James Mulcahy

Member’s name: James Mulcahy
Date of Hearing: 23 July 2026 
Division: Victoria
Tribunal: Disciplinary

On 23 July 2026 the Disciplinary Tribunal found Mr James Mulcahy breached CPA Australia’s 11 May 2022 Constitution (“the Constitution”) Article 36(a), in that he had “committed, participated in or been involved with an Adverse Event” as defined in:

Complaint 1

Article 76(h) of the Constitution in that he “became the subject of a final adverse finding in relation to the Member’s conduct, competence or recognition by any Court, professional body, statutory or other regulatory authority in any jurisdiction;” with respect to findings of the Supreme Court of Victoria and the subsequent Court of Appeal outcome that he breached ongoing confidentiality obligations owed to Mr Porter, breached the Conheady retainer and fiduciary duties owed to Mr Conheady, used confidential information to obtain a controlling interest in the business for himself and his co-investors, and engaged in a dishonest and fraudulent design in which BFMM Investments Pty Ltd knowingly assisted.

Background

1. CPA Australia relied on findings of the Supreme Court of Victoria and the subsequent Court of Appeal outcome with respect to findings that Mr Mulcahy
   1. breached ongoing confidentiality obligations owed to Mr Porter;
   2. breached the Conheady retainer and fiduciary duties owed to Mr Conheady;
   3. used confidential information to obtain a controlling interest in the business for himself and his co-investors; and
   4. engaged in dishonest and fraudulent design in which BFMM Investments Pty Ltd knowingly assisted.
2. Judgment was delivered on 13 September 2021 in the Supreme Court of Victoria, and that on 29 October 2025 the Court of Appeal determined the appeal, varying part of the relief but not disturbing the findings that Mr Mulcahy breached fiduciary duties, misused confidential information, or that BFMM knowingly participated in the dishonest and fraudulent scheme.
3. An application for special leave to appeal to the High Court was refused. 

Decision

Mr James Mulcahy attended the Disciplinary Tribunal Hearing and denied the Complaint.

The Disciplinary Tribunal considered the evidence before it and found the Complaint sustained.

Penalty and Conditions

The Disciplinary Tribunal regarded the Supreme Court of Victoria findings, left materially undisturbed on appeal, as serious adverse matters regarding Mr Mulcahy’s conduct and reasonably capable of having a material adverse effect on CPA Australia’s reputation and standing.

The findings included dishonesty, a fraudulent scheme, misuse of confidential information, abuse of position as a trusted adviser, deliberate pursuit of personal interests in conflict with client duties, and concealment of conduct. In view of the above, the following penalties were imposed:

Complaint 1

• Forfeiture of membership, not eligible for readmission for a period of 15 years.
• Prior to any application for readmission, the Member must successfully complete a course in Ethics as approved by the General Manager Professional Conduct.
• Prior to any application to reinstate the Member’s Public Practice Certificate, the Member must complete the CPA Australia Best Practice Program assessment to the satisfaction of the General Manager Professional Conduct.

Costs

Mr Mulcahy was ordered to pay CPA Australia’s combined costs of $39,971.40 for two separate matters Determined by Disciplinary Tribunal on 23 July 2026.