A complex web of deceit

The funds managed by LMIM were the LM Australian Structured Product Fund, the LM First Mortgage Income Fund, LM Currency Protected Australian Income Fund, LM Institutional Currency protected Income Fund, LM Australian Income Fund, LM Managed Performance Fund and LM Cash performance Fund. All these funds had different currency share classes so weaves a complex web of deceit.

The incredible collapse of the LM Investment Management (LMIM) Group run by Peter Drake, has caused massive financial losses to English speaking expat investors all over the world. Unfortunately, it seems that many of the investors were retirees who invested due to the perceived stability of the Australian property market and believing the Australian regulatory system would protect them from any impropriety. Most invested through well recognised trustees and life insurance investment policies based in the Isle of Man or Channel Islands.

As far back as 2013, KordaMentha Pty Ltd and Calibre Capital Limited which were the Court appointed joint trustees of the LM Managed Performance Fund reported that investors of the LM Managed Performance Fund may lose more than 95% of their investments. This was due to the alleged overvaluation of the underlying property related assets.

Very recently in September 2020, many investors will have received a notification from KordaMentha which essentially confirms they will receive 5 pence in the pound for their investment.

There are different parties to blame for failure of oversight and some other irregular fiduciary activities. We are keen to speak with investors in these LM funds from all over the world as we believe the custodians and pension trustees who have still applied their fees for the past 7 years had a fiduciary responsibility to protect their clients and failed completely. The Newport litigation experts believe there is a clear case to answer here for those who facilitated retail investors investing into these funds.

© All Rights Reserved The Newport Group 2022
Sitemap | Privacy Policy | Terms & Conditions
Website development by OWD