I did warn those sophisticated investors months ago.Provisional liquidators have revealed investors in Mayfair 101's secured notes product were afforded no protection as they claimed the company behind the highly publicised purchase of Dunk Island was doomed from the start.
The End
As has One Nation, to tune of 500k, I believe.Even some former small business people such as fish and chip shop owners have been taken to the cleaners by Mayfair Platinum.
https://www.theguardian.com/austral...hind-billion-dollar-development-in-queensland
It really gives me no pleasure to announce that the Australian Financial Review has finally grown a pair and has slagged off the concept of sophisticated investors, aka mugs, in relation to Mayfair Platinum 101.And they are pitched at "sophisticated investors".
gg
Many pitches, such as from Mayfair, only go to “sophisticated” or “wholesale” investors. That means a person meeting thresholds such as having net assets of $2.5 million or more, or injecting more than $500,000 in one go – as Mayfair told grey-haired potential investors at a seminar.
I stopped reading the links after a comparison between two indigenous boys drowning and a financial instrument.Mayfair has not given up the fight however. Their website is still active and they appear to trying to stay solvent.
couldn't happen to a nicer subset of the species. More front than Myers.
I did not find Mr Mawhinney to be a credible witness. Mr Mawhinney refused to make even the most obvious concessions to the failures of the Mayfair Group of companies to make disclosure to investors of the risks faced by them in investing in the Mayfair Products. Mr Mawhinney sought to rely upon legal advice obtained by the Mayfair Group of companies to justify the failure of the promotional material to explain adequately the risks that investors faced in investing in the Mayfair Products. The impression I obtained from Mr Mawhinney’s demeanour in giving evidence was that Mr Mawhinney was determined to allocate blame for the substantial losses incurred by investors to ASIC for taking enforcement action against Mr Mawhinney and the Mayfair Group of companies. Mr Mawhinney refused to accept that investors did not have first-ranking security over real property assets. Mr Mawhinney refused to accept any responsibility for the substantial losses sustained by investors as a consequence of his and the Mayfair Group of companies investment decisions. Mr Mawhinney was determined to inform the Court why he and the Mayfair Group of companies were not at fault. Mr Mawhinney refused to accept that the investments made by the Mayfair Group of companies were highly speculative and that this fact had not been disclosed in the promotional and marketing material to investors. Mr Mawhinney’s evidence was not honest and truthful.
was? according to the AFR press:Justice Anderson gave Mawhinney a thrashing in the judgement.
Mawhinney was a predator. I'm glad justice has finally caught up with him.
this time its a brother-in-law. Usual complex structure applies?"Banned spruiker James Mawhinney is linked to a new fixed income promotion that boasts a matching list of businesses to Mr Mawhinney’s fizzled investment group Mayfair 101.
"Provide Capital is targeting retirees and self-managed superannuation funds as potential customers by asking them to lend at least $250,000 in return for interest rates ranging from 4.25 per cent and 7.95 per cent. The term period for the borrowings goes from as little as six months to 10 years.
"Until January 14 this year, Mr Mawhinney’s brother-in-law Dylan Panetta, 35, was listed as director of Provide Nominees, the company trading as Provide Capital. He was sole director when the company was created in September 2020, changed its official name to Provide Nominees in August last year and registered the trading name Provide Capital at that time too.
"That company is in turn owned by TPP Global, of which Mr Panetta is sole director. Mr Panetta, who previously worked in customer engagement at Mayfair 101’s Mayfair Tourism, is the only listed shareholder of TPP, although he holds it beneficially for another person or entity. His sister is Brigette Panetta, Mayfair’s former finance director and Mr Mawhinney’s partner. Mr Mawhinney has previously described Mr Panetta as his brother-in-law.
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