LM boss Peter Drake has lost control of all his assets to a bankruptcy trustee, the Brisbane Courier-Mail reports and has been forced to hand his passport in to a Brisbane Court. The newspaper reported Thursday that Federal Court judge Michael Wigney yesterday ordered Mr Drake to reveal every piece of property, share portfolio and bank account to the trustee …
THE LM FIASCO – ASIC BEARS ITS GUMS
CAREER OPPORTUNITIES IN FUND MANAGEMENT. The Australian Securities and Investment Commission has at last started to take proceedings against LM Investment Management which has taken down hundreds of millions in people’s pensions. But the victims are not exactly going to be thrilled with the news. What many see are out and out criminal offences ASIC sees as civil matters – …
FUND SALESMAN WHO SAID LM WAS ‘HIGHLY REGULATED’ DOES A BELATED ABOUT TURN
‘IT WAS A CLUMSY USE OF WORDS’ People who invested in the LM Managed Performance Fund thought their investments was as ‘safe as houses’. But LM invested the cash in property and the property crashed. Many also could forgiven for thinking that investing in LM was as safe as investing in a private bank because that is what they were …
LM – The crash! And now out come the words, scumbags, tossers and shysters!
‘You’ve got blood on your hands’ After trying for four years to get his clients cash out of LM Tokyo based financial adviser Martin Terpilowski watched in horror, but not surprise, as the funds crashed and went into receivership. But the bitterest pill to swallow was being told by LM salesman Martin Vernier:’For once in your life take responsibility for …
HOW THE MEDIA UNKNOWINGLY COLLUDED WITH LM
THIS IS WHAT YOUR IFA WAS TOLD! With thanks to COVERFOTO /Bennett Independent Financial advisers selling the LM Managed Performance Fund were sent glowing references to how well the fund was doing when it was just months away from collapse. Peter Drake the LM supremo sent them press cuttings showing how people were being paid back and how work was …
ABOUT TURN? ROYAL LONDON 360 FINDS NO PROBLEM WITH LM!
But this gobbledygook of evasion or rather fundspeak says it all. Here we go again as another fund provider is tackled by whistleblowing financial adviser Martin Terpilowski – this time its Royal London 360. Readers might at this stage wonder what language is spoken in the world of finance. I think its call evasion, others might call it, fibs, or, …
LIES, LIES AND MORE LIES – HOW LM PLAYED FOR TIME
AN EXCRUCIATING EMAIL EXCHANGE BETWEEN LM AND A FINANCIAL ADVISER If there can be any doubt that directors of the company and salesmen of the product were lying their heads off then the following long series of emails from an adviser trying to get his clients’ money back will put an end to them. Martyn Terpilowski had succeeded in getting …
LM MANAGED PERFORMANCE FUND WAS FOR ‘SOPHISTICATED INVESTORS ONLY’
The LM Managed Performance Fund was for ‘sophisticated investors only’. This may come as a surprise to clients whose money was put in property in Australia just before the crash time in a boom and crash market. In continuing revelations Martin Terpilowksi, who had high end clients in the fund, concludes that independent financial advisers knew that LM was a …
LM – PONZI! PONZI! PONZI? – BUT AUSSIE REGULATORS DID NOTHING
WHAT WATCHDOG? Were alarm bells ringing about LM? Did the Australian regulators hear them? Were they told? Apparently yes. More revelations today in correspondence with Peter Drake and Linda Darcy at LM reveal how legal action was threatened by Drake who wanted to keep a lid on what what going on. If it walks like a duck and talks like …
How LM Locked In Its Clients
Be careful out there and see how Thailand regulates these advisers The Australian authorities cannot seem to find anything criminal about it. But in 2011 Peter Drake started locking in clients money to his funds for up to five years. This was two years one fund had already gone belly up and punters were unable to get their money back. …
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