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Mayfair launches bizarre broadside

Lachlan Maddock
— 1 minute read

Mayfair 101 founder James Mawhinney has launched a broadside at the courts, regulators, liquidators, and journalists, and claimed that ASIC is trying to “crucify” him. 

Mayfair founder James Mawhinney has accused ASIC of relying on an “error-riddled” report from liquidator Grant Thornton to wind up M101 Nominees, the company that issued the “M Core Fixed Income Notes” that Mayfair used to raise $67 million from investors. 

“For nearly 12 months I, my family, our staff and our investors have been under attack by ASIC. The cases against us are based on false assumptions, presumptions and reports that are riddled with errors. There has been a fundamental lack of fact-checking and scrutiny at ASIC which I am compelled to call out,” Mr Mawhinney said.

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“They have wanted to believe I’m the next Christopher Skase or Michael Gu and had made off with millions as certain media outlets have suggested, however no one checked their facts. Their assumptions have proven to be very damaging, highly defamatory and just plain wrong.”

In a 110-page response to Grant Thornton’s report, Mr Mawhinney said that just one of 10 conclusions drawn was factually correct and that the liquidator had a  “flawed understanding” of the structure of the company. 

But an ASIC spokesperson noted that the decision to wind up M101 nominees came from the court and cited Justice Anderson’s comments that there was “ample evidence” that there was a risk to the public interest that justified “a lack of confidence in the conduct and management of M101 nominees”. 

“Mr Mawhinney had ample opportunity to put admissible evidence before the Court. He did not do so. In fact, Mr Mawhinney consented to these orders being made. ASIC will continue with its investigation into matters arising from the Mayfair Group,” the spokesperson told InvestorDaily.

Mr Mawhinney also took aim at reporters from the Australian Financial Review, who have published a number of stories critical of Mayfair, accusing them of choosing “prizes over truth”. 

 

Mayfair launches bizarre broadside
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