30 Nov 2014 4:42 AM:

Hughjarse - am I to suppose it all our greedy faults for taking advice from LYING CHEATING IFAs? Isn't that part of what they are supposed to do - advise which funds to avoid? There was not just one rougue conman, all the IFAs were at it. They kept on conning investors right up to the very end, four years after there were obvious problems at LMIML.

There was nothing 'too good to be true' or 'get rich quick' about it. Only about three percent over UK bank rates in a sound country with a booming economy and high interest rates. The IFA's speil to 000's of vicims was always the same  "...a low risk safe investment...doubly regulated...backed by commercial mortgages...just like a bank..."

None of the victims went directly to LMIML, because that was not allowed. You had to be recommended to invest there by an IFA. It was the IFAs that were the last link to the public in a short chain - the equivalent of a street corner drugs pusher. Expats looking for safe investment were scammed by SHYSTER IFAs looking for a exorbitant commissions.

Crookesey - you have it right now, don't believe what anyone tells or advises you, particulalry IFAs. Any idea how many IFAs currenlty have that fund as one of their products?

Thread: HIGH INTEREST INVESTMENTS

--------------------------------------

29 Nov 2014 4:20 AM:

hughjardon - please don't talk to me about fairness and IFAs.

They are the ones who pocketed their commissions and walked away with significant slices of our money. They are the ones in cahoots with the robbing fund managers. They are the ones who are supposed to know about these matters but still advised us into a ponzi scheme. 

We are the ones who lost our life savings. Thats not just unfair - what they did is reprehensible and even more scandalous it that they are still getting away with it!! IFAs ARE NOT TRUSTWORTHY.

You don't say what your recent investment advice was, but I hope it wasn't managed funds. You may be happy that you paid him and then he takes a further slice for doing nothing. I feel sad for you and angry at the IFA. Where's the vice versa if you loose the lot?

 

Thread: HIGH INTEREST INVESTMENTS

--------------------------------------

28 Nov 2014 6:19 AM:

Quite sure there is no compensation scheme operating in Australia. It's a financial industry fraudsters paradise, from the big banksters scamming their own mortgagees, right down to the conman financial planners running off with investors' savings. If there was such a scheme it would probably have to payout more compo than it ever had in contributions. If you find one please let me know where to send my claim.

Although the early LMIM funds were subject to local regulation, the main one which took most of the recent investors money, the MPF (Managed Performance Fund), was not regulated and not even permitted for Australians. It targetted expats around the world, (in hindsight) with the intention of ripping them off and making legal actions far too difficult. The Oz regulator ASIC is totally useless on all fronts and does not even consider claims against funds & advisors who are not in Oz. Aren't we sure that the Peter Drake & Co robbers knew all this from the beginning?

Where are all those useless lying parasite IFAs who were spruiking the LM funds a few years ago in this thread? You know, the ones who said LMIM were well managed funds, suitable for expats? The whole lot of them should be ashamed and prosectuted, at the very least for not knowing or caring what they are talking about.

NEVER, NEVER, NEVER, TRUST OR FOLLOW AN IFA's ADVICE.

Thread: HIGH INTEREST INVESTMENTS

--------------------------------------

01 Nov 2013 3:20 AM:

So how many other eyeonspain forum members were also victims of the LM Investment Management ponzi scheme? I hope not too many were fooled by the  excessive commission grabbing IFAs on the forum.
It there are any of you out there who re still wondering what to do now, or even better if you can share an action plan, a new website has been opened specifically for LM Victims:

I can't post the addess here, but it's a google sites called lminvestorvictimcentre

It may too late for many of us now, but the intention of the website is to unite members from around the world. Please feel free to join. For the others out there who are stalked by fork tongued IFAs  - don't belive a word they say and keep you cash in your own pocket where it's safe!

Thread: HIGH INTEREST INVESTMENTS

--------------------------------------

16 Apr 2013 2:48 AM:

So LM Investment Management Ltd has eventually gone into 'Voluntary Administration' as the Aussies term it. The rest of us would probably describe it as the collapse of a ponzi scheme.

It's now clear to me that nobody should put their hard earned cash into any of these funds. The Gold Coast has gained infamy on the back of all these dodgy property developments, and now with them the equally dodgy mortgage funds.

As futher advice to everyone out there: Don't trust the weasle words of the Independent Financial Advisors or Personal Wealth Managers. They were all hawking these funds as low risk, safe investments, contrary to what the financial world appears to have already known to be  untrue. What is even more scandalous is that this was still going on until the last few weeks, with some IFAs still advising investors to dump their cash into LM funds! 

So how many poor investors (now poorer) were conned on this forum? Have a look at Aussie Stock Forums to see how the fiasco is unfolding.

Thread: HIGH INTEREST INVESTMENTS

--------------------------------------