North Cyprus News | LM Investment Management Investigation

North Cyprus News | LM Investment Management InvestigationWITHOUT PREJUDICE

North Cyprus News – LM Investment Management Investigation

There are those who, I am sure, wish the whole Peter Drake/LMI fiasco would just go away. Indeed not a lot of news about it has been seen in recent months. I suppose those Financial ‘experts’ who recommended these funds to their clients would wish it most of all.

It has not gone away and apparently the regulatory authority in Australia has confirmed it is still under investigation.¹

There were some people in north Cyprus who did accuse the Sydney Morning Herald of exaggerating the whole thing when news of the alleged ‘ponzi’ scheme broke. This was further fuelled by news of Peter Drake mounting a Libel case against the journalist most vocal in his condemnation of the scheme. The case was of course dropped since the journalist was proved to be ‘on money’ in this case, or perhaps it should be the lack of money since the funds involved proved to be unable to pay out the interest promised, nor indeed return the capital on the dates the investment terms ended.

So the investors in north Cyprus who all channelled their money through a Kyrenia based Financial Adviser still await the outcome of the investigation and more importantly wait to learn whether they will ever see a kurus of their money again.

Sadly two of the investors in this alleged ponzi scheme have passed away in the last six months, coincidentally both were also victims of the property scams in north Cyprus.

Pauline Read

Sources

¹  http://www.smh.com.au/business/foreign-investors-slam-asic-inaction-on-lm-fund-losses-20140603-39gxa.html

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