Why it matters: James Mawhinney was backer of a major failed investment scheme
He has been stopped from raising money from the promotion of financial products
His new scam detection service is looking for backers and offering big returns
A website owned by serial fund promoter James Mawhinney that says it helps Australians spot scams has been pitching an investment of its own to users – touting returns of between 10 and 15 per cent to potential financiers.
As reported by The Australian Financial Review on Sunday, investing.com.au is owned by an entity controlled by Mr Mawhinney and says investors can earn such fixed returns with a minimum investment of $100,000.
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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
