Victims received correspondence from KordaMentha regarding action against LM. There is no word about what transpired in court on the 16th, but from where I am sitting it looks like at most we are talking about recovery actions in the pennies. So it’s not worth getting too excited about, frankly.
There is also some activity about recovery strategies that requires more cash from investors. I am very skeptical that that sort of thing is worth pursuing.
I have looked into making claims against the company that sold me the fund in the first place, and found that they had already liquidated and moved out of Thailand. Oh and are you surprised to hear that the company was registered as one that teaches “Computers and English”?
International School teachers, beware of these companies that target expats who themselves do not live on solid ground. These are not legitimate businesses.
Meanwhile, Peter Drake still remains.
Sure at the end of the day only Korda Mentha and the so called IFA will come out of the long drawn out case well rewarded.
Yup
In the early days when I was still in the stages of shock and disbelief, I was sort of hearing words about Korda Mentha as part of the blah blah blah from PPI advisory, my FA in Bangkok. I now don’t even register this rubbish, or pay any attention to mentions of Korda Mentha. It’s meaningless.
Someone has to launch a proper class action against these rogues..with a high profile publicity to name and shame these FA’s . Ruin their business in Asia. They are all illegitimate and none of the expats should pass over a penny of their savings to them or take their crap advice. Hopefully, one day. then we might be getting somewhere.
Class action requires lawyers, requires legal providence. I quite agree with what you’re saying and affirm it, but why has it proven not to happen (yet?)
At the end of the day Peter Drake will walk away scott free for his criminal acitivities of offering high Commision to those so call IFA that most of them are no more than second rate Saleman. At the end of Day the Australian Security Commision should take the required action to reimburse the incident people who have lost there life saving.
im very angry about this situation. i was told this was almost risk free, only investing in proprty – buildings, so safe & regulated in australia. sold to me by a ‘friend’ (now ex friend) id known for over 8 years. it was lies. he got his comission, montpellier nordic took £1000 in commission, i want that back.
mopntplelier nordic is responsible for me being conned out of all my savings. i think there must be some legal case for mis-selling this product here in thailand, which was property speculation at best, but a deliberate fraud in my opinion. plain theft of my money. the people selling this product surely should do due dilligence and check the company out that they recommend, they musrt be accountable, at least to give the comission back.
And the autralian authorities have just washed their hands of it, no criminal action against drake. no money to be found – just a paper trail to the mortgage company that was lent $250 million AUD – so wheres all that money gone?? drakes a con man, lent himself 20 million dollars from the fund he was managing – surely that is illegal too in australia, it is in most civilised places?