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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
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Glidelogic Corp. Announces Revolutionary AI-Generated Content Copyright Protection Solution
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Ethereum ETFs Aren’t Blockchain But Is A Revolutionary Tech: Top 6 Amazing Reasons To Invest In Them
The financial landscape is rapidly evolving, with the integration of blockchain technology and cryptocurrencies becoming more prominent. Among these, Ethereum ETFs (Exchange-Traded Funds) have emerged as a significant investment vehicle, offering exposure to the Ethereum blockchain’s native cryptocurrency, Ether (ETH), without requiring direct ownership. However, it’s crucial to understand that Ethereum ETFs are distinct from the blockchain itself and serve different purposes in the investment world.
Understanding Ethereum and ETFs
Ethereum: A decentralized platform that enables the creation and execution of smart contracts and decentralized applications (dApps). It operates using its cryptocurrency, Ether (ETH), which fuels the network.
ETF (Exchange-Traded Fund): A type of investment fund that holds a collection of assets and is traded on stock exchanges. ETFs can include various asset classes, such as stocks, commodities, or bonds.
Ethereum ETFs: The Intersection of Traditional Finance and Cryptocurrency
An Ethereum ETF provides a way for investors to gain exposure to the price movements of Ether without directly purchasing the cryptocurrency. This is achieved through an ETF structure, where the fund holds assets linked to the value of Ether, and investors can buy shares of the ETF on traditional stock exchanges.
Key Features of Ethereum ETFs:
- Indirect Exposure: Investors gain exposure to Ether’s price changes without needing to manage or store the cryptocurrency themselves.
- Regulatory Compliance: Unlike the relatively unregulated cryptocurrency market, ETFs operate under the oversight of financial regulators, offering a layer of investor protection.
- Accessibility: Ethereum ETFs are available through traditional brokerage platforms, making them accessible to a broader range of investors.
Why Invest in an Ethereum ETF?
- Diversification: Including an Ethereum ETF in a portfolio can provide exposure to the cryptocurrency market, potentially enhancing diversification beyond traditional assets.
- Convenience and Familiarity: ETFs are a familiar investment product, simplifying the process of investing in cryptocurrencies.
- Professional Management: ETF managers handle the investment decisions, including the buying and selling of assets, which can be advantageous for those less familiar with the cryptocurrency space.
- Regulatory Oversight: ETFs are subject to regulatory scrutiny, potentially offering more safety and transparency compared to direct cryptocurrency investments.
- Potential for Growth: As the cryptocurrency market grows, ETFs linked to assets like Ether may benefit from rising prices.
Key Differences Between Ethereum and Ethereum ETFs
While both are related to the Ethereum blockchain, Ethereum itself and Ethereum ETFs represent different forms of investment:
- Ethereum (ETH):
- Direct ownership of the cryptocurrency.
- Full exposure to Ethereum’s features, including staking and network participation.
- Traded on cryptocurrency exchanges.
- Highly volatile and largely unregulated.
- Ethereum ETF:
- Indirect exposure through shares representing Ether’s value.
- Traded on traditional stock exchanges under regulatory oversight.
- Offers a more stable and familiar investment structure.
- Typically lower volatility compared to direct cryptocurrency ownership.
Future Considerations for Ethereum ETFs
The approval and launch of Ethereum ETFs mark a significant milestone in bringing cryptocurrencies closer to mainstream finance. They offer a convenient and regulated means for investors to gain exposure to the growing digital assets market. However, they also come with limitations, such as not allowing direct participation in the Ethereum ecosystem’s innovations, like dApps and smart contracts.
As the market evolves, we may see more sophisticated financial products that better capture the full potential of the Ethereum ecosystem. For now, Ethereum ETFs provide a balanced option for those interested in cryptocurrency exposure within the framework of traditional finance.
In conclusion, while Ethereum ETFs offer a gateway into the world of digital assets, they should be viewed as complementary to, rather than a replacement for, direct investment in the underlying blockchain technologies. Investors should carefully consider their investment goals, risk tolerance, and the unique attributes of both Ethereum and Ethereum ETFs when making investment decisions.
Source: blockchainmagazine.net
The post Ethereum ETFs Aren’t Blockchain But Is A Revolutionary Tech: Top 6 Amazing Reasons To Invest In Them appeared first on HIPTHER Alerts.
Nexo, a leading institution in the digital assets industry, has reinforced its commitment to data security by renewing its SOC 2 Type 2 audit and attaining a new SOC 3 Type 2 assessment without any exceptions. This rigorous audit process, conducted by A-LIGN, a respected independent auditor specializing in security compliance, confirms Nexo’s adherence to stringent Trust Service Criteria for Security and Confidentiality.
Key Achievements and Certifications
- SOC 2 and SOC 3 Compliance:
- SOC 2 Type 2: This audit evaluates and reports on the effectiveness of an organization’s controls over data security, particularly focusing on the confidentiality, integrity, and availability of systems and data.
- SOC 3 Type 2: This public-facing report provides a summary of SOC 2 findings, offering assurance to customers and stakeholders about the robustness of Nexo’s data security practices.
- Additional Trust Service Criteria:
- Nexo expanded the scope of these audits to include Confidentiality, showcasing a deep commitment to protecting user data.
- Security Certifications:
- The company also adheres to the CCSS Level 3 Cryptocurrency Security Standard, and holds ISO 27001, ISO 27017, and ISO 27018 certifications, awarded by RINA. These certifications are benchmarks for security management and data privacy.
- CSA STAR Level 1 Certification:
- This certification demonstrates Nexo’s adherence to best practices in cloud security, further solidifying its position as a trusted partner in the digital assets sector.
Impact on Customers and Industry Standards
Nexo’s rigorous approach to data protection and compliance sets a high standard in the digital assets industry. By achieving these certifications, Nexo provides its over 7 million users across more than 200 jurisdictions with confidence in the security of their data. These achievements not only emphasize the company’s dedication to maintaining top-tier security standards but also highlight its proactive stance in fostering trust and transparency in digital asset management.
Nexo’s Broader Mission
As a premier institution for digital assets, Nexo offers a comprehensive suite of services, including advanced trading solutions, liquidity aggregation, and tax-efficient credit lines backed by digital assets. Since its inception, the company has processed over $130 billion, showcasing its significant impact and reliability in the global market.
In summary, Nexo’s successful completion of SOC 2 and SOC 3 audits, along with its comprehensive suite of certifications, underscores its commitment to the highest standards of data security and operational integrity. This dedication positions Nexo as a leader in the digital assets space, offering unparalleled security and peace of mind to its users.
Source: blockchainreporter.net
The post Nexo Reaffirms Commitment to Data Protection with SOC 3 and SOC 2 Compliance appeared first on HIPTHER Alerts.
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