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Mayfair’s ex-lawyers may fight claim that ‘flagrant incompetence’ led to court loss
Appeals 2022-02-24 7:36 pm By Bianca Hrovat

Former legal representatives of companies in the Mayfair 101 group are considering an application to strike out part of an appeal that alleges their “flagrant incompetence” led to director James Mawhinney copping a 20-year ban on soliciting investor funds.

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Judge finds ‘no immediate threat’ of harm in ASIC’s contempt case against Mayfair’s Mawhinney
ASIC 2022-02-18 4:19 pm By Bianca Hrovat

The Australian Securities and Investments Commission has lost an interim injunction bid against the director of investment firm Mayfair 101 in its case seeking a contempt finding, despite arguing there was a substantial risk of harm to consumers.

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Banksia funder to be wound up, liquidators to probe potential claims against directors
Class Actions 2022-01-18 1:23 pm By Christine Caulfield

The litigation funder behind a scam to defraud members of a class action over the collapse of Banksia Securities has entered liquidation, and the funder’s two surviving directors will be among potential targets of attempts to recover money to pay a $21.7 million court judgment.

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Mayfair slapped with $30M fine after judge finds ASIC penalty ‘insufficient’
Financial Services 2021-12-22 10:10 am By Miklos Bolza

Beleaguered investment group Mayfair 101 will have to pay a $30 million penalty after a judge found a $12 million penalty proposed by ASIC was “insufficient”.

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Banksia class action funder enters administration with no assets
Restructuring & Insolvency 2021-12-07 12:24 pm By Christine Caulfield

The litigation funder behind a fraudulent scheme in a class action over Banksia Securities has entered administration with negligible assets to its name.

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Banksia judge made no allowance for ‘youth and inexperience’ of Mark Elliott’s son, appeal says
Appeals 2021-11-26 12:48 pm By Christine Caulfield

The judge who made findings against the son of the mastermind behind the Banksia class action scam may have formed strong views about the 27-year-old’s role before he testified and used the flawed suggestion that he was his father’s right-hand man as an “evidential gap filler”, an appeals court has been told.

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Banksia class action barristers declare bankruptcy after $21.7M judgment
Class Actions 2021-11-19 9:39 pm By Christine Caulfield

Two former barristers ordered to pay at least $21.7 million in damages and costs for their role in a fraudulent scheme to pocket a windfall from the Banksia Securities class action have filed for bankruptcy.

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Lawyer takes Banksia class action ruling to appeals court
Appeals 2021-11-08 10:28 am By Christine Caulfield

The Banksia Securities class action saga will return to the appeals court, with a lawyer indicating he plans to challenge last month’s ruling that found he knowingly assisted in a plot to defraud tens of thousands of investors in the collapsed lender.

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‘Elephant in the room’: Judge questions conduct of some lawyers for Banksia legal team
Business of Law 2021-10-19 9:54 pm By Christine Caulfield

Last week’s judgment denouncing the scandalous behaviour of the legal team running the Banksia Securities class action cast a spotlight on the conduct of lawyers for some of the defendants, asking whether “untenable” defences were maintained beyond an acceptable point in the case.

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‘Arrogant’ barristers in Banksia class action struck off roll, face criminal probe
Legal Ethics 2021-10-11 5:00 pm By Christine Caulfield

Lawyers running the scandal-ridden Banksia class action have been struck from the roll of practitioners, will face criminal investigation and must pay group members $11.7 million in damages.

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