The founder of nouveau investment outfit Mayfair 101, James Mawhinney, has been banned from raising any money from financial products and could face criminal charges.
The details were listed in a Federal Court judgment that also said the Australian Securities and Investments Commission was worried a new Mayfair product – Australian Property Bonds – had characteristics of a fraudulent Ponzi scheme.
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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
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
