LM BOSS – ‘FED UP WITH THE IGNORANCE’
LM boss Peter Drake says he has decided to remove the internet blog he set up to justify his actions prior to the collapse of his funds which has left hundreds of people throughout Southeast asia improverished. He claims that he can no longer put up with the ignorance and abuse.
This last statement “Last Post’ has attracted reams of more abuse – possibly because he has avoided questions put to him.
“The ignorance and abuse is not worth it. I am not sure that I can continue to write or say the way it was so many times.
The commission was 2% on the Currency Protected Mortgage fund and 3% on the MPF. By world standards – very conservative commissions as was repeatedly to LM by the global IFA market.
There was no lending to friends, no funds taken other than business profit. Over six years I have shared my profit with my de facto like other couples.
LM was an extremely compliant business with a very flat structure. Every function was carried out by various committees, boards and groups acting in unanimous consent.
No one person had the power to move anything (including funds), lend anything or sell anything. The escalation of the Australian dollar was the catalyst for the end game.”
Perhaps its time to bow out when people say:
“You know why ? Because you never seem able to use the word ‘Sorry’. Is that because your lawyers say that is an admission of guilt?”
“Peter, how about a photo of you in rags? You know, with your pockets opened out to show you have nothing and a look on your face that say ‘Me ? Look, I’ve got nothing too’. That might help us visualise your plight.
“I have used vodka, cigarettes and medication to cope with what has happened. Without wanting to be melodramatic, you have changed my life. I am a different person to the one who first heard of LM from some prick in Bangkok. I will be haunted, forever, by you, so please, give us a new photo with the aforementioned pose. Something I can take with me into the future.”
“You and your IFA and Insurance accomplices deserve long terms of imprisonment. Your appalling lack of remorse is disgusting when you have ruined the lives of so many.”
But one person wrote into say:
“Maybe all these people who are threatening Peter Drake should actually go back to their adviser and ask for an explanation why the adviser recommended to invest ALL of one’s life savings into one fund?
‘Diversifying is the key, so no one else to blame than yourself and/or your adviser.”
The question is must be how many clients found out that of their previously diversified funds more than half or all were all put into LM MPF!
Thr question above was swiftly answered by Martin Terpilowski:
Yes advisers are guilty and 90% are scumbags but Drake indemnified their commission to 9% (+ I am now discovering – maybe 15%) to feed their greed… This suddenly became one of the biggest selling funds in Asia and Drake and his sales guy in HK Martin Venier ran around the region taking ‘so called’ Advisers out for nice dinners… The funds grew 300% in the last few years, purely due to commission levels. Since 2009 I have been trying to get my clients money out of these funds as I did not like the changes I was seeing at LM….My clients redemption requests were held in a ‘queue’ for 4 yrs before implosion… I predicted what would happen in many mails to Drake and advisers.. It is illegal in most countries to take money in and when there is a freeze on redemptions – It is also very clear at that stage, what the end result will be. Your adviser should have probably mentioned this to you.”
Terpilowski, who has been representing corporate level clients from offices in Japan and Hong Kong, has decided to take on Peter Drake and has started publishing correspondence with Drake on www.rapeofhongkong.com and here. It looks like we are going to see a conspiracy. We shall be following this historical confrontation.
Links: Peter Drake’s blog