ASIC's case against James Mawhinney resulted in a 20-year ban for dealing in financial products. The full court unanimously overturned this decision and remitted the case to be re-heard. The trial commences 21 October 2024. | Media.com

Lawyers acting for the Mayfair 101 private equity investment group have applied to the Federal Court this week to strike out ASIC’s case against the group’s Managing Director, James Mawhinney.The strike-out application was filed on Tuesday and seeks to have more than 50 paragraphs, in which ASIC

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ASIC Faces Strike-out of Application Against Mayfair 101’s James Mawhinney

ASIC v Mawhinney

Release

"What I want to say to the Australian people is just be cautious dealing with him, anything to do with him because we have obviously been watching very carefully."

This is a most unprofessional statement for the Chairman of the corporate regulator to make about another Australian citizen. Mr Longo warns the Australian public from having "anything to do" with Mr Mawhinney just as ASIC’s cases get appealed. It shows a very desperate regulator afraid of having their case overturned, which is what occurred. It is a harmful, inconsiderate and ought to be retracted.

Three months into the job, the ­nation’s top corporate cop Joe Longo is emerging as much more than just the safe pair of hands that Josh Frydenberg at ASIC’s helm.

The Australian

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Joe Longo’s way: new ASIC chairman vows to litigate

Response

Director of private equity group Mayfair 101, Mr James Mawhinney, is free to travel internationally again following yesterday’s decision of the Federal Court to lift the travel restrictions he first received in August 2020.His Honour Justice David O’Callaghan of the Federal Court in Melbourne

Federal Court Lifts James Mawhinney's ASIC Travel Ban

The Federal Court of Australia this morning delivered private equity business Mayfair 101 a major win by disallowing the Australian Securities and Investments Commission from running an expanded case against Managing Director James Mawhinney.The successful application by Mr Mawhinney disallows ASIC

Federal Court Rejects ASIC’s Attempt to Expand its case against Mayfair 101’s James Mawhinney

The Federal Court of Australia has ordered the Australian Securities and Investments Commission pay Mayfair 101 Managing Director James Mawhinney’s legal costs after a failed attempt by the regulator to make a new case against him.The costs order follows Justice O’Callaghan’s decision last month to

ASIC Ordered to Pay James Mawhinney’s Costs for Regulator’s Failed Attempt to Bring a New Case

When a Federal Court judge banned Mayfair 101 founder James Mawhinney for 20 years

When a Federal Court judge banned Mayfair 101 founder James Mawhinney for 20 years, the court exposed his brazen efforts to bypass consumer protection laws and take advantage of the ‘sophisticated investor’ loophole.

Australian Financial Review

ASIC worked hard for Mawhinney’s scalp

Significant effort has been expended by ASIC to halt or hinder him managing other people's money

This demonstrates the lack of understanding about Mayfair 101's business, because it never provided services to manage people's money for them. Mayfair never charge clients to manage their money.

The Mayfair 101 founder is dealing with a lot, but is nothing if not incorrigible.

James Mawhinney makes ‘fighting misinformation’ his next big thing

Asic fears man behind troubled Dunk Island development may flee Australia and move assets

ASIC's fears were misconceived. They made out Mr Mawhinney to be an international fugitive when he wasn't. The regulator ought to have interviewed Mr Mawhinney before making such outlandish allegations to court.

Regulator has launched legal action against James Mawhinney and Mayfair 101, which has taken $140m from investors

The Guardian

Catch me if you can: James Mawhinney run down at last

This judgment was overturned by unanimous decision of three Federal Court judges on appeal. They found the regulator's case was "mistaken", "absurd" and a "fundamental denial of procedural fairness".

Fixed income fund spruiker James Mawhinney has played a cat-and-mouse game with the regulator for nearly five years. Now he’s been banned from fundraising or marketing financial products for two decades.

The Federal Court has scheduled a 2-week trial commencing on 21 October 2024.

2-Week trial

The Federal Court will hear Mr Mawhinney's application to have certain evidence be deemed inadmissible.

2-day evidence hearing

Federal Court Justice O'Callaghan rejects ASIC attempt to expand its case against Mr Mawhinney. &nbsp;The decision came after the August 2023 hearing in which ASIC stated at least seven times that it had a ‘mistaken’ understanding of the law which meant Mr Mawhinney was successful in appealing the original decision of Justice Anderson.

Federal Court rejects ASIC's attempt at expanding its case

The full bench of the Federal Court unanimously overturns the decision of Justice Anderson. They find ASIC's case to be “mistaken”, “absurd” and a “fundamental denial of procedural fairness”. ASIC's case was the mere appearance of contraventions was sufficient to warrant a life ban, rather than actual contraventions. The Full Court remits the case to be re-heard by a Federal Court judge and re-instates the interim injunctions.

Full Court overturns Mr Mawhinney's ban

Mr Mawhinney appeals the decision of Justice Anderson to the Full Court of the Federal Court.

Mr Mawhinney files a notice of appeal

ASIC's case against James Mawhinney resulted in a 20-year ban for dealing in financial products. The full court unanimously overturned this decision and remitted the case to be re-heard. The trial commences 21 October 2024.