Blockchain
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
Blockchain
Elizabeth Warren Urges Treasury Secretary Yellen to Implement Strong AML/CFT Measures for Stablecoins
In a recent communication directed to Treasury Secretary Janet Yellen, US Senator Elizabeth Warren has strongly advocated for the incorporation of robust Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) measures specifically tailored for stablecoins. Senator Warren’s correspondence underscores the critical importance of adopting the full array of AML tools outlined by the Treasury Department in a prior November 2023 communication to Congress.
Senator Warren has underscored the burgeoning threat posed by cryptocurrencies, particularly stablecoins, to national security. She has specifically drawn attention to instances where entities like Iran and Hamas have turned to cryptocurrencies as a means to raise funds and support terrorist activities. To effectively address this evolving threat landscape, Senator Warren asserts that any forthcoming crypto legislation must encompass comprehensive AML/CFT authorities as requested by the Treasury Department.
Moreover, Senator Warren has made reference to the testimony provided by Deputy Secretary Adewale O. ‘Wally’ Adeyemo before the Senate Committee on Banking, Housing, and Urban Affairs. In this testimony, Adeyemo emphasized the critical need for additional AML authorities to combat the growing menace posed by cryptocurrencies. Senator Warren has pointed out that the exclusion of crucial actors within the digital asset ecosystem, such as miners and validators, from AML/CFT requirements could potentially enable nefarious actors to exploit the increased crypto trading facilitated by stablecoin legislation.
Senator Warren’s steadfast stance on the regulation and oversight of cryptocurrencies is aligned with her prior efforts aimed at curbing illicit activities and safeguarding consumers, the financial system, and national security interests. She has persistently advocated for the closure of loopholes in AML regulations that allow sanctioned entities like Iran to derive revenue through crypto transactions. Furthermore, Senator Warren has consistently voiced concerns regarding the exploitation of cryptocurrencies in terrorist financing schemes and has called for the implementation of stronger regulatory frameworks to protect both consumers and national security interests within the realm of stablecoin-related legislation.
Source: blockchain.news
The post Elizabeth Warren Urges Treasury Secretary Yellen to Implement Strong AML/CFT Measures for Stablecoins appeared first on HIPTHER Alerts.
Binance has rolled out Binance Megadrop, a novel token launch platform that blends airdrops with Web3 quests. This platform enables users to engage in BNB Locked Products subscriptions and complete tasks within their Web3 Wallet to earn early rewards from chosen Web3 projects, even before their tokens hit the Binance Exchange.
The inaugural project featured on Binance Megadrop is BounceBit (BB), a BTC restaking chain. Here are the token specifics for BounceBit: Max Token Supply: 2,100,000,000 BB, Megadrop Token Rewards: 168,000,000 BB (8% of max token supply), Initial Circulating Supply: 409,500,000 BB (19.5% of max token supply).
To kickstart their journey with Binance Megadrop, users must log into their Binance account and ensure they possess an active Binance Web3 Wallet. From there, they can subscribe to BNB Locked Products and/or fulfill Web3 Quests to accumulate scores. These scores dictate the rewards received through the Megadrop program.
The scoring mechanism for Megadrop relies on the Locked BNB Score, determined by the quantity of BNB subscribed and the subscription period’s duration. Users also earn a Web3 Quest Bonus and a Web3 Quest Multiplier upon completion of designated Web3 Quests. The total score is computed by applying the Web3 Quest Multiplier to the Locked BNB Score and adding the Web3 Quest Bonus.
Importantly, only wallets created within the Binance Web3 Wallet and not external wallets will count towards Megadrop participation. Megadrop rewards will be airdropped to users’ Binance Spot Wallets.
Users must undergo identity verification and maintain at least one active Binance Web3 Wallet to qualify for Megadrop rewards. Additionally, certain jurisdiction-based eligibility criteria apply. Users from Australia, Canada, Cuba, Crimea Region, Hong Kong, Iran, Japan, New Zealand, Netherlands, North Korea, Russia, Singapore, Syria, United Kingdom, United States of America, and its territories are presently ineligible to participate in BB Megadrop.
Binance Megadrop is aimed at offering users an interactive and rewarding experience within the crypto realm. Further details regarding the Megadrop amount, Web3 Quests, and the comprehensive listing plan will be disclosed separately.
Source: blockchain.news
The post Binance Launches Megadrop: A Token Launch Platform with Airdrops and Web3 Quests appeared first on HIPTHER Alerts.
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