Mayfair 101/Mayfair Platinum

[Garpal Gumnut]

Anyone know anything about these guys. A few of my mates are clients. They have an Australian arm. I don't use advisers.

gg

 

[Humid]

Might have some old copies under the bed if your interested

 

[Humid]

Crikey published an article by Adam Schwab, who reckons Platinum "raises more red flags than a North Korean military parade."

 

[Garpal Gumnut]

Has the Storm hit these guys yet?

I believe they target "Sophisticated Investors" aka Sophisticated muppets.

gg

 

[matty77]

good luck...

https://www.livewiremarkets.com/wir...-platinum-the-scary-end-of-the-rush-for-yield

What are the investments? Unfortunately, Mayfair101 doesn’t disclose a full portfolio listing or weightings. Transparency is something lacking in much of what the Mayfair 101 group do. One needs to trawl through the group’s presentations and media articles to get some sense of the investments made and held.

In the Eureka Report interview Mawhinney said that 90% plus of the investments are private. He has argued that this means lower risk because the investments are not subject to listed market pricing.

 

[matty77]

I found this.. I laughed so hard... made my day.

“In the modern age of investing, we are mindful that profit-generation is no longer the sole benchmark for a company’s success”

James Mawhinney Mayfair 101, from The Guardian

 

[Garpal Gumnut]

I found this.. I laughed so hard... made my day.

Go to the first post in this thread, and compare it to the first post I made in the Storm Financial thread and compare.

I'll get the popcorn out on this one.

gg

 

[So_Cynical]

MP has some dodgyness about them.

 

[greggles]

Interesting development.

ASIC commences proceedings against Mayfair 101 and Mayfair Platinum for misleading or deceptive advertising

Looks like ASIC have this mob in their sights and are closely examining everything they put out in the public domain.

This is particularly interesting:

On 11 March 2020, Mayfair Platinum suspended payment of capital redemptions to investors in the Mayfair debenture products due to liquidity issues. In light of this, ASIC is also seeking an interim injunction to restrain the defendants from promoting and issuing the Mayfair debenture products while redemptions to existing investors remain suspended.

The suspension of capital redemptions is a huge red flag. Nice to see ASIC taking action to protect consumers.

 

[matty77]

Should be an interesting one to watch...

 

[Dona Ferentes]

From the offer Document
"The Withdrawal Price may be less than $1.00 but will never be more than $1.00, given the structure of the performance fee payable to the Investment Manager."

"….the Unit price can be less than $1.00 if the Fund’s assets decrease in value, but cannot exceed $1.00. The value of your investment is not guaranteed."
and
“the Trustee also retains broad discretion to restrict distributions, withdrawals and redemptions.”

In an investment update (March 16 2020) James Mahinney stated:
“The Group’s focus on unlisted assets means a lower susceptibility to volatile valuation fluctuations, which has proven a sound strategy following the COVID19 outbreak.”
....until the assets are revalued.

enough red flags there?

 

[Garpal Gumnut]

From the offer Document
"The Withdrawal Price may be less than $1.00 but will never be more than $1.00, given the structure of the performance fee payable to the Investment Manager."

"….the Unit price can be less than $1.00 if the Fund’s assets decrease in value, but cannot exceed $1.00. The value of your investment is not guaranteed."
and
“the Trustee also retains broad discretion to restrict distributions, withdrawals and redemptions.”

In an investment update (March 16 2020) James Mahinney stated:
“The Group’s focus on unlisted assets means a lower susceptibility to volatile valuation fluctuations, which has proven a sound strategy following the COVID19 outbreak.”
....until the assets are revalued.

enough red flags there?

And they are pitched at "sophisticated investors".

gg

 

[matty77]

What exactly is an unlisted asset anyway?

Magic beans to grow a bean stork?

 

[Dona Ferentes]

What exactly is an unlisted asset anyway??

Anything not listed (= ASX) so it's not priced daily, but only when valuation done (lucky if its once a year, or carried on the books at purchase price). In this case, Dunk Island. Hotels. Properties at Mission Beach.

Basically, sleight of hand, & you can carry any valuation you think is fair.

 

[greggles]

Mayfair 101 places IPO Wealth into voluntary administration

https://www.businessnewsaus.com.au/...ipo-wealth-into-voluntary-administration.html

The bad news just keeps on coming. I feel sorry for the ordinary punters caught up in this, but it looks like the wheels are falling off. Apparently the repayment defaults started back in February.

https://www.theguardian.com/austral...ies-with-more-than-85m-investor-funds-at-risk

 

[Dona Ferentes]

ho hum

Mayfair Platinum no more: Neilson's Platinum settles brand fight

The settlement also sees Mayfair Platinum, which will migrate its customers to Mayfair 101, paying Platinum's legal costs

Word association football


(Joe, maybe change to Mayfair 101. please)

,..... and....

Receivers dropped explosive claims in a court hearing about Mayfair 101's embattled $80 million IPO Wealth Fund on Wednesday, raising concerns about documents being deleted after a forensic specialist examined a laptop.

The receiver's lawyer, Michael Galvin, said during the court proceedings that he been told that an IT specialist had checked a laptop in possession of Mayfair 101 founder James Mawhinney and found that 1500 documents and six user accounts had been deleted. He raised concerns about an apparent interference with records, which allegedly occurred on May 25 and June 21.

But Mr Mawhinney's lawyer, Sam Hay, questioned whether the documents had any relation to the matter, arguing the concerns being aired were a mere assertion coming "from the bar table via Zoom".

"There might well be quite innocent explanations," he said. "There does seem to be a march to viewing anything [Mr Mawhinney] does in a negative light.

- about 80 million innocent explanations?

 

[greggles]

ASIC takes action against companies in the Mayfair 101 group and their director, James Mawhinney.

Wednesday 2 September 2020

20-205MR ASIC obtains interim injunctions against James Mawhinney and appointment of provisional liquidators to Mayfair debenture issuer

ASIC has obtained interim orders in the Federal Court of Australia against companies in the Mayfair 101 group and their director, James Peter Mawhinney, including the appointment of provisional liquidators to M101 Nominees Pty Ltd, the issuer of the M Core Fixed Income Notes promoted by Mayfair 101.

On 13 August 2020, the Court appointed Said Jahani and Philip Campbell-Wilson of Grant Thornton as provisional liquidators of M101 Nominees, pending an application by ASIC to wind up M101 Nominees on just and equitable grounds. ASIC alleges that M101 Nominees has been involved in breaches of the corporations legislation, and there is a justifiable lack of confidence in the conduct and management of its affairs that gives rise to a risk to the public that warrants protection.

In particular, ASIC alleges that M101 Nominees raised approximately $67 million from investors through debentures called the M Core Fixed Income Notes, based on representations that there would be security for the full amount invested. ASIC further alleges that those funds were not fully secured, and consequently, M Core Fixed Income Note investors may be unable to recover the full amount of their principal investment.

The provisional liquidators will provide a report to the Court by 24 September 2020 about the provisional liquidation of M101 Nominees, including identifying its assets and their value, and providing an opinion as to solvency and the likely return to creditors if the company is wound up.

On 13 August 2020, the Court made additional interim orders restraining Mr Mawhinney, and any company of which he is an officer or shareholder, from:

• Receiving or soliciting funds in connection with any financial product;
• Advertising or promoting any financial product; and
• Removing from Australia any assets acquired with funds received in connection with any financial product.

These orders apply to all products currently offered by Mayfair 101, including the M Core Fixed Income Notes, the M+ Fixed Income Notes and Australian Property Bonds, as well as any other financial product.

The Court also restrained Mr Mawhinney from leaving Australia until further order.

The Court made interim orders restraining Sunseeker Holdings Pty Ltd, of which Mr Mawhinney is a director, from dealing with the units in 14 trusts which hold property at Mission Beach and Dunk Island in Queensland. The units in those trusts are part of the security held on behalf of investors in the M Core Fixed Income Notes.

At a hearing on 2 September 2020, the matter was adjourned for a further case management hearing on a date to be fixed.

ASIC’s investigation is ongoing.

Download

• Originating Process
• Interim Orders Judgment

Background
On 3 April 2020, ASIC commenced separate proceedings in the Federal Court against companies in the Mayfair 101 group, including M101 Nominees, alleging that those companies made statements in advertisements that were false, misleading or deceptive (20-080MR). On 16 April 2020, following an application by ASIC, the Federal Court made interim orders restraining Mayfair Wealth Partners Pty Ltd (trading as Mayfair Platinum) and Online Investments Pty Ltd (trading as Mayfair 101) from promoting their debenture products, including the M Core Fixed Income Notes, and prohibiting the use of specific words and phrases in their advertising (20-092MR). The matter is set down for a hearing commencing on 28 September 2020.

ASIC has a dedicated webpage for Mayfair 101 group investors.

Investors in the M Core Fixed Income Notes can contact the provisional liquidators by emailing M101@au.gt.com

Moneysmart.gov.au has information on investing, including on debentures, secured notes and unsecured notes.

 

[Dona Ferentes]

This header should change.... the use of Platinum in the name was
contested

Investment upstart James Mawhinney's heavily promoted Mayfair Platinum brand is being pulled following a trademark battle with billionaire Kerr Neilson’s Platinum Asset Management. The Mayfair Platinum brand – which has adorned investment seminars and promotions for bonds for a proposed tourism mecca involving Dunk Island – will cease being used from the end of June.

Platinum Asset Management said it was pleased with the outcome.
“Platinum takes its brand protection very seriously, regularly monitoring the use of the ’Platinum’ name and mark in the market, and will continue to take the necessary action to protect its brand and trade marks,” a spokeswoman said.

 

[Garpal Gumnut]

lol

gg

 

[frugal.rock]

Go to the first post in this thread, and compare it to the first post I made in the Storm Financial thread and compare.

I'll get the popcorn out on this one.

gg

Like meat ants on a carcass....

Don't forget your deckchair, pina colada, sunnies and hat.
Perhaps noise cancelling headphones too.

Poor numpties...