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LMTIG are a sixty strong Thai based aggrieved LM Investor Group holding regular action meetings in Thailand to address multiple criminal aspects of the massive Australian LM Property Ponzi / Fraud.
LMTIG have filed a group complaint with the Thai Securities and Exchange Commission (SEC) relating to eleven 'Financial Advisers' operating in Thailand without license. Members of the group, many of which are in or approaching retirement, are backing up the group complaint with personal details and circumstances.
The LMTIG group estimate they have lost US$13.4m* from the fated investment in LM, principally the LM Managed Performance Fund (MPF). The MPF was promoted heavily by 'advisers' in Thailand during the 2008 - 2013 period, and was invariably fraudulently, and in the case of the 11 organisations below, illegally, sold as low risk to retail investors to obtain upfront commission of as much as 15% for a 5 year term.
The MPF information memorandum itself stated that the fund was for professional investors only and therefore not suitable for retail investors. It was classified as an unregulated collective investment or UCIS universally recognised as high risk and unsuitable for retirees or near retirees.
Thai law states:
SECTION 289. Any person who undertakes securities business without having obtained a license from the Minister in accordance with Section 90 or contravenes Section 155, Section 209, Section 219, Section 220 or Section 221 shall be liable to imprisonment for a term of two to five years and a fine from two hundred thousand baht to five hundred thousand baht and a further fine not exceeding ten thousand baht for every day during which the contravention continues.SECTION 289. Any person who undertakes securities business without having obtained a license from the Minister in accordance with Section 90 or contravenes Section 155, Section 209, Section 219, Section 220 or Section 221 shall be liable to imprisonment for a term of two to five years and a fine from two hundred thousand baht to five hundred thousand baht and a further fine not exceeding ten thousand baht for every day during which the contravention continues.
The eleven adviser organisations are:
1. Mike McBriar
Abbey Solutions, Thailand
321/3 Soi Sukhumvit 31,
Klongtoey, Wattana,
Bangkok 10110,
Thailand
and/or
998/219 Onnuj Road,
Soi Sukhumvit 77,
Suanluang,
Bangkok 10250,
Thailand.
Thai SEC Company Search Result: No Data Found
2. Phil Barbour,
Coreharbour, Thailand
Coreharbour Ltd,
Level 9, Zuellig House,
1 Silom Road,
Bangkok,10500
Thailand
T: +66(02) 231 8437 F: +66(02) 231 8121
phil@coreharbour.com
Thai SEC Company Search Result: No Data Found
3. Richard Malpass,
Credenda Associates
Level 16,
Prime Building,
24 Sukhumvit 21 (Asoke),
Klong Toey,
Wattana,
Bangkok,
Thailand 10110
Tel: +66 (0) 2 661 7884
Fax: +66 (0) 2 661 7885
and
Villa Asoke
Makkasan, Ratchathewi
Bangkok 10400
Thailand
http://www.credendaassociates.com
Thai SEC Company Search Result: No Data Found
4. Alan Lane,
EMM Consultancy, Thailand
EMM ( Expat Money Matters ) Consulting Co.Ltd.,
Prime Building, Unit B-2, 12th Floor,
24, SUKHUMVIT Soi 21 ( Asoke )
Klongtoey Nua,
BANGKOK, 10110.
Phone 66 (0)2 661 7588, Fax 66 (0)2 311 0277
http://www.expatmoneymatters.com
Thai SEC Company Search Result: No Data Found
5. Neil Arthur Robbirt,
Global Investments Far East Ltd, Thailand
Global House,
235/15 Sukhumvit 31,
Sukhumvit Road,
Bangkok 10110
THAILAND
Tel.: +66(0) 2662 2009, Fax: +66(0) 2662 2752
info@globalinvestments.net
http://www.globalinvestments.net
Thai SEC Company Search Result: No Data Found
6. Martin Bignell,
IMPERIUM CAPITAL, Malaysia IMPERIUM CAPITAL
50-05-12, 5th Floor,Wisma UOA Damansara,50 Jalan Dungun
50490 Kuala Lumpur - Malaysia
Tel +603 2095 7095
Fax +603 2095 6616
Email client.services@imperium-capital.biz
(part of Financial Partners Group, SE ASIA)
Thai SEC Company Search Result: No Data Found
7. Alan Hall, PFM International ( Previous Address)
PFM International
1M4T Sanpranet,
Sansai
Chiang Mai 50210,
Thailand
Thai SEC Company Search Result: No Data Found
8. Andrew Wood& Roger Seftan,
Platinum Financial, Thailand
2105, 21st Floor, Two Pacific Place,
142 Sukhumvit Road,
KlongToey,
Bangkok 10110,
Thailand
Telephone: +662 653 1971 | Facsimile: +662 653
enquiriesthailand@fsplatinum.com
Thai SEC Company Search Result: No Data Found
9. Gavin Broad,
Portsmouth Mann, Thailand Portsmouth Mann International Co.,Ltd.
Renamed as
PMI Consulting Co. Ltd,
77/22 ChokChai Garden Home 3 Soi 8.
Soi Khao Noi,
Nong Prue,
Banglamung,
Chonburi.
Thailand
gavin@pmiconsulting.org
Thai SEC Company Search Result: No Data Found
10. Gary Bradford& Eric Jordan,
PPI Advisory Intl.,
Thailand
(complaint already made March 2014)
Thai SEC Company Search Result: No Data Found
11. Malcolm Lewis,
SCI Group, Thailand
Malcom Lewis
SCI Group Ltd
2nd floor Liberty Place
42 Sukhumvit Soi 22
Klongtoey
Bangkok 10110
Thailand
malcom@scigroup.org
Thai SEC Company Search Result: No Data Found
*note this figure was originally reported as US$4.7m based on average investment calculated by dividing fund size by investor count. However actual data collected from Thai based investors indicates the much higher figure of US$13.4m.
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