LMIM investor group plans legal action in UK and other jurisdictions

Published:  29 Sep at 6 PM
Want to get involved? Become a Featured Expat and take our interview.
Become a Local Expert and contribute articles.
Get in touch today!
A victims’ group attempting to get redress for the LM Investment Management Ponzi scheme collapse is investigating the feasibility of legal action in the UK and other jurisdictions.

The LMIM scandal is perhaps this century’s most damaging example of investor fraud and is believed to have cost the 12,000 investors involved some A$750 million in losses. The investments were heavily pushed by mostly illegally working financial advisors in expat destinations including Hong Kong, Thailand and other Asian countries.

LM Investor Victim Centre, (LMIVC), now has more than 770 members and represents lost funds totalling A$68 million. Members range from those who lost part of their savings or pension pots and those who are now literally penniless as a result of the underhand methods of IFAs earning massive commissions from the now defunct Australian company.

As part of its efforts to recover the lost millions on behalf of its members, LMIVC is working with London law firm Harcus Sinclair as well as with Capital Exchange’s Greg Fairley to determine whether legal action can be taken in the UK and certain other jurisdictions. At the present time, a data collection exercise is under way in order to asses the feasibility of recovery actions.

Duped investors are asked to complete an online form determining their criteria, with the results expected to clarify the location of the IFAs involved in pushing the investment right up until two weeks before the LMIM crash. Questions include the country in which the investor was living when the investment was made, the nationality of the FA, whether a presentation or advice given took place which pushed the investment, whether insurance wrapper companies recommended the investment and whether duped investors made complaints to any financial regulator.

LMIVC are asking LMIM victims to complete the questionnaire as soon as is possible in order to ensure the effects of time-dependent statue limitation in the UK or other relevant jurisdictions. The action group are one of several formed after LMIM’s collapse, with the LM Thailand Investor Group (LMTIG) having persuaded Thailand’s Australian ambassador to represent their cause before the Australian government in a July 2015 meeting. In addition, the Thailand group also has the backing of the British Embassy following its initial refusal to act.
Like this news?

Comments » No published comments just yet for this article...

Feel free to have your say on this item. Go on... be the first!

Tell us Your Thoughts On This Piece:

Your Name *
Email * (not published, needs verification one time only)
  • Facebook
  • Follow us on Twitter
  • RSS feed
  • Facebook

Latest Headlines

News Links

News Archive