One Goal: A Fair & Just Resolution for LM Investors
In the first quarter of 2013 the Australian licensed investment management company, LM Investment Management (LMIM), collapsed owing 12,000 investors across the world a total of Au$750m. The media has been awash with allegations of mis-management, fraud, breach of trust, and ponzi scheme operation. Advisors worldwide recommended and supported the investment and are implicated by virtue of their failure to categorise the investment correctly due to negligence or pure greed for the well above average advisor payments from LMIM.
Adding insult to severe injury is the wrangle through the Australian courts for the privilege to 'manage' the ailing funds. Enormous associated costs threaten to render the returns to many investors negligible.
Our site objective is to provide a united movement with one goal:
A Fair & Just Resolution for LM Investors.
Small steps by many to produce a large result for all
Victims have currently registered their support for A Fair & Just Resolution for LM Investors. The larger that number, the greater our presence and the higher our chance of achieving the goal.
Feel Cheated?
Feel cheated by the LM Fiasco?
LM Investor Victim Centre (LMIVC) urge LM investors to continue coming forward. Provide a few basic details to continue strengthening our march toward a Fair & Just Resolution. Now with over 850 registrants our voice gains intensity.
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LMIVC Recovery Initiative
The Wide Ranging Corrective and Recovery Actions (WRCRA) initiative is described here. MPF investors MUST complete the Q1 questionnaire here to participate in the WRCRA recovery initiative.
Have you completed the questionnaire?______________________________________________________________
Korda Mentha
Distributed the 16th Update To Investors on the 23rd May 2016 pointing investors to the LMIVC Wide Ranging Corrective And Recovery Actions (WRCRA) page that all MPF investors are urged to visit.
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ASIC
Civil Action Against LM and Former Directors'Media release: 23rd Dec 2016 Australian Courts determine LM directors NOT in breach of duties. See the reaction from LM MPF Investors.
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Ponzi Tracker
See how other Ponzi Schemes and perpetrators are dealt with at Ponzitracker.
Background
LMIM was an Investment Management Company founded by a New Zealand national named Peter Drake. The Company was registered and operated in Australia. Investors were offered a range of funds that were, allegedly, deploying different investment positions in the Australian commercial and residential property markets.
During the global financial crisis beginning 2008, growth in funds targeting, principally, Australian and New Zealand resident investors slowed. To counter this LMIM turned to a fund called the Managed Performance Fund or MPF.
The MPF was actively promoted across the world through a network of 'independent' financial advisors.
On March 19th 2013 LMIM called in the administrators. What has since unfolded leaves investors in a state of shock, horror and despair.
ASIC's description of the LMIM operation reads.. 'LMIM was the responsible entity for seven registered managed investment schemes and the trustee for MPF, an unregistered managed investment scheme with about 4,500 investors. More than $400 million was invested in MPF. In total, LMIM was responsible for managing at least $800 million on behalf of approximately 12,000 investors in Australia and overseas.'
Resolution Progress
Two Years On
More than 2 years after the collapse of the Australian licensed Investment Management company, LMIM, that left 12,000 investors across Australia, New Zealand and the rest of the world in shock, horror and disbelief the Australian agents / authorities..
1. Cannot explain where over Au$200m of MPF investors monies allocated to the Maddison Estate has disappeared to.
2. Have inaptly 'fined' Peter Charles Drake, the perpetrator of a Au$400m property investment fraud that in other countries would attract a jail sentence of decades.
3. Have shown zero compassion for innocent victims across the world with lives ruined by the most elaborately disguised Ponzi scheme the world has ever seen.
4. Have still to return anything to an investor population predominantly approaching or in retirement.
Four And A Half Years On
More than 4 years after the collapse of the Australian licensed Investment Management company, LMIM, that left 12,000 investors across Australia, New Zealand and the rest of the world in shock, horror and disbelief the Australian agents / authorities..
1. Cannot explain where over Au$200m of MPF investors monies allocated to the Maddison Estate has disappeared to
2. Have inaptly 'fined' Peter Charles Drake, the perpetrator of a Au$400m property investment fraud that in other countries would attract a jail sentence of decades AND failed in a sensational federal court case collapse to find any LMIM director guilty of a duties breach.
3. Have shown zero compassion for innocent victims across the world with lives ruined by the most elaborately disguised Ponzi scheme the world has ever seen.
4. Have still to return anything to an investor population predominantly approaching or in retirement.
