees Pty Ltd, ban Mr Mawhinney from travelling outside Australia, and impose injunctions from dealing in financial products. ...and yet no such transfers ever took place. ASIC nor the liquidators have never filed evidence to support their claims because none exists!