Already facing action by the corporate regulator for alleged misleading and deceptive conduct and a potential class action, investment firm Mayfair 101 must now defend a lawsuit by former Liberal senator Julian McGauran, who is demanding the return of his $1 million investment.
Investment group Mayfair 101 has denied claims by ASIC that it has engaged in misleading or deceptive advertising of its Platinum products, saying in a response to the regulator’s case the products were aimed at sophisticated investors who were told of the risks.
A judge has issued a temporary injunction limiting how Mayfair 101 can promote two of its investment products, in proceedings brought by ASIC accusing the investment firm of misleading and deceptive advertising.
The Australian Securities and Investments Commission has launched proceedings against investment firm Mayfair 101 Group and Mayfair Platinum accusing them of misleading advertising.
A judge has ordered ASIC to wait 48 hours after making any decision to send a warning notice to investment conglomerate Mayfair 101 before publicly issuing the notice, despite the regulator’s call for urgent action amid the COVID-19 pandemic.