Expats in Spain looking to face LMIM and Axiom crooks in court

Published:  8 Sep at 6 PM
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Expat victims of two massive investment scams, LMIM and Axiom, are targeting the product providers and salesmen whose greed has resulted in the loss of millions-worth of retirement savings.

Rogue FAs operating in Spain as well as the product providers themselves are to be named and shamed in court actions. Groups representing the victims of both Ponzi schemes are requesting that the estimated thousands of other victims join in the fight for justice.

The LM Investor Victim Centre (LMIVC) has representatives in Spain already working with 400 expats caught up in the scam. According to a spokesperson, hundreds more have lost their life savings through mis-selling, with many unable financially even to return to the UK.

Axiom is being targeted by Liz Turner, a UK pensioner living in Almeria, who lost £110,000 in total. She was sold bonds in both schemes, and has coordinated the victim group fighting Axiom for over a year to date.

Turner is appealing for more expat victims to join the group in its battle, which is also targeting LMIM. She told reporters that the total cost of legal action against those who misrepresented the viability of the bonds is huge, emphasising that victims often don’t have enough left to support themselves let alone fight a court battle.

Turner’s group, the Axiom Legal Financing Group, now has 60 members, all willing to club together to gain justice, but 150 members are needed before lawyers can proceed. Most of the group live in Spain’s northern region, but she believes that hundreds more in the southern resorts are also victims and is trying to reach out to them.

It is believed that the two rogue FAs responsible for the Axiom scam have gone underground, but both investments were included in the platforms of offshore insurance companies in the Isle of Man and Guernsey. An Asia-wide group of LMIM victims as well as individuals and groups in Australia are concentrating on the lack of due diligence of product providers and the illegality of the international salesmen pushing the products to unsuspecting expat investors.
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