Reckless Abandon

Lives Destroyed by Investment CEO's Reckless Abandon

After the failure of its flagship property investment fund in 2009, Peter Charles Drake's Australian licensed investment management company, LMIM, recklessly promoted a following, higher risk, fund to investors around the world. The second mortgage predicated MPF fund followed in the wake of the failed FMIF and was particularly popular with ex pats looking to boost their pension position. Many now claim their lives are ruined by the suspicious collapse of LMIM and the reported loss of 95% of their investment. Undetected by the sleepy Australian regulatory body, ASIC, the massive scheme within which Drake is alleged to have embezzled millions of dollars through a complicated network of inter-related entities is now the subject of calls for extensive new investigations. A growing group of irate investors have come together at the on line LM Investor Victim Centre with a publicly stated goal of A Fair & Just Resolution for LM Investors and seek to highlight weaknesses and failures in the Australian regulatory, auditory, legal and financial systems. Drake's shameless disregard for investor positions was on ugly display throughout four years of often fraudulent promotion of the LM MPF. Extravagances include a two year rented property in London at US$20,000 a month and a AU$17m unreturned personal loan from the MPF (alleged to be for divorce settlement), both incurred against a backdrop of advanced and dramatically increasing LMIM management fees charged to the MPF.

LMIM entered administration on March 19th 2013 citing exchange rates as a prominent obstacle to honoring investor commitments. Subsequently, Australian court appointed fund trustees and liquidators for the two key funds, the FMIF and the MPF which together total over US$ 600m, forecast a return to investors of 17 and 5% of capital invested respectively.

LM Investor Victims may visit the LMIVC at https://sites.google.com/site/lminvestorvictimcentre/

Further evidence of this dangerous individual's callous and insidious character is reported here by the Sydney Morning Herald.