Mayfair 101's IPO Wealth Fund no Ponzi scheme, court told

Jonathan Shapiro and Liam Walsh

Jun 30, 2020 – 2.41pm

Subscribe to gift this article

Gift 5 articles to anyone you choose each month when you subscribe.

Already a subscriber?

A lawyer for the founder of nouveau investment outfit Mayfair 101, which bought Dunk Island last year, has rejected aspersions that the group’s inaugural fund was a Ponzi scheme.

The doubts surrounding the IPO Wealth Fund were heard in Victoria’s Supreme Court on Tuesday, and Justice Ross Robson raised questions about whether $11 million in interest repayments to the fund's investors were at least partially funded by other people’s investments.

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.