The Australian Securities and Investments Commission (ASIC) has announced that it has won the case against Mayfair 101 Group. The Federal Court found that companies in the Mayfair 101 Group had made statements that were false, misleading, or deceptive in advertisements for its bond products. The decision was made after the start of the case by ASIC in April 2020.
The companies in the group include Mayfair Wealth Partners Pty Ltd (Mayfair Platinum), Online Investments Pty Ltd (Mayfair 101), M101 Nominees Pty Ltd and M101 Holdings Pty Ltd. Misleading information includes the presentation of Mayfair’s bond products that are remarkably similar to and with a similar risk profile to bank term deposits, when Mayfair’s bond products expose investors to a significantly higher risk than bank term deposits. In addition, Mayfair’s bond products were specifically designed for investors seeking certainty and confidence in their investments and therefore carried no risk of default, when there was a risk that investors could lose some, or all, of their investment.