A bid to turn a small beachside area into Australia's next tourism mecca is all but over with the man behind the scheme banned from fundraising and advertising financial products for 20 years.Mayfair 101 company founder James Mawhinney has been banned from fundraising for 20 yearsASIC says the company engaged in "misleading and deceptive conduct'"
Mayfair 101 managing director James Mawhinney has been banned from fundraising or advertising financial products for 20 years. "And as a consequence, places the public at great risk of financial loss should Mr Mawhinney not be restrained," Justice Anderson said in his judgment. ASIC deputy chair Karen Chester said the judgement demonstrated "firms need to do the right thing by their investors".
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