Following an ASIC investigation, James Mawhinney, of Port Melbourne, Victoria, has been arrested and charged with four counts of engaging in dishonest conduct in the course of carrying on a financial services business.
It is alleged that on four occasions between 9 August 2019 and 21 April 2020, Mr Mawhinney dishonestly misrepresented to the trustee of the IPO Wealth Fund, that the IPO Wealth Group owned two Italian companies, Poveglia S.R.L. and Retta S.R.L, when it did not.
The maximum penalty for each charge of dishonest conduct is 15 years imprisonment.
Following an appearance at the Melbourne Magistrates Court, Mr Mawhinney was granted conditional bail including that he be required to remain in Australia.
This matter is being prosecuted by the Commonwealth Director of Public Prosecutions after a referral from ASIC.
Mr Mawhinney will next appear before the Melbourne Magistrate’s Court on 28 June 2024.