Fintech
Mayfair 101’s James Mawhinney Sues Lender & Former Neighbour Over Mortgage Used to Fight ASIC
Melbourne, Australia–(Newsfile Corp. – November 11, 2022) – Mayfair 101 founder James Mawhinney has issued proceedings against the lender who sold his family home after he took out a second mortgage on the property to defend proceedings initiated by the Australian Securities and Investments Commission.
Lawyers acting for Mr Mawhinney and his fiancée Brigette Panetta have jointly issued proceedings in the Supreme Court of Victoria against Adelaide-based financier CEG Direct Securities, and their former neighbour, Rachel Willson.
The statement of claim alleges the unlawful possession by CEG and Mrs Willson of personal items belonging to Mr Mawhinney and Ms Panetta, following the forced sale of their family home in Park Orchards, Melbourne, by CEG in April 2021.
The second mortgage was obtained by Mr Mawhinney to defend legal proceedings initiated by ASIC and IPO Wealth Fund trustee Vasco Trustees, only to find that less than four weeks later ASIC obtained Federal Court injunctions freezing Mr Mawhinney’s ability to recapitalise.
The claim alleges CEG sold the four-bedroom home for $1 million less than its market value, and that CEG did not take reasonable steps to obtain the best price for the land, including that it did not advertise the property.
The sale was to Mr Mawhinney’s neighbour and former friend – Rachel Willson – who also purported to buy the majority of items belonging to Mr Mawhinney and Ms Panetta from the house, in an unauthorised side-deal with CEG arranged with her husband, Paul Willson. To legitimise the transaction CEG raised an invoice made out to Ms Willson for $25,000 that stated “Contents of 73 McIntyres Rd, Park orchards, VIC excluding – gym equipment, piano, and BMW”, however CEG allegedly did not have a right to deal in any of the items as the mortgage had already been discharged by the sale proceeds.
The statement of claim lists items taken from Mr Mawhinney’s and Ms Panetta’s home by CEG in February 2021, such as a BMW that belonged to Australian Income Solutions, a Mayfair entity which was not a party to the mortgage. The vehicle was subsequently identified as being re-registered in South Australia and still has not been returned by CEG after more than eighteen months.
Mr Mawhinney’s personal baby grand piano that he has owned since childhood was also taken along with Ms Panetta’s furniture and various sentimental personal items. An entire home gym is also in dispute.
The claim states that the mortgagee sale of the Park Orchards home settled the outstanding debt to CEG and produced a $92,000 surplus, so there was no need to take or sell other items.
“As new parents we were shattered to find that not only had our family home been sold without notice when we were away working in Mission Beach, but our former friends were the buyer,” said Mr Mawhinney.
“The Willsons have gone on living in our old home with almost all our belongings, including items from our daughter’s bedroom.
“I was prepared to put my family home on the line with a second mortgage, to fight for our investors – this is how strongly I believe in our cases. I will continue to do everything in my power to expose those who have taken advantage of Mayfair 101’s investors, and my family.”
About Mayfair 101
The Mayfair 101 Group is a privately held investment group that identifies, initiates and nurtures compelling business opportunities at scale. Their mission is to activate remarkable opportunities that have a strong social component and leverage the Group’s resources in order to create win-win outcomes for investors.
Contact:
Mark Abernethy: [email protected]
Number: +61 414 310 924
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/144001
Fintech
Plug and Play and GIFT City Launch “IFIH,” a Global Fintech Incubator and Accelerator
Plug and Play, a global accelerator platform and one of the most active early-stage investors globally, has announced a strategic partnership with Gujarat International Finance Tec-City (GIFT City). Through the partnership, Plug and Play will establish and run the International Fintech Innovation Hub (IFIH), GIFT City’s FinTech Incubator and Accelerator, which aims to foster research and innovation in financial technology, reinforcing GIFT City’s role as a premier global fintech hub.
GIFT City’s MD and Group CEO, Mr. Tapan Ray, said, “Our vision at GIFT City is to drive fintech innovation by creating a climate-resilient, inclusive ecosystem that empowers diverse entrepreneurs and builds workforce competitiveness in emerging technologies. With the support of prominent partners in fintech education and incubation, we are committed to nurturing a new generation of talent that will be well-equipped to meet the needs of an evolving global economy.”
Manav Narang, Head of Financial Services for Plug and Play APAC and Program Lead for the GIFT Incubator and Accelerator added, “We are thrilled to bring Plug and Play’s global expertise to GIFT City. Our vision is to create India’s largest industry-wide fintech program – a collaborative platform where banks, payments corporations, venture capital and corporate venture capital firms, accelerators, and ecosystem partners unite. Together, we aim to catalyze transformative fintech solutions and nurture fintech unicorns that will shape the future of finance in India.”
The program will support fintech startups with resources, mentorship, capital, and networking to navigate and excel globally in the dynamic fintech landscape. The first batch of startups will be unveiled in January 2025.
The post Plug and Play and GIFT City Launch “IFIH,” a Global Fintech Incubator and Accelerator appeared first on .
Fintech
Doo Financial Now in Indonesia: Offering Local Investors A Gateway to Global Markets
Doo Group’s brokerage brand, Doo Financial is thrilled to announce its expansion into Indonesia by acquiring a reputable Indonesian broker to expand the business. This move brings its global investment services to local investors. Backed by the strength of Doo Group’s extensive international presence, cutting-edge technology, and 10 years of expertise, Doo Financial is well positioned to support investors at every level.
As a brand encompassing investment services offered by various legal entities within the Doo Group, Doo Financial provides a comprehensive range of global brokerage services. This wide range of products empowers investors to pursue their financial goals.
With a diversified portfolio, Doo Financial empowers investors to navigate various market conditions effectively, manage risks, and focus on long-term growth. This entry into the Indonesian market reflects Doo Financial’s commitment to supporting investors with flexible, high-quality investment options tailored to today’s dynamic financial landscape.
Supervision by International Regulatory Institutions to Ensure Top-Tier Safety
As a global leading finance group, Doo Group has licensed entities regulated by top regulatory authorities worldwide, ensuring a secure and reliable trading environment.
Our global credentials include licenses from the U.S. Securities and Exchange Commission (US SEC), the Financial Industry Regulatory Authority (US FINRA) in the U.S., the Financial Conduct Authority (UK FCA) in the UK, the Australian Securities and Investments Commission (ASIC), the Hong Kong Securities and Futures Commission (HK SFC), Badan Pengawas Perdagangan Berjangka Komoditi (BAPPEBTI) in Indonesia. These licenses enable us to provide secure and reliable financial services globally.
Dedication to Shape the Industry with Innovative Solutions
Doo Financial’s expansion into Indonesia brings advanced technology and a global perspective to empower local investors. As an international investment firm committed to secure and seamless trading, Doo Financial offers a diverse range of products and services to help diversify portfolios and open up new opportunities.
This growth elevates opportunities for Indonesian investors by offering seamless access to global markets and advanced trading platforms within a secure and regulated environment. It broadens investment choices and enhances the trading experience, aligning it with international standards and empowering local investors with comprehensive tools and resources for success.
Driven by unwavering commitment, this growth marks a significant milestone in Indonesia’s investment landscape, equipping our clients with the tools to navigate global markets. We remain dedicated to delivering exceptional service, exploring new opportunities, and driving future breakthroughs. With continued support from the FinTech community, we are excited to innovate and shape the future of finance.
Stay updated with the latest insights from Doo Financial. Join our community of empowered investors and let us be your trusted partner!
E-mail: [email protected]
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Fintech
Fintech Pulse: Evolving Fintech Investments and Partnerships Signal Industry Transformation
Fintech is on an accelerated trajectory of investment, collaboration, and innovation. This pulse tracks the most significant developments in the sector, from high-profile investments to global platform expansions. Each update in this briefing serves as a key indicator of where the industry is headed.
1. European Fintechs Face Regulatory Pressures Amid New Investment Surge
The European fintech sector finds itself at a crossroads with increasing scrutiny and rising costs due to stringent regulations. While investments continue to flow into the continent’s financial technology companies, challenges in meeting new compliance requirements, especially around data privacy and cybersecurity, create a complex landscape for scaling. This tension between opportunity and operational limitations might affect European fintechs’ growth strategies.
Source: Financial Times
2. Shopify, Slack Founders Join Peter Thiel in Fintech Investment Push
Tobi Lütke of Shopify and Stewart Butterfield of Slack, along with investor Peter Thiel, have co-invested in a new fintech initiative that aims to bolster small business access to capital. By merging technology with a streamlined funding model, this new initiative targets underserved SMBs, highlighting a broader trend of high-profile tech leaders pivoting to fintech investment. The participation of Lütke and Butterfield signals increased cross-sector collaboration in fintech, bringing expertise from e-commerce and communication technology into the financial arena.
Source: Yahoo Finance
3. Lean Technologies Raises $67.5 Million to Drive Fintech Innovation in the Middle East
Riyadh-based fintech platform Lean Technologies recently secured a $67.5 million Series B investment round, aiming to expand its operations across the Middle East. This funding reflects growing investor interest in emerging markets and the potential of Middle Eastern fintech to bridge regional gaps in financial services access. As Lean Technologies broadens its service offerings, the funding will support further technological integration and scalability across financial ecosystems in the region.
Source: Fintech Global
4. Apollo Global Management Invests in Fintech for Private Offerings Support
Apollo Global Management has taken steps to enhance its services for private offerings by investing in specialized fintech solutions. This development signifies a growing trend among private equity firms to adopt fintech as a core component in their service expansion, particularly for personalized client services. Apollo’s strategy of integrating fintech solutions into private offerings marks a strategic shift toward digitalization within traditional financial sectors.
Source: Bloomberg
5. Juniper Research Names 2025’s Future Leaders in Fintech
Juniper Research has revealed its picks for the top future leaders in fintech for 2025. This list emphasizes innovation in fields such as AI, open banking, and decentralized finance, highlighting startups that exhibit potential for reshaping industry standards. As these up-and-coming firms push the boundaries of traditional finance, they exemplify the rising tide of next-generation financial technology poised to become industry mainstays.
Source: Globe Newswire
Conclusion
The convergence of seasoned tech giants with fintech, new funding rounds for region-specific platforms, and the rise of future industry leaders underscore the momentum of the fintech sector. Each of these stories reflects a broader narrative: fintech is not only diversifying in services but also rapidly integrating into traditional finance and tech, paving the way for a transformative era.
The post Fintech Pulse: Evolving Fintech Investments and Partnerships Signal Industry Transformation appeared first on HIPTHER Alerts.
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