Simon Litster (right) on a night out in Tokyo
Potentially one of the worst culprits to put his clients’
funds into the scandal hit LM Managed Performance Fund is now the Chairman of
the Advisers Committee for Investors which has appointed itself to get funds
back on behalf of victims.
According to whistleblower Martyn Terpilowski, that is like having the ‘fox guard the henhouse’ for
Simon Litster, senior partner of Magellan Financial Planning in Tokyo dismissed
warnings five years ago that LM was in trouble and had frozen redemptions.
Magellan had put some some A$30-40 million of client funds
into LM but as early as 2009 nine Litser was warned by Martin Terpilowski that the
funds looked like a Ponzi scheme.
But the now sanctimonious Litster wrote back rudely saying he was at home for his son’s
birthday and Magellan would make its own decisions about what to do with client
funds. Even though he knew LM were freezing redemptions – he took LM executives word that they were solvent.
Fraser Jamieson ‘Fuck off!”
When Terpilowski , known as ‘Dr. Doom’ by financial advisers
in Tokyo, contacted another director of Magellan’s directors, Scot Fraser Jamieson this
is the reply he got: ‘Fuck off and take tour doom elsewhere’ followed by ‘Mate,
I said fuck off and I meant it’, and ‘I’m just telling you to fuck off and don’t
contact me.”
It is not surprising that Terpilowski believes that the offshore financial industry is peopled by spivs or unscrupulous men in suits. 
From reading these emails it is quite clear that Terpilowski is becoming an irritant to people who boasted to each other about how well they were doing.

When LM crashed, as Terpilowski had predicted, Litster
accepted the chairmanship of the Advisers Committee for Investors, ACI, comprising IFA’s
who had been selling LM Funds.

So IFAs who repeated the LM lies are now being asked again to be believed by clients.  This is no more than what Bangkok’s boiler room operators do. When the shares they have sold to clients crash and burn – they set up separate operations calling on investors to pay for debt recovery schemes.

But ACI have not done this….

Alison Pockett, Magellan’s Founder and
President became the ACI European Coordinator.

In Bangkok Neil Robbirt,
of Global Investments, who too had put millions of client funds into LM became
the South East Asia Co-coordinator.

Alison Pockett

The ACI has done a lot of flag-waving but there is evidence members
have advised clients not to listen to the LM Victim Investor Centre.
Neil Robbirt

On accepting the role of ACI chairman Litster wrote to
Terpilowski asking for a contact.

Not surprisingly Terpilowski’s reaction was
explosive.  “I have to face all these
people who made so much money, pretending they were duped too and are setting
up committees”.

 He signed off:

“I desperately want out of this terrible industry and I want
the world to know how bad it really is”.
Presented in conjunction with www.therapeofhongkong.com – Intro by Lindell Lucy

Despite numerous red flags, advisers all over the world recklessly flogged the LM Managed Performance Fund (MPF). The lucrative commissions were irresistible.
For each year that investors were locked in the fund, advisers received 3%. Thus, a three-year term paid 9%, and a five-year term paid 15%. Advisers could elect to have commissions paid upfront if they wanted (so said Peter Drake).
When the MPF was packaged in a portfolio bond, insurers paid an additional 7 to 8% upfront. Advisers could therefore lock in an immediate payout of as much as 23%, it seems.
The money did not come out of thin air. It came out of investors’ savings.
Given that LM was charging a 5% annual management fee, and the fund’s main asset was still just a scratched up piece of dirt, common sense would dictate that LM’s promised returns of up to 9% per year were unrealistic.
Unfortunately, advisers were blinded by their own greed, and investors were never told all of the facts, especially about commissions.
Simon Litster, Magellan, & the ACI
One of the most aggressive promoters of LM’s MPF fund was Magellan, an advisory firm based in Tokyo. When LM collasped, Magellan reportedly had “200 investors with a combined A$30 million locked up in various LM funds”.
One of Magellan’s directors, Simon Litster, subsequently decided to form a committee of advisers to “fight for investors”. 
Magellan first teamed up with Financial Partners of Hong Kong and then quickly recruited ten other advisory firms who had been LM supporters. The group called itself the Advisers Committee for Investors, or ACI. 
Simon Litster was nominated Chairman. Alison Pockett, Magellan’s founder and president, was designated as ACI’s European coordinator.
As of May 2014, the ACI had recruited 32 advisory firms.
Martyn Terpilowski’s Unwelcome Warnings
From 2003 to 2007, Martyn Terpilowski worked at Magellan. After leaving, he remained in contact with some of his old colleagues, including Simon Litster, Alison Pockett, and Fraser Jamieson.
In January 2009, Martyn sent them an email in which he expressed his first concerns about LM:
“Income is being paid late and things don’t redeem unless you chase, bad signs those and the words property and mortgage don’t fill me with confidence either.”
His former colleagues apparently weren’t as worried. Later that year, Peter Drake told Martyn that Magellan was still a strong supporter of LM.
Martyn wrote to Simon Lister again in December 2009 and forwarded him several emails he’d sent to LM sales manager, Heather McLeash. (Those emails have been published here.)
Martyn warned Litster about major redemption problems, the fact that Drake had lied about those problems, and other facts which suggested that LM was operating like a Ponzi scheme. He invited Litster to call him to discuss the issues further. Litster had zero interest or concern. He replied:

“I will not be calling you to discuss this. If [your firm] choose not to market LM funds then that is their decision…magellan can make it’s own decisions.”

Martyn responded:

“If you chose to believe everything [LM says] against what Doctor Doom says so be it – it really does not affect me. 

“Let’s see then mate – but this has been documented and enough people know about what we know. If this goes wrong, there are no excuses for any of us”.
I reiterate I am seriously worried.”

Doctor Doom was a nickname Martyn had earned from always thinking critically. Whenever he predicted that a suspicious-looking investment scheme was headed for trouble, he often turned out to be correct.
Doctor Doom Is Proved Correct Once Again
Four years after Martyn’s first warnings, LM collapsed. Most observers concluded that the MPF was a fraud. Asset values were grossly overvalued, and redemption payments and income distributions seemed to have been paid with new investors’ money, just like a Ponzi scheme.
Litster sent Martyn an email a few months after LM’s collapse, but it wasn’t to apologize for his earlier behavior. Instead, Litster mentioned that he had been nominated chairman of the ACI, and he wanted to know if Martyn had the contact info of another firm that had been selling LM.
Litster showed no apparent signs of guilt or shame. If anything, he seemed to be slightly proud of his nomination as chairman.
Martyn was so angry he had to wait till the next day to respond:

“for you and Alison…to now come in acting like the white knight is quite ridiculous…I warned you in a friendly way a few years ago and your response was quite damning.”

Litster didn’t reply to Martyn’s email, and they haven’t spoken since.
ACI’s Hypocritical Blame Game
Since its establishment, the ACI has been focusing most of its energy on blaming Peter Drake and the Australian regulators—and deflecting attention away from advisers’ negligence.
In an interview with the South China Morning Post, Simon Litster admitted that Magellan “knew about problems with the Managed Performance Fund in 2009.” However, “Magellan continued to sell [MPF] into 2012 because LM provided reassurances…including audited reports.”
Litster’s statements suggest that Magellan and others continued selling LM because Peter Drake had purchased their trust. They didn’t bother to use common sense or question the information that Drake provided, as this would have required a small amount of effort and resulted in a pay cut.
Martyn Terpilowski summed it up just one week before LM collapsed: “I realise that the old big upfront commissions are still convincing some brokers to invest money with a company with so many problems… the questions would have to be – why else would u choose LM? I mean there are other alternatives”.
In April 2014, the ACI put on a big show, loudly complaining to the Australian Senate, demanding an investigation into the conduct of ASIC, the Australian regulator.
One ACI member hypocritically stated:
“I have been left feeling incredibly frustrated, disappointed and let down by ASIC, who had knowledge of Peter Drake and the LM disaster looming months before it happened in March 2013. Had ASIC stepped in far earlier, large losses to some clients could have been avoided. I find this borderline criminal negligence in itself.”
Certainly ASIC isn’t blameless, but when ACI members masquerade as innocent bystanders, they are only fooling themselves.

“These clowns really are full of sh1t.”

Martyn Terpilowski
From: Martyn Terpilowski
Sent: 18 January 2009 13:14
To: ’Alison Pockett’; ‘Simon Litster’; ‘Fraser Jamieson’
Subject: Property updates
Importance: High 
Dear All,
I am not trying to cause trouble here and I realise we are all in the middle of a complete disaster but clients are getting increasingly annoyed on lack of updates on failed property investments. I can help with Coco and Edge as an investor myself so have the info, but they are not getting any updates on Dubai Marina or Ropewalk etc. [A client] is livid and I did mail you a few weeks ago, but he has still heard nothing. I am happy to help but you will not give me the info, just telling me that they should go through you.
understand with your JPY [Japanese Yen] and Property exposure this must be an awful time – it is awful for me and I am not as exposed. The perfect storm as warned by Doctor Doom has occurred worse than he could have predicted.. JPY loans – I do know now what was I thinking when I look at a 10 chart!!! Oh well we learn…
I have concerns for LM also FYI. Income is being paid late and things don’t redeem unless you chase, bad signs those and the words property and mortgage don’t fill me with confidence either. [XXXX] told me Brandeaux would never stop redemptions in November as they are not property related!!!!!! I don’t trust any of them. Any smaller fund house – look at Castlestone and FMG – terrible.
Anyway – not to darken the start to your week – but the updates on property is essential as clients are not hearing and blaming me which is not fair!!!. As I said I am happy to help if you let me.
Good luck.
December 2009
Martyn Terpilowski
From: Martyn Terpilowski
Sent: 16 December 2009 09:42
To: ’Simon Litster’
Subject: FW: Hello Heather
Hi Simon
I hope that you are well.. Just a very quick one, but please see mail below I sent to Heather at LM. You do not have to listen to me, but there is something very wrong here for the reasons I have explained below. Putting money into a fund when you cannot get your money out is wrong and money they are getting in is clearly being used to pay redemptions, which is very wrong.
Peter Drake no longer likes me, like Alan Sadd did not for years before everyone else, Kamran Mahmood too.. but Doctor Doom was spot on with nearly everything (JPY loans!!!!)– just wish he had followed his own advice.
This is just FYI anyway as Peter seems to be holding you guys up as great supporters. I do not think that is a good space to be at all.
Have a good Xmas
Simon Litster
From: Simon Litster
Sent: Wednesday, December 16, 2009 10:51 AM
To: Martyn Terpilowski
Subject: RE: Hello Heather
I have not forwarded your mail to AP [Alison Pockett] but i will discuss your concerns with FJ [Fraser Jamieson]. How do you know redemptions are being met with new money coming in?
Martyn Terpilowski
From: Martyn Terpilowski
Sent: 16 December 2009 11:08
To: ’Simon Litster’
Subject: RE: Hello Heather
Give me a call. It is obvious. They have no redemptions right now – indefinitely ([Client 2] has been waiting since May after putting request in, in Jan). Do you think when money comes in, they invest that money, whilst trying to free up other assets to pay redemptions? Obviously not. That is the hallmarks of a Ponze scheme and that has been very obvious for sometime, I have told FJ already, he seems like he wishes not to know. Gteed problems here – I will fwd you the next mail I sent. It really matters little to me – we have not dealt with them for several months now and I am very worried.
Martyn Terpilowski
From: Martyn Terpilowski
Sent: 16 December 2009 11:11
To: ’Simon Litster’
Subject: FW: Hello Heather
Please see below and yes you read right Peter Drake stated that he was ‘lying for the greater good’ like Richard Nixon – when he did not make it clear on redemptions earlier.
Simon – surely you are not saying to clients – ‘Invest in this, great return (mortgates and property!!!!),  but is currently closed for redemptions’ are you? So someone is being mislead. Great sales skills though.
Simon Litster
From: Simon Litster
Sent: Wednesday, December 16, 2009 11:18 AM
To: Martyn Terpilowski
Subject: RE: Hello Heather
I am reading this from home as I am off today for my son’s birthday party. I will not be calling you to discuss this. If [your firm] choose not to market LM funds then that is their decision. Happy to listen to logic and facts and magellan can make it’s own decisions. Don’t however comments like  “Invest in this, great return (mortgates and property!!!!),  but is currently closed for redemptions’ are you? So someone is being mislead. Great sales skills though” does not endear you to me or us to be honest. If you continue to make such sweeping statements then please keep your opinions to yourself.
Martyn Terpilowski
From: Martyn Terpilowski
Sent: Wednesday, December 16, 2009 12:07 PM
To: ’Simon Litster’
Subject: RE: Hello Heather
Ok Simon.
I have given my logic and the facts, which are in fact very clear. I was not trying to endear myself to you or Magellan – I was trying to help you all. I recently heard from a customer that Magellan are still promoting LM strongly and they were pretty amazed as they were aware of redemption suspensions. I actually cared. None of my statements are sweeping at all – they are all based on facts and clear information. It is ethically incorrect to take money into a fund, where redemptions are suspended. Fact. I am sure that a few years ago, you would have been happy to say that about other companies. It is also very clear that the new money coming in, is being used for redemptions. Again, not sweeping, but obvious. It is also clear that surely this is not being made clear to clients. Again not sweeping, but obvious.
I do not understand how this can be seen any other way. After all the problems we have all had with funds closing and [delayed redemption] shares etc, I would have thought we would all be adopting an initial view of caution on things like this. After all LM have lied all ready about redemptions and the CEO has quoted Richard Nixon of all people (again Fact), so if you chose to believe everything they say against what Doctor Doom says so be it – it really does not affect me.
Let’s see then mate – but this has been documented and enough people know about what we know. If this goes wrong, there are no excuses for any of us.
I reiterate I am seriously worried.
Have a great Xmas.
October 2011
Martyn Terpilowski
From: Martyn Terpilowski
Sent: Saturday, October 01, 2011 11:54 AM
To: ’Simon Litster’
Subject: and between me and you
Where do u think Porton is going mate? You are probably aware there is lots of anger brewing about that now also as FJ has sold the back out of it. We are all aware of the insane commissions they were paying and I am very surprised that did get alarm bells ringing… This has gone on for years and if these technologies were so good they would have been sold mate and we all know that and investors would have received some money back. We now have the farcical legal case when 3M are saying Acolyte did not work (why would they say that if not true?) and Harvey Boulter trying to blackmail them. As this appears to be the only technology they have ever sold, I do not think it bodes well…. I think FJ may really regret his boast to me at the [Azabujuban] festival last year that he had still done $1m already….. yes at 15% commission…(he also said I would sell nothing with my attitude)… I guess that was desperation because of all the other business going wrong, but there is definitely trouble brewing here also and this will be worse..
I know u get p1ssed when I say things like this like when I said about LM last yr, but I was trying to help as people like [my client] were going nuts that it was being sold when his money was locked in (and still is)…Now everyone is talking about [Porton Capital]….. I am not being Doctor Doom….
Have a great weekend.
June 2013
Simon Litster
From: Simon Litster
Sent: 27 June 2013 21:05
To: Martyn Terpilowski
Subject: LM and ACI
Who do I contact at (name redacted) about joining the ACI (Advisers Committee for Investors)? You may have heard we are deeply involved and I was nominated Chairman. I am co-ordinating brokers in Japan.
Simon Litster
Senior Partner
The Financial Planning Company
Website: www.magellanfp.com
Martyn Terpilowski
From: “Martyn Terpilowski”
Date: 28 June, 2013 10:51:16 am GMT+8
To: Simon Litster
Subject: LM
Sorry I could not control my anger last night but could not actually believe what I was reading. I have kept quiet on this with you guys so far as did not want to waste my energy, but for you and Alison (or [Financial Partners] in HK for that matter) to now come in acting like the white knight is quite ridiculous. 
For 3 years I have been battling with LM for my clients money back, all that time brokers have been lining their pockets selling this due to the insane commission levels. I warned you in a friendly way a few years ago and your response was quite damning. I wrote to the regulator and all bond providers telling of my concerns and everyone ignored me. 
Lets be clear, this was a huge fraud where LM teamed up with brokers and it was facilitated by the life companies who continued to accept this despite numerous warnings. 
The fund had far less interest from brokers when it paid 3 [percent] and could not be put in a bond. The fund at that stage was far more stable also. 
During this time despite major financial problems, I stuck to my principals and never sold it, whilst desperately trying to get clients money out. It made no sense and the only reason ppl were placing money there was for commissions which was 16pc in a bond [9% LM + 7% bond], so how was the client ever going to win? 
During this time I met a very arrogant Fraser telling me how well he doing.. Well anyone could do well selling this and Porton. I really hope it is finally catching up with him. 
It is very depressing, but the offshore industry is disgusting and the few people I used to respect, have been involved with this. I don’t believe I am the only person who knew this was going to happen, but am one of the few who stuck to their principals. 
I actually think this was theft and brokers should be brought to account also. I have sent many emails to KordaMentha, documenting my long term concerns and emails proving that I had told the regulator, the life offices and some brokers of my concerns. 
Everyone just carried on. Now I have to face all these people who made so much money, pretending they were duped too and are setting up committees. This even includes ex LM employees. It is just unbelievable. Sadly that group will be far bigger than my group, due to the nature of this industry. I am mortified for [my clients], but they know I have been fighting for them a long time, since my concerns started.
The people I talk to who bought this from Fraser should also be aware, that he was warned. The people who sold this in the last few years since commission levels were increased, should be brought to account and not be able to act as if they are shocked and there to help. I know I am Doctor Doom.. Just waiting for Porton.
I desperately want out of this terrible industry and I want the world to know how bad it really is.
The Fraser Jamieson Confrontation

From: Martyn Terpilowski
Sent: 02 November 2009 15:43
To: Fraser Jamieson
Subject: LM MPF
U still doing more of this??
Something wrong [in my opinion]… just had a meeting with Peter Drake, he does not like a question and admits basically deceiving us about redemptions on MPF – he told me in the summer – no issues with redemptions on MPF, but we have now discovered there have been issues since March at least…. Not good…
They still take money in also which is not good.. probably just to pay redemptions and there is a name for that.
Best regards
Fraser Jamieson
From: Fraser Jamieson
Sent: Monday, November 02, 2009 3:46 PM
To: Martyn Terpilowski
Subject: RE: LM MPF
Been issues since March as you say…no need to deceive us as we had clients who were looking to redeem since March so we have known the liquidity issues all along
Martyn Terpilowski
From: Martyn Terpilowski
Sent: 02 November 2009 15:53
To: ’Fraser Jamieson’
Subject: RE: LM MPF
U still buying this????
December 2011
Martyn Terpilowski
From: Martyn Terpilowski
Sent: 30 December 2011 15:49
To: Fraser Jamieson
Subject: LM….
Is D-O-D-G-E… if u are still doing that as well as Porton, no wonder u want to move…
I am trying desperately to get my clients money out of there.. Peter Drake is a megalomaniac…
U heard it here first…. Doctor Doom.
Happy New Year.
Fraser Jamieson
From: Fraser Jamieson
Sent: Friday, December 30, 2011 4:43 PM
To: Martyn Terpilowski
Subject: RE: LM….
Fuck off and spread your doom elsewhere MT….
Martyn Terpilowski
From: Martyn Terpilowski
Sent: 30 December 2011 16:59
To: Fraser Jamieson
Subject: RE: LM….
I think we both know it is not doom…and have known for a long time… positivity can be very dangerous in the wrong hands and that has been proven time and time again..
I wonder what the powers that be [i.e., Magellan’s management] would have thought if [a very infamous company] had been flogging this kind of thing? Especially after everything else?
[Due diligence] requirements have changed somewhat the worse things have become. How things have changed eh….
Have a good one…
Fraser Jamieson
From: Fraser Jamieson
Sent: Friday, December 30, 2011 5:00 PM
To: Martyn Terpilowski
Subject: RE: LM….
Mate I said fuck off and meant it
Martyn Terpilowski
From: Martyn Terpilowski
Sent: 30 December 2011 17:04
To: Fraser Jamieson
Subject: RE: LM….
I don’t think threatening me is a good idea mate…. Have a good New Year.
Fraser Jamieson
From: Fraser Jamieson
Sent: Friday, December 30, 2011 5:07 PM
To: Martyn Terpilowski
Subject: RE: LM….
It’s not a threat MT…I’m just telling you to fuck off and don’t contact me
Martyn Terpilowski
From: Martyn Terpilowski
Sent: Friday, December 30, 2011 5:10 PM
To: ’Fraser Jamieson’
Subject: RE: LM….
Ok – no problem.. u are very touchy today.
Have a good one.


  1. Magellan was a well-known name among the expat community, but not necessarily for the interests of their clients. But none were as notorious as Meyer, which was trying to hawk land in Thailand. The ringleader skirted off to Bangkok, not long after this. http://bit.ly/1qxNQec

    . It took some time for the Japanese FSA to crack down as these companies. I still remember LM being a favorite among the consultants' took kits.

  2. Don't hold your breath waiting for ASIC to help. Look at the penalty handed down to a recent FA who lost everyone's money. From today's Age newspaper.

    ## A parliamentary inquiry has grilled the corporate regulator's top brass over why a financial planner who caused widespread misery by tipping people into forestry schemes that failed was banned from the industry for just three years.

    During a Parliamentary Joint Committee hearing on Friday morning, Labor Senator Deborah O'Neill said victims of Peter Holt, whose company Holt, Norman, Ashman, Baker was the biggest seller of investments in Timbercorp, had told her his behaviour was more in line with "ten year or permanent banning than the three years that's been applied".

    "They've lost everything, one of the things they want is to prevent this happening to anyone else," she said.

    Liberal MP Tony Smith asked: "What do you have to do to get life?"

    Ms O'Neill also asked why the Australian Securities and Investments Commission was planning to return a $20,000 security bond, lodged under an old regulatory regime, to Mr Holt's firm.

    ASIC chairman Greg Medcraft said ASIC delegates who decide penalties had to operate within case law set by the Administrative Appeals Tribunal, which currently treats holding a financial services license as "a right, not a privilege".

    "That's part of the issue they have to think about," he said.

    ASIC executive Louise Macaulay told the hearing Mr Holt had been banned in 2012 for giving inappropriate advice "influenced by very high commissions paid on certain agribusiness products".

    Speaking after the morning session, Nationals Senator John Williams, who is also on the committee, said the ban handed out to Mr Holt was "disgusting".

    "Here he is supposed to be bankrupt and according to the 7.30 Report he's living in a big house and driving a flash car."

  3. If, as is likely from a Treasury consultative document, the British government proceeds to tax British overseas expats from their first pound of income and abolishes the initial 10,000 pounds personal allowance, we can expect financial fraudsters to be very active indeed. A single expat will be at least 2,000 pounds a year worse off and a married couple 4,000 pounds. It's going to be a happy hunting ground for bottom feeders looking to grab pensions and exploit the vulnerable.

  4. The whole offshore investment industry through the tax havens has been a disaster for many expats in Asia. I was fortunate that I was sold a plan by an unregistered IFA in Japan. When the Japan FSA blew the cover, I was able to negotiate with Zurich to release my investment without penalties after 10 years. Actually, they were terrified that the media in Japan was going to pick up on this. Pretty shonky not to check the registration of consultants in a country like Japan.

  5. Regulatory Legal Solicitors, the law firm is seeking redress for investors but lets see? as Abbott lobbying isn't interested so far. The company said it is trying to contact investors who may have been sold any of the LM’s now suspended funds over the past few years, and is encouraging them to get in touch. Tobias Haynes, a paralegal at Regulatory Legal is of the opinion the LM range of funds should not have been sold to many investors, as they were high risk, unregulated collective investment schemes (UCIS) suitable only for professional investors. “Typically investors are told of exaggerated returns, low risks and various guarantees, LM is no exception to this rule. Funds in overseas schemes which are unregulated are high-risk, offer no access to redress for investors through regulatory means and are ultimately difficult to verify or value. They are a definite no-go for retail clients.” The first signs of trouble at LMIM was 2009 when it took the decision to close its First Mortgage Income Fund and to sell down the fund’s assets in order to repay credit.
    Problems compounded at the end of 2012 when a company called Trilogy took control of the LM Wholesale First Mortgage Income Fund from it. Drake said: “LM is a diverse multi-fund manager currently managing nine Australian funds with total assets under management with a realisation value of A$3bn.” But 5 months after Drake made this statement, on 18 March 2013, the company filed for administration?? You can guess who the liar is. According to data obtained by IA, over 80 advisers each channelled over A$1m of their client’s money into its flagship Managed Performance Fund, which is now in liquidation, but had around A$400m invested at its peak. These LM advisers are now being looked at!!!!

  6. What I find curious is that the S.E. Asia representative of the Adviser's Committee for Investors is not registered with Thailand's SEC and is therefore operating illegally. Why would anyone have any faith in an illegal IFA purporting to try to get you your investment back?

    1. Readers of this site will already know that very few foreign IFAs have registered with Thailands SEC. And one of the few firms which did nominated their IFA to the SEC a man who was banned from the business in the United States

  7. From Graeme Smith (by email)

    "Given that some IFAs may be eventually be prosecuted by Regulatory Authorities or those appointed to deal with the aftermath of LM (or Investors) may bring civil actions against such IFAs at some future date it seems quite inexplicable for the Regulatory Authorities to allow any correspondence or representation between an Advisory Committee of IFAs and those now dealing with aftermath of LM. It may both forewarn and prejudice any legal action against such IFAs. Its quite extraordinary that the Regulatory Authorities have allowed this. In the aftermath there is a clear conflict of interest between the Investors and some IFAs who promoted this investment."

  8. The names of the ACI organisers are some of the very same IFA conmen who continued for four years pushing their clients into LM's toxic funds. Even if they did not check themselves, Terpilowski warned them of the impending doom, but the IFA commissions were so exorbitant they ignored him. There was a far too chummy relationship between the owners of the IFA firms and Peter Drake. Were they altogether in on the scam from the start?
    We can be sure the formation of ACI was not to save cheated investors, more likely to save their own skins and outstanding commissions. The ACI conmen even had the gall to ask for more money from the same victims to save Drake's MPF fund!! ACI's conflicts of interest are obvious. How did anyone decide ACI could be the representative of scammed investors they created? I'd like to know which authorities have allowed this?
    The most galling aspect of this whole scam is that the same IFA shysters are still swanning around Bangkok and SE Asia. Nobody has touched them and nobody has strung up any of them. Yet…

Comments are closed.