Widower’s Mayfair woe spotlights ‘wholesale investor’ tag

Liam Walsh and Jonathan Shapiro

Feb 15, 2021 – 4.37pm

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A widower caring for three young children says Mayfair 101 took his $500,000 and reassured him not to worry despite telling the investment outfit he had no idea what a critical “wholesale investor” term meant.

The testimony from Robert Charadia is the latest insight to cast light on the issue of wholesale or sophisticated investors, who receive fewer protections and less information than everyday retail investors in product offerings.

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.

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