Banned investment spruiker James Mawhinney insists he is remorseful for the predicament facing investors who stumped up more than $200 million of funds, even as he expressed his right to appeal the Federal Court ruling that he engaged in misleading and deceptive conduct.

In a second day of cross-examination as part of a two-day penalty hearing, Mr Mawhinney said he did not recall if he wrote or approved an infographic sent to investors and published on the website of his company, Mayfair, slamming the Australian Securities and Investments Commission’s investigation into his investment group.