Ex-Mayfair head Mawhinney’s new website pitches double-digit returns
A website owned by serial fund promoter James Mawhinney that says it helps Australians spot scams has been pitching an investment of its own to users – touting returns of between 10 and 15 per cent to potential financiers.
As reported by The Australian Financial Review on Sunday, investing.com.au is owned by an entity controlled by Mr Mawhinney and says investors can earn such fixed returns with a minimum investment of $100,000.
James Mawhinney is behind investing.com.au, a service that claims to help track down scammers.
“Your funding will help us achieve our goal of making investing.com.au the national category leader in the investment industry, similar to realestate.com.au, carsales.com.au and seek.com.au,” marketing material obtained by the Financial Review reads.
It includes a testimonial from Greg of Victoria – described as an early investor in carsales.com.au – who predicts that the investment “will take off”.
“It will appeal to every investor, investment manager, CEO and company director in the country,” Greg writes in his testimonial.
Filings with the Australian Securities and Investments Commission show that Mr Mawhinney is listed as the director of Australian Investment Group and is the name registered as the contact of the website’s domain name. He is also associated with the entities that own Australian Investment Group.
Mr Mawhinney is involved in several legal disputes with the corporate regulator. They stem from his time as founder of Mayfair 101, a fund-raising vehicle that used seminars and Instagram influencers to raise funds for ideas including buying Dunk Island, Queensland, and launching a program that would give members access to a fleet of 30 superyachts.
The Mayfair 101 venture fizzled with $210
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