Business
Trustee targeted in IPO Wealth class-action lawsuit – The Australian Financial Review
The lawsuit’s lead plaintiff says she tipped $1 million into the fund in November 2018, and rolled it over three more times before the investment was frozen.
The IPO Wealth fund was the inaugural product of upstart investment outfit Mayfair 101, which later went on to purchase Dunk Island as part of a $180 million tourism mecca vision and made a splash with investment seminars and heavy advertising.
But the wheels came off this year, with the funds trustee in April stopping redemptions of investor money. Mayfair 101s two other key Mayfair Platinum products have also been frozen.
The lawsuit’s lead plaintiff is Helen Batey-Smith, who said she had tipped…
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