"Give Us Back Our Life Savings "
This petition had 219 supporters
Through his company, LM Investment Management (LMIM), Australia, Peter Drake, CEO, stole the life savings of 12,000 ordinary investors all over the world.
He did this by hatching a clever scheme, posing as a large Australian property investment company, regulated in "safe" Australia, investing in residential property.
Research into the company’s final four years of operation reveals that its interest and redemption commitments to investors were more reliant on new investors’ monies than on any operational factor.
The promotional material for the LM Managed Performance Fund withheld critical information, quoted negligent, misleading audit report content, and contained inflated asset valuations. It was, in fact, a heavily fraudulent, elaborate, quasi-Ponzi scheme.
Peter Drake’s company sold investment funds to risk-averse overseas retail investors like us, with the promise that these were “low / medium risk” investments.
Many investors were ensnared by unscrupulous financial advisers operating in the international/expat market, who we now understand had been receiving large commissions from investors’ monies from Peter Drake and his company.
To further ensure the deception, these investments were overseen and sold through international banks and via multi-national insurance companies like Skandia (Old Mutual) and Friends Provident.
Between 2009 & and 2013, after one major LM investment fund had been suspended, Drake’s salesmen put a real push behind targeting overseas pension funds and other investor’s outside Australia. Most were British expats, but other nationalities were targeted as well.
In January 2013, LM Investments had offices in Central London, UK, was registered with the UK Financial Services Authority and was accepting retail investor deposits into HSBC Bank, London.
It is estimated that the total worldwide takings of LM Investments were over $600million of investor savings from 12,000 of victims all over the world!
In March 2013, LM Investment Management (LMIM), licensed and regulated in Australia, called in administrators and within weeks we were told our money had gone.
4500 of us are overseas investors left out in the cold with no one willing to listen or help get our money back.
Some have committed suicide, with their future bleak. Others have died because the money to pay for hospital treatment has been stolen by a man called Peter Drake.
Here are a few of our stories:
- A 71 old British man retired to Cyprus in 2007 and sought to invest his UK pension into funds in order to leave to his children and grandchildren, he lost most of it.
- A 73 old retiree in Bangkok, Thailand who was retired since 2008, lost most of his pension, invested via Skandia into LM and now has to sell his house to live.
- A single working mother with a young son, who put her accumulated Pension via a UK Overseas Pension Scheme ( QROPs) with a regulated Pension Trustee; lost 50% of her future pension in March 2013. Only 5% may be recoverable as overseas investors have "lowest priority in the creditor queue".
In the meantime,
“Peter Drake gave himself a $26 million loan before his $3 billion mortgage fund empire, LM Investments, collapsed in March 2013”
Source: Sydney Morning Herald
Hard to believe this was allowed to happen? Read on..
Australian authorities allowed him to operate unhindered from their country under the umbrella of a "safe and regulated banking system" and they did nothing to stop him from stealing the life savings of 12,000 ordinary people. This is a plea to the regulatory authorities and country leaders to change that and bring justice to the thousands of innocent investors affected.
This must not happen again to others like us.
Please support this petition to bring the perpetrators to task and give us back our life savings.
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