IPO Wealth
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- Mayfair 101@mayfair-101
release 6 months ago
Major Victory for Mayfair, James Mawhinney & Lenders - IPO Wealth Liquidators Abandon Claims, Relinquish 80 per cent of Assets
Mayfair 101 Managing Director James Mawhinney has called for a Parliamentary inquiry into the Australian Securities and Investment Commission's handling of Mayfair 101 in the wake of a legal settlement between liquidators appointed to the IPO Wealth Holdings group, Mayfair 101 and Mr Mawhinney.In th
- Mayfair 101@mayfair-101
post 6 months ago
Looking forward to seeing the settlement announcement in Saturday's Australian Financial Review
- Mayfair 101@mayfair-101
response 6 months ago
Mayfair 101 transfers investors' asset to British Virgin Islands, court hears
The GuardianMayfair 101 has transferred an asset that belongs to its investors to a British Virgin Islands company controlled by the group’s founder, James Mawhinney, a court has heard.
Mayfair 101A simple reading of the offer document makes it clear that this claim was misconceived.
- Mayfair 101@mayfair-101
post 6 months ago
This shows how ASIC relies on misinformed journalists from the Australian Financial Review to undertake regulatory activities. It's a case of the blind leading the blind...triggering hundreds of millions of dollars of damage. Why did ASIC not ring Mr Mawhinney? Why did they not visit Mayfair's offices 200 metres up the road? Why did ASIC not write to Mayfair 101?
- Asic.gov
one responsible entity withdrew misleading promotional materials on their website and subsequently wound up its fund.
Mayfair 101ASIC should be asked to disclose which fund this was. If it is the IPO Wealth Fund, then it proves the winding up of the IPO Wealth Holdings group was not for the reasons set out in the trustees court application but because of ASIC. Mayfair 101 encourages investigative journalists to find this out. We are happy to proven wrong of course however if true, this would be catastrophic for ASIC and the trustee who alleged the IPO group ought to be wound up for reasons other than the 'true to label' campaign (which was never part of their application).
- Mayfair 101@mayfair-101
post 6 months ago
This is the first affidavit of Craig Dunstan, Managing Director of Vasco Trustees. Why did he tell the court they were "Fund assets" when they were not, and why did he not tell the court about the corresponding change in liabilities which showed the assets had been paid for? Mr Dunstan is meant to a chartered accountant. He has significant duties to the fund's unitholders to protect their investment...including not making false or misleading statements in court filings.
- Mayfair 101@mayfair-101
post 6 months ago
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!
- Mayfair 101@mayfair-101
post 6 months ago
These are the wishes of IPO Wealth's unitholders which were over-ridden by ASIC. 95.6% wanted Vasco replaced, the provisional liquidation ended and Mayfair 101 back in control of the assets. After ASIC had successfully swept these aside, Vasco obtained a silencing order stopping Mr Mawhinney from communicating with the unitholders. Who were they both trying to protect?
- Australian Financial Review
ASIC keeps identity of cash fund marketers secret
Mayfair 101If one of those secret funds was the IPO Wealth Fund, it would mean that ASIC and Vasco potentially conspired to collapse the fund to the detriment of 181 Australians. This would be an interesting fact for an investigative journalist to find out.
