Mayfair 101 News Today

The 20-year ban on Mayfair 101 director, James Mawhinney, from advertising investments or raising funds has been overturned by the Federal Court.

ASIC has highlighted examples of problematic marketing in managed funds and expects to make a series of regulatory outcomes in the next few months.

ASIC has cancelled the Australian financial services licence of Perth-based Quattro Capital, the licensee of authorised representatives who were part of Mayfair 101.

Anderson said there was a high likelihood that Mawhinney, or entities controlled by him, would engage in similar conduct if not prevented by the court from doing so.  “Mr Mawhinney’s conduct can accurately be described as reprehensible conduct which demonstrates a complete disregard for financial services laws and, as a consequence, places the public at great risk of financial loss should Mr Mawhinney not be restrained by the form of injunction sought by ASIC,” Anderson said.  In relati...