LM Investment Victims

From the Australian, and it seems that BDO and KoraMentha are cooperating:

Receivers at KordaMentha to another fund previously managed by LM Investment Management, the Managed Performance Fund, have also been added to the legal action.

But with MPF having no cash left against which to claim, BDO is seeking control of MPF’s remaining assets so it can recoup its claimed $20m when future assets are sold.

BDO’s claim relates to some of the proceeds of litigation launched after the group’s collapse being paid to MPF rather than to the First Mortgage Income Fund, which should have had priority given the terms of its charge.

MPF had a second-ranking charge.

Not good news for MPF of course. Further comment welcome.

Quite interesting. More comment later.

A welcome addition to the ongoing saga.

I just had a query about this bit:

More than 500 investors have contacted each other across international borders to form victim groups, share knowledge and build a legal case – which is being backed by lawyers from Slater & Gordon in Australia.They have spent the past year and eight months researching the company and the fund, how it operated and how they were all lured into it.

Wait, I thought Slater & Gordon said they weren’t going to pursue this any further?

Okay, this may be one of the more important posts, so listen up:

You got questions? What, exactly, happened? Who is to blame? The key question that I’ve been trying to figure out: What can victims do? Seems like there’s some someones who can help answer them.

While this website and others have done their best to help, the reality is that we’re not experts and the thing is complicated, and in many ways the scam depends upon being complicated in order to thrive. So I am delighted to learn that The British Chamber of Commerce Thailand has arranged for 2 speakers who apparently are well known in the Bangkok area, where many of the victims seem to be concentrated. I’m not going to be able to attend this event (details below) due to my existing commitments, but if I could, I’d be there in a heartbeat.

Paul Gambles, who is the founding partner of financial consultancy MBMG Group, has been warning investors of the risks posed by LM and similar funds since 2008. So if he was sounding the alarm bells, how come others recommended it as “low-risk”? And Andrew Batt, who is the senior editor of Property Guru Magazine, has also written extensively about property investment scheme failures. They both are going to take questions from victims, bystanders, and interested parties alike. They both insist that they have no axes to grind, they just want to pass on their knowledge to anyone who may benefit, including investment advisors.

Please see below, click here to book.

BCCT – MBMG Insights

presents

As safe as houses?

In the last few years more investors have fallen prey to questionable schemes and outright scams built around such supposedly safe assets as property, legal services, life insurances and physical assets such as forestry. In many cases the structure of the offering or the distribution behind it were major contributory factors to investors substantially losing their investments.

Join Andrew John Batt, International Group Editor of Property Guru Group and Paul Gambles, co-founder of MBMG Group and Managing Director of SEC licensed financial advisory practice MBMG Investment Advisory as they explain the importance of due diligence, why very high profile schemes have really failed and what victims can be doing right now, and why sometimes seemingly secure and familiar investments can actually be as dangerous as houses.

Date: Tuesday, 11 November 2014

Time: 6.30 – 8.30 pm

Venue: Study Room, 2nd Floor, Hilton Sukhumvit Bangkok, Sukhumvit Soi 24 (Phrom Phong BTS Station Exit 4)

Cost: THB 850 net for BCCT members & THB 1,100 net for non-members including cocktail food, soft drinks, beer and wine.

Sponsored by:

MBMG Group