The $80 million IPO Wealth fund, the inaugural offering from upstart investment outfit Mayfair 101, was likely doomed from birth because of design, according to a scathing analysis from provisional liquidators.
The Dye and Co provisional liquidators also flagged pursuing Melbourne-based Mayfair 101 founder James Mawhinney for alleged breaches of director duties and uncommercial transactions.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
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. Email Liam at liam.walsh@afr.com.au
