Updated

Mawhinney’s Mayfair penalties more than doubled to $30m

Jonathan Shapiro and Liam Walsh

Updated Dec 22, 2021 – 4.30pm, first published at 11.42am

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A Federal Court judge has ruled the maximum penalties of $12 million sought by the corporate regulator regarding the conduct of investment spruiker James Mawhinney’s companies were insufficient to deter others, and lifted the fines to $30 million.

Justice Stewart Anderson said the penalties sought by the Australian Securities and Investments Commission from four corporate entities controlled by Mr Mawhinney that engaged in marketing investment products were not high enough.

Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney.

Liam Walsh writes on investigations and companies with The Australian Financial Review. He has won multiple media awards, worked in Japan and is now based in Brisbane.