Quantcast
Channel: Andrew Drummond
Viewing all 810 articles
Browse latest View live
↧

LM - PONZI! PONZI! PONZI? - BUT AUSSIE REGULATORS DID NOTHING

August 19, 2014, 7:18 pm
$
0
0


WHAT WATCHDOG?

Were alarm bells ringing about LM? Did the Australian regulators hear them? Were they told?
Apparently yes. 

More revelations today in correspondence with Peter Drake and Linda Darcy at LM reveal how legal action was threatened by Drake who wanted to keep a lid on what what going on.

If it walks like a duck and talks like a duck....Martin Terpilowski tells LM it is operating a Ponzi scheme.

But LM admit taking from Peter to pay Paul. Meanwhile  LM Managed Performance Fund was investing in a pile of bricks in a collapsing property market.

Regulatory officials of course did nothing.

From: Martyn Terpilowski
Sent: Friday, 16 January 2009 11:59 PM
To: Lisa Darcy
Cc: Peter Drake; [Martyn's Colleague]; [Martyn's Colleague];
Subject: Increased concern

Lisa

I am sorry but I am looking at this seriously now. Clients get income 11 days late when they never did last year and investments in bonds which should automatically redeem do not as they did before – This is a serious concern of me and my team and suggest a fund with financial issues. I am trying my best to be positive but this is reality and we are talking an Australian property and mortgage related fund. We need some serious assurances now. I can easily give you the cases but things are being made pretty obvious.

Rgds

Martyn

Lisa Darcy

From: Lisa Darcy [ldarcy@LMaustralia.com]
Sent: Tuesday, January 20, 2009 7:24 AM
To: Martyn Terpilowski
Subject: RE: Increased concern

Dear Martyn,

There is nothing to worry about with LM. We are managing the funds with caution in these difficult times.

LM is still currently accepting new business into the funds, however our investment inflows were very low this month – this is contributing to the liquidity issues we are facing with the LM CPAIF.

As you know we are currently seeing delays in relation to redemptions for the LM Currency Protected Australian Income Fund and any new applications we receive at the moment we are advising advisers/clients of these delays and are suggesting longer term investments (at least 12 months) or alternatively advisers can use our new product “The LM Australian Income Fund – Currency Protected” – this fund is brand new and not having any liquidity issues with mortgage assets.

The LM funds have had an issue this month with UBS our currency provider in relation to the FEX margin requirements – they have unexpectedly advised us of the increase to their margin requirements from 5% to 20%. (this was done across the board in Australia to all of UBS’s clients and was no reflection on LM)

This has caused a cashflow strain on the funds as we need to ensure that these requirements are met – we are in the process of changing providers and once this occurs the surplus cash will be released back to the funds.

The audited financials for the LM mortgage funds are almost complete and they will verify that the unit price remains at $1.00 (I will send through as soon as they are signed which will be during this week, Ernst Young are in our office today finalising the accounts).

The LM Managed Performance Fund has NOT been affected by the liquidity issues from borrowers - however has had to meet its FEX margin calls – we are currently paying redemptions from this fund (generally 30 days after maturity).

Peter Drake and I look forward to meeting with you and the team on the 6th Feb - if possible i was wondering if we could make the time now at 2pm???

We are doing all we can to minimise any disruptions to clients and will sending a broadcast update out shortly.

Best Regards

Lisa

Martyn Terpilowski

From: Martyn Terpilowski
Sent: 21 January 2009 07:56
To: ’Lisa Darcy’
Cc: [Martyn's Colleague]; [Martyn's Colleague]; Peter Drake (pdrake@LMaustralia.com)
Subject: RE: Increased concern

Lisa

Financewriter.com - an apt cartoon published when Madoff was arrested
The main issues I see are simple – I recently talked to a very senior player at Real Estate at Macquarie in Australia who expects property prices in Australia to collapse. This is a view shared by many economists.

 It is obvious inflows would be low. I have AUD350,000, I am trying to find a short term (1-2yr) home for and just do not feel comfortable with this right now.

You should not really admit that slower inflows in turn affect outflows as that is the issue with lots of funds and is actually what Bernie Madoff was doing – as long as it kept going up, people put more money in and he could therefore give it to the few people who wanted to redeem. This works fine until inflows stop – we all know how this works and it is very worrying. The truth is though that the property/mortgage sector is the worst sector in a terrible world right now and risk is certainly increased in this sector. Maybe even higher than equities.

We know redemptions are slower, but I would not tell people that you are waiting for more money to come in before you can give theirs back. It is worrying. The bigger issue is that income is now late etc – clients realise that in these market conditions, with this type of fund, this could be cause for concern.

I know the unit price remains at $1 but it does not stop the worry as any sensible person looking at this would be concerned, not because LM – but because the sector. The issue is that this does not matter if the fund suddenly hits trouble and has to right down the price suddenly (as many such funds have) due to huge drops in underlying asset classes.

Thanks for the info on the MPF – I guess I am concerned like I was with Brandeaux – for mths they just denied they could be dragged into this and look what has happened. I fear a FIRST EVER right down of unit price there as people will not be rushing to invest in the fund when it reopens and sensible brokers will probably look to lessen their exposure.

Moving to 2pm on the 6th is fine. I look forward to meeting you both then. I am not meaning to be troublesome but this is very important to me.

Best Regards

Martyn

October 2009

Martyn Terpilowski

—– Original Message —–
From: Martyn Terpilowski
To: Heather C. McLeish; Lisa Darcy
Cc: [Martyn's Colleague]; [Martyn's Colleague]; [Martyn's Colleague]
Sent: Fri Oct 30 13:56:48 2009
Subject: Now very, very worried

Heather and Lisa

We have just discovered something we never knew before and I am very
worried and also now know for a fact that LM have directly lied to us,
time and time again. That after the support we have given them over the
years is very upsetting indeed. Obviously I have already made my
concerns clear, but now economical with the truth has become lying. This
is no longer ‘candor’ and I am pretty upset at the situation as are all
other advisers here.

We have just talked to a client who put a redemption request in January
this year, for a May redemption. He gave the 3 months notice as
requested by LM.
In May he was told no redemptions and as of today he has still had no
redemption proceeds.

I have it in black and white from LM well after the above dates ‘there
are no issues with redemptions on the MPF’. This is clearly a lie.

During this time you have taken money in (and lied repeatedly) and it is
obvious now the offer for the rollover getting an extra 3% if done in
June this year, was to give you more time to deal with this and keep it
quiet.
This is truly disgraceful.

All other companies with redemption freezes, stop taking money in and at
least write to clients and brokers to explain this. LM just say that
‘the fund is in good shape’ which is clearly not true. Having made a
call this morning to LM we have been told that because ‘little money is
coming in’ right now, ‘no money can be paid out’. This is called a Ponze scheme.
Please Google it, to see a description.

LM have had many, many chances to tell the truth here and chose not to.
The seminar at the Conrad, Peter’s trip here etc. I have asked the
question many times and been directly lied to. Unfortunately that gives
me no confidence whatsoever in LM.

To be honest at this stage I need the details of the regulator of LM, so
please forward as I believe it is your duty to do so. This is wholly
unacceptable and direct lies can be proved as are in writing in black
and white in these emails. I have asked time and time again when I have been
told lies.
That does not sit well with me at all.

I don’t want to be told the fund is in ‘good shape’ or be told by Peter
he will ‘take clients to see the buildings’ or that the ‘unit price has
been steady forever’. It does not matter if you cannot get your money
out and LM lie to people.

It amazes me that people think I ask too many questions, well I
certainly did not get the right answers did I and now feel compelled to
make a formal complaint.

I look forward to hearing from you very soon.

Best regards

Martyn

Lisa Darcy

—–Original Message—–
From: Lisa Darcy [ldarcy@LMaustralia.com]
Sent: Friday, October 30, 2009 1:21 PM
To: [Martyn's Colleague]; Heather C. McLeish
Cc: Peter Drake
Subject: Re: Now very, very worried

Martyn, thanks for your email – we will come back to you shortly with a
formal response. The MPF is not frozen, we have paid and are continuing
to pay redemptions throughout the course of this year – from time to
time payment periods have been extended due to market conditions and the
type of fund investments. Most recently the strength of the AUD has
caused additional demands on liquidity. The fund is not a ponzi scheme,
it invests in real assets and has independant accounts prepared
annually. We will be in further contact with you. Lisa

Martyn Terpilowski

—–Original Message—–
From: Martyn Terpilowski
Sent: Friday, 30 October 2009 1:39 PM
To: Lisa Darcy; Heather C. McLeish
Cc: Peter Drake; [Martyn's Colleague]; [Martyn's Colleague]; [Martyn's Colleague]
Subject: RE: Now very, very worried

Lisa

We have a client who has not been able to redeem since January. That is
9 mths.

If you can only pay out when money comes in it has the hallmarks of such
a scheme.

We have repeatedly been told and have it in writing that there are no
issues with redemptions on MPF (as per the previous email). This was
particularly when you were trying to raise more money from our clients and
we were told there were no such issues. We were only told this after a
redemption request was denied.

Money should not be taken in, when redemptions are not being paid.

I look forward to receiving the regulators details.

Sorry – but something is very wrong here. What you are telling me is
contrary to what clients are telling me and they are not best pleased
that we did not tell them first.

Rgds
Martyn

Peter Drake

—–Original Message—–
From: Heather C. McLeish [hcmcleish@lmaustralia.com]
Sent: Friday, October 30, 2009 4:05 PM
To: Martyn Terpilowski; Lisa Darcy
Cc: Peter Drake; [Martyn's Colleague]; [Martyn's Colleague]; [Martyn's Colleague]
Subject: RE: Now very, very worried

Hi Martyn, Peter Drake here.

I am in Tokyo right now and until Tuesday midday.

Whilst I can appreciate your concern over the delays in redemptions, I
am taking a strong objection to being called a liar and the operator of
a Ponzi scheme.

I have forwarded all to your “copied” correspondences to our lawyers
here in Tokyo and we will be considering our position with regards to
your defamation and malicious statements on Monday.

We have repeatedly explained the true position of the funds as they have
traversed the global financial crisis and the presiding elements. You
are choosing to be unreasonable and deliberately damaging to our
reputation. You have been offered the opportunity to meet with me but
you have declined.

I would like to extend to you and any client the opportunity to meet
Monday or Tuesday to discuss openly the issues of concern to you.

Regards,
Peter Drake

Martyn Terpilowski

—–Original Message—–
From: Martyn Terpilowski
Sent: 30 October 2009 16:29
To: ‘Heather C. McLeish’; ‘Lisa Darcy’
Cc: ‘Peter Drake’; [Martyn's Colleague]; [Martyn's Colleague]
Subject: RE: Now very, very worried

Hi Peter

How about 2pm on Monday then? Tuesday is a bank holiday here.

Ok maybe a Ponzi scheme is going a bit too far, but I can show emails saying
there were no redemption issues with MPF. I am 100% sure of that, so I am
unsure why it is at all defamation or malicious. Furthermore the question
was asked repeatedly due to worries we had and repeatedly we received the
same answer. It was also not brought up at meetings with yourself and
others, despite the question being raised. We only found out when Mr.
[XXXX] could not get his money out when he asked to redeem. I know I was
given false information, so I am not quite sure how that could be considered
malicious, but maybe your lawyer views it differently.

The information on MPF has certainly not been explained truthfully and I am
certainly not going to agree with you on that point.

Being told that ‘we can only pay out money, when money comes in’ – well I
will let you make your own opinion of that, but it is not a thing you should
have people at your company telling people, as obviously it is concerning. I
reiterate that most funds with redemption freezes (or whatever you choose to
call this) notify clients and brokers by letter and take no further money
in.

This is unreasonable in no way Peter.

I have asked for information on the Regulator of your fund and yet to
receive it.

I declined the meeting originally, because for most of this year I have
asked questions and LM try to smooth things over, but I want to know the
reality, not what I have been told so far and as I said I have it in black
and white.

I feel let down as a big supporter of LM and I am sorry if that does not sit
well with you. This situation does not sit well with me at all, hence I am
now making a formal complaint, that you seem to think is unreasonable.

Rgds
Martyn

PUBLISHED IN CONJUNCTION WITH WWW.RAPEOFHONGKONG.COM
↧
Search

Frustration over attempted murder of British schoolteacher

August 20, 2014, 8:33 am
$
0
0
Adam Pickles
The mother of British teacher Adam Pickles who has been in a coma since being attacked in Pattaya in May 2012 has expressed frustration at the Thai legal system after a verdict on Sean Tinsley – the man accused of the attack was delayed a second time at Pattaya Provincial Court.

“I am angry really that this has gone on for so long. It’s had a real impact on the family, all the ups and downs. It’s a constant roller coaster. “  Adele Tinsley told ‘BBC Look North’

The local MP for Alec Shelbrooke, the local MP for Elmet and Rothwell said that is up to the diplomatic process to tell Thailand of the interest in the case and that justice must be seen to be done and that "a just outcome is achieved.”

The latest delay is apparently due to papers being sent to the wrong court.

Sean Tinsley who has been on trial for attempted murder  used to run the ‘Visa Shop’ in Pattaya and is understood to have had a close relationship with local police and immigration police.

Several of his clients were arrested and had to pay ‘heavy fines’ of 200,000 baht each after they bought visas off Tinsley in and around 2007.  Passports were initially sent to Phuket for stamping.

Sean Tinsley
Later Tinsley, from Wolverhampton allegedly switched his operations and started sending passports to the Thai Consul in Cardiff – a jovial Welshman – who seemed to stamp anything and everything.

These passports were then sent back to Pattaya. However the visas were useless as the holders of the passports did not contain entry stamps to Thailand, which is what finally authorises visas issued abroad.

When the holders started leaving the country they began being picked up at the airport by Immigration police.  No cases were however brought against Tinsley.

Its alleged Tinsley went into a rage after Adam scraped his car.  Tinsley has been on bail throughout the trial.

Adam was formerly Head of English at the International School of the Regents in Pattaya.



LINKS: Adam Pickles Fund-Raising Page  His parents have had to remortgage their home to Pay for Adam's medical bills. He is still in a coma but can say words and acknoweldge conversations.

Adam Pickles Blogspot Site
↧
↧

LM MANAGED PERFORMANCE FUND WAS FOR 'SOPHISTICATED INVESTORS ONLY'

August 20, 2014, 11:21 pm
$
0
0

The LM Managed Performance Fund was for 'sophisticated investors only'. 

This may come as a surprise to clients whose money was put in property in Australia just before the crash time in a boom and crash market.

In continuing revelations Martin Terpilowksi, who had high end clients in the fund, concludes that independent financial advisers knew that LM was a duck but did not tell clients. Actually the word he used was fraud.

But the combined intelligence of fraud police and the Australian Securities and Investment Commission either did not get it or do not live up to their names. LM invested in the A$1.5 billion Maddison Estate on the Gold Coast which never lived up to its promo.

But many clients were told LM was investing in commercial property nor one built for TV personalities who did not want to live there - and investing in LM was like putting your cash into a bank.




PUBLISHED IN CONJUNCTION WITH AND FOLLOWING COMMENT BY WWW. RAPEOFHONGKONG.COM


LM supremo Peter Drake
"One of Martyn Terpilowski’s clients invested in the LM Managed Performance Fund for a one-year term. When the maturity date approached in 2009, LM offered to pay Martyn’s client an extra 3% bonus if he would renew for another year. 

Before accepting this offer, Martyn and his client asked for reassurances that the fund was not suffering from major redemption problems. LM confirmed that everything was okay. 

A few months later, Martyn learned that this was a lie. One of his colleague’s clients had attempted to exit but couldn’t. This meant that the 3% bonus offer had been a trick to prevent his client from discovering the truth.  

Martyn was livid. Not only was his client trapped in an illiquid fund, but he’d also be prohibited from entering the “queue” for another year. 

Below are emails from the period when Martyn’s client officially entered the “queue” (March 2010) and half a year after that (October 2010). Two names have been changed. Martyn’s client is called “Client 1″, and his colleague’s client is “Client 2″. Heather McLeish is an LM sales manager who quit her job sometime not long after the below email exchanges took place. One sentence has been highlighted in red, as it will be of interest to LM victims who were not classified as “professional investors”.

March 2010

Client 1

—–Original Message—–
From: [Client 1]
Sent: Thursday, March 04, 2010 11:07 AM
To: Martyn Terpilowski
Subject: Re: RE: RE: RE: RE: RE: Can you tell me the current LM rates on
USD, GBP and JPY?

Martyn,

Please try to find out the real current situation about the wait time and the interest.  By your saying that I may get my money back in July or maybe 6 months later, you are like saying that I may or may not get my money back.  With what is happening, I am very worried about my investments I bought through Magellan or [your firm] and wary of the unprofessionalism.

Thanks
[Client 1]

Martyn Terpilowski

—–Original Message—–
From: Martyn Terpilowski
Sent: Thursday, 4 March 2010 10:42 PM
To: Heather C. McLeish
Subject: FW: RE: RE: RE: RE: RE: Can you tell me the current LM rates on
USD, GBP and JPY?

Hi Heather

The client [above] has a few good questions, that I can’t really answer.

Can you help?

Cheers
Martyn

Heather McLeish

—–Original Message—–
From: Heather C. McLeish [hcmcleish@lmaustralia.com]
Sent: Saturday, March 06, 2010 10:20 AM
To: Martyn Terpilowski
Subject: RE: RE: RE: RE: RE: RE: Can you tell me the current LM rates on
USD, GBP and JPY?

Hi Martin,

Thanks for your email. We have a further update on MPF coming out the beginning of next week. I will be in touch then so you can give you client the most up-to-date information.

Have a nice weekend.

Best regards,
Heather

Martyn Terpilowski

—–Original Message—–
From: Martyn Terpilowski
Sent: Saturday, 6 March 2010 3:18 PM
To: Heather C. McLeish
Subject: RE: RE: RE: RE: RE: RE: Can you tell me the current LM rates on
USD, GBP and JPY?

Thanks Heather – I think we need it.

I think the fact that most intelligent clients can see, it does not matter how good the rates are if you cannot realise the money with no serious timeframes to realise it.

Have a good weekend.

I look fwd to receiving this.

Cheers
Martyn

Heather McLeish

—–Original Message—–
From: Heather C. McLeish [hcmcleish@lmaustralia.com]
Sent: Monday, March 08, 2010 4:23 PM
To: Martyn Terpilowski
Subject: RE: RE: RE: RE: RE: RE: Can you tell me the current LM rates on
USD, GBP and JPY?

Hello Martin,

Thanks for taking the time to speak today and for arranging on your side. Much appreciated.

[Client 1] does not currently have a redemption logged for any of his accounts. Should he chose that route he may be delayed slightly, but nothing like what we have been dealing with for the past 6 months for the reasons we mentioned on the phone today.

Please do let me know how you would like to proceed with this client after you receive and review the update we are sending tomorrow. It is going out globally at the same time.

Regards,
Heather

Martyn Terpilowski

—–Original Message—–
From: Martyn Terpilowski
Sent: 08 March 2010 16:30
To: ‘Heather C. McLeish’
Subject: RE: RE: RE: RE: RE: RE: Can you tell me the current LM rates on
USD, GBP and JPY?

Thanks Heather

Not your fault but I will be honest not impressed as u will see now.

There have been no sales, this is all just potential and [Client 2] has waited for over a year (fact).

I have nothing else to say and will look tomorrow. I sometimes have the feeling I am talking to a cult who can’t quite see what I am talking about, although I am sure they know exactly.

Have a good evening.

Martyn

October 2010

Client 1

—————————- Original Message —————————-
Subject: LM
From:    [Client 1]
Date:    Thu, October 7, 2010 4:18 pm
To:      “Martyn Terpilowski
————————————————————————–

Martyn,

Can you try to find out from LM what has happened to the properties that they were trying to sell earlier this year?

Thanks
[Client 1]

Martyn Terpilowski

—–Original Message—–
From: Martyn Terpilowski
Sent: Friday, 8 October 2010 10:44 AM
To: Heather C. McLeish
Subject: [Client 1]

Hi Heather

Can we please have an update on [Client 1's question above]? It does seem strange that this is so hard to sell based on the fact Australia is booming. Although we are being told you are paying redemptions still but they are delayed – the truth is none of our customers have yet received any redemptions and some of that goes back 18mths – so something is wrong surely? Please do not get angry that I am questioning this – but clients have a right to know and this queue must be huge if we are still going back 18mths? Especially if you are taking money in still!!!

We have to be truthful with people.

Please get back to me ASAP.

Thanks
Martyn

Heather McLeish

—–Original Message—–
From: Heather C. McLeish [hcmcleish@lmaustralia.com]
Sent: Friday, October 08, 2010 2:42 PM
To: Martin Terpilowski
Subject: RE: [Client 1]

Hello Martyn,

It IS the right of the client to know what is happening to his money. Please do not hesitate to contact me any time you require further information on the client. I will make it as transparent as possible.

Nothing has fundamentally changed since I last updated you in August. Your company’s clients are in the queue, but are certainly not the only ones in it. Many redemptions have been paid out already. I am not at liberty to discuss the details of other paid out redemptions as they do not relate to your clients.

[Client 1] has two redemptions are far down the queue, but with every redemption paid they are getting closer.

A myriad of factors affect how quickly these are getting paid; not all of them in our control. When the timeframes become more clear I will be on the phone to you ASAP.

Best regards,
Heather

 Martyn Terpilowski

—–Original Message—–
From: Martyn Terpilowski
Sent: Friday, 8 October 2010 3:03 PM
To: Heather C. McLeish
Subject: RE: [Client 1]

Heather

There is a [client of our firm, Client 2,] who has been in this queue for 18mths and this is the reason for our initial anger as we found this out later. This clearly sounds fishy, if that is the case. So you only paid out redemptions to people who requested them more than 18mths ago when you did not even mention to clients that this was the case until 12mths ago?

Obviously [Client 1] is my client but I am fully aware of another client and I am sorry – it does not add up, which ever way you do the maths. I believe you can probably see that.

I actually feel guilty for getting angry with you now as it is not your fault and it is before your time – but based on the above it does not make sense and basically this is after clearly misleading people (and that is not debatable and I can show you the correspondence again if you really want,
which you do not).

If I was [Client 1] I would make a complaint to the FSA [Financial Services Authority] as he has an email forwarded from me last July from LM stating there was no issues with redemptions and whatever way Peter wants to cut it, it was a lie and I would stand up in court and protect myself on that. The proof is available. Saying we have been through this before, is not good enough, it was wrong – very wrong and no one has been brought to account for this. [Client 1] would not
have invested if he knew the truth and I do not believe any other client would either – so I believe it is being missold now as who would really send money to an investment they know there is redemption freeze on? Let cut out the semantics now – it is frozen and I know someone who has been in your imaginary queue for 18mths telling me I am right.

It is now getting ridiculous. Originally the lies and we are just put off whilst all the time you take money in, something that no other fund manager has done and is not allowed in most other countries or in the onshore market place (it was Peter’s reason for closing the MIF [First Mortgage Income Fund], as he could not take money in, which would just go to CBA [Commonwealth Bank of Australia] – obviously not allowed in Australia).

I am sorry – I know you appreciate the candidness, but I am not stupid… You can believe this as much as you want, there is something wrong and I am sure it is legally questionable to be honest.

You cannot just have faith in something Heather. I have have dealt with LM for nearly 10yrs and for most of the time trusted the company entirely.  I have been down there twice and was very impressed. Unfortunately in this credit crunch, lots of people decided to break rules and tell lies.

I am extremely uncomfortable with this situation and I cannot hide that. You should be too – really. To say LM are doing everything right is just propaganda…

[Client 1] is really starting to question how much truth there is here and I really no longer blame him.

Martyn

Heather McLeish

—–Original Message—–
From: Heather C. McLeish [hcmcleish@lmaustralia.com]
Sent: Friday, October 08, 2010 3:08 PM
To: ‘Martyn Terpilowski’
Subject: RE: [Client 1]

Martyn,

I know we have gone over this before, but let me say again that the only client you have that has been waiting a long time is [Client 2] whose redemption was pending since the maturity on his account – May 30th 2009. As he is at the top of the queue you can see we are working from a year
backlog. It matters not when the form gets there, it matters when the original maturity was set.

Best regards,
Heather

Martyn Terpilowski

—–Original Message—–
From: Martyn Terpilowski
Sent: 08 October 2010 16:30
To: ‘Heather C. McLeish’
Cc: [Martyn's Colleague]
Subject: RE: [Client 1]

Heather

So the queue is basically at least a year and this redemption is the only reason we found out about the redemption freeze or whatever you want to call it? So is this ethical? Is it ethical to take money when you are not paying it out? Is it legal? I am feeling guilty for getting angry when my clients have been stolen from basically. [Client 1] would never have invested money if your Head Office did not lie with these incentives to get more money in and ASSURED us that there were no issues with redemptions. It is a lie. Do not call me childish for saying that. It is a LIE. Peter Drake is a
LIAR. FACT. I am not blaming you personally, but if you continue this ridiculous ignorance of the facts and truth, you have to take responsibility also. This is exactly why the offshore industry has a bad reputation. This would not happen in the US or Australia.

You seem to have been brain washed like [XXXX] and I am sure if the client went to the FSA he would win hands down as I would if Peter sued me like he threatened. The issue is not and has never been a redemption freeze, it is the lies and the misselling that is still going on now. Is anyone selling telling anyone the truth?? as no one would buy it, would they? no they and you are hiding behind semantics which is disgusting.

I hope [Client 1] and/or [Client 2] take legal action and I will no longer stand in the way of this, because someone needs to teach Peter Drake he cannot just make unilateral decisions about what people need to know.

Seriously this is a disgrace and I am furious, that I was put in this position through lies.

You do not want to hear this – but you should.

The fact that you are still promoting this fund and people are still selling it, during this current situation, is shocking.

This will carry on for years and we are going to get constant white elephants about land being sold etc, someone needs to stop Peter Drake NOW as he continues to make money on this and let’s face it the Aussie market is booming. Frankly there is something very wrong.

Martyn

Heather McLeish

From: Heather C. McLeish [hcmcleish@lmaustralia.com]
Sent: Tuesday, October 12, 2010 2:11 PM
To: [Client 1]
Cc: ’Martyn Terpilowski’
Subject: MPF update

Dear [Client 1],

Thank you for your continued patience. We realize and understand the difficult position you are being put in and are fully committed to rectifying the situation as soon as possible. For your information I have included below some information on what is happening in Australia which directly affects our funds.

Firstly, an update on the Australian Property and Credit markets. The property market and the general economy in Australia (as evidenced by the strong AUD [Australian dollar]) has held up well over the last few years, however the credit and financial markets still remain extremely tight. The banks in Australia are just not lending to the levels they were prior to the GFC [global financial crisis], in particular in the commercial and business sector and more specifically transactions over $5m are just not happening in the current market. Commercial lending transactions when they do occur are taking as long as 8-12 months  – this makes it very difficult for sellers and purchasers alike. This is the major factor which has led to the delay in redemption payments to investors as the funds assets are primarily in this sector in Australia. Several of the assets within the fund are currently available for sale – they include completed developments in the residential, commercial and industrial sectors in Australia – again the sales process is influenced by the availability of credit which as I mentioned above is slow. One of the larger investments in particular which is located in SE QLD [South East Queensland] (a growth corridor) was offered for either complete or partial sale earlier in the year – this did not eventuate due to reasons outlined above – the fund will continue to hold and develop this asset as it continues to and always did represent an excellent investment opportunity for the fund.

Just so you are aware, the only reason this particular property was ever offered for sale was to satisfy those investors with a redemption request as it was always meant to be a long term hold – bearing in mind the decision to invest in this asset was taken well before the GFC.

The MPF is a vehicle which is designed for sophisticated investors only as the nature of a large component of its assets are in the  property development sector in Australia (this is how we provide the additional returns) – as we have seen over the last year in particular this can lead to timing issues in relation to the realisation of assets back into cash and cause delays in redemption payments.

The fund also offers investments in multi-currency – this enhances the fund as an investment choice for advisers and their investors.

In order to provide this the fund needs to hedge its FEX [foreign currency] exposure via two providers – they require a certain percentage of margin which increases as you know with the very strong increase in the AUD.

Conversely, the strength in the AUD is a good sign however of the ongoing performance and expectations of the Australian economy and even though this issue is extremely frustrating for those investors who wish to exit – over the medium to longer term this will see the credit and financial markets return to normal and the fund operating within its normal redemption timeframes once again.

Please let me know if you have any further questions

Best regards,

Heather

Heather C. McLeish
HELM GK, President

Martyn Terpilowski

From: Martyn Terpilowski
Sent: 12 October 2010 15:59
To: ’Heather C. McLeish’
Cc: [Martyn's Colleague]
Subject: RE: MPF update

Heather

This is just more of the same. We understand liquidity issues – it is the way it has been dealt with and the lies that have been told, that make LM very different to every other company who have faced this situation.

At the end of the day he is no longer patient. I hate to reiterate here for the umpteenth time – but this client has been put in a particular position as he has lied to by LM, who stated there were no redemption hold ups, whilst prospecting for new business and offering incentives for customers who extended their terms, even terms that were not up for extension. There is no way in the world that is anything but wrong. I hope you have not gone so far down the avenue of ‘believing’ in Peter and LM –that  you cannot see that. I cannot believe that educated people could view it any other way if they looked at it with no bias.

In the mail to [my colleague] the following statement is made by Lisa [Darcy],

“[Client 2's] payment will be one of the first to be released once our funds management committee determines that the assets are protected and that we can apply funds to redemption payments again”

– this actually suggest no redemptions are being at all right now and probably have not been for some time and that is my serious suspicion. I know that we will not get the truth from LM as has been shown previously – but this wording is either very bad, or that is the case – I believe it is the second of those two.

Obviously this cannot be stated truthfully as Peter and LM have been hiding behind semantics for over a year now. There are only delays, not suspensions… Anyway whatever, it means the same to our clients and it is an absolute disgrace that LM continue to market their funds (offshore) and take in new money. I think you know that brokers are mostly not telling clients this situation, so it is basically fraud.

I honestly think that regulators in various jurisdictions would have an issue with this and [Client 2] and [Client 1] would be entirely in their rights to take further action here. If new investments had been stopped and lies had not been told, it would be easier to accept – but this has not been the case.

Do my emails sound like the ramblings of a fool? I am very educated and have worked as a Financial Adviser for 13 yrs. The last few years have been challenging for us all, but blind faith has got a lot of people badly burned Heather. The suggestion it is ok to lie to customers is wrong. There is no debate and no semantics – I have it in black and white. I believe we are still being lied to and I do not believe redemptions are being paid right now at all. If they are being made, they must be being made from new money coming in, which is a Ponzi scheme and is illegal. I can’t see how anyone can say anything different? [Client 2] and [Client 1] have MBA’s and Doctorates from Ivy League Universities – they like me , can see that and will not be appeased by conference calls and the same old story when the actual facts are as above. Think about it.

Again Heather this is not personal – I actually feel for you having to defend this. I tried to give time after my original anger, which was totally justified, but a year on – this is still going on, well after other companies who put their cards on the table initially, are fully liquid again. I believe if you lie, you have something to hide – Don’t you?

Rgds

Martyn
↧

BEWARE CAMBODIAN FORESTS WITH NO AIR

August 20, 2014, 11:17 pm
$
0
0
The Cambodian authorities appear to have concluded that Canadian Dave Walker died of a heart attack due to lack of fresh air around the country's historic Angkor Wat complex. 

This may be of concern to millions of tourists who visit the site every year but travel agents appear to be keeping their clients in the dark about this phenomenum.

Of course there may be something lost in translation so below is the text of a story running in the Toronto Sun. Readers might like to know that James Eglitis, exposed here as being on the run from Australia on kidnap and torture charges who at one point appeared to be leading the investigaton, is of course still on the run from torture and kidnap charges, as nobody can be bothered to pick him up.

He claims to be an adviser to the Cambodian MILITARY police but I am sure this is not his theory.

My favourite part of this story is the statement from the Canadian authorities who say they are continuing to help the family and contacting local authorities. Continuing? I missed the beginning.






TORONTO - Family and friends of a Canadian journalist found dead in a Cambodian jungle last week, months after mysteriously disappearing, say they are stunned by Canada’s silence.

Those who knew and loved Dave Walker released a statement Thursday expressing concerns Cambodia is trying to “cover up” the 58-year-old’s death by deeming it a heart attack.

And they’re pleading with the federal government to get more involved.

“The fact that Walker was murdered is not in dispute,” the family alleges in the statement, signed by Walker’s cousin, Tammy Maddon, an Edmonton resident.

The family says it is “deeply disturbed” by Cambodian media reports that an autopsy was conducted and determined Walker “died of natural causes.”

But a team of Thai investigators, hired by the family, found the opposite after conducting a preliminary examination.

“For the Canadian government to remain silent when they are in possession of the true facts when attempts are being made to suppress and cover up the true cause of Walker’s murder and identify those who were responsible for Walker’s death is scandalous,” the family says.



“And Canada’s silence — while simultaneously publicly expressing full confidence in the Cambodian government — as Cambodian law enforcement officials make official public statements which are unmistakably and knowingly false, is unacceptable.”

The Siem Reap province’s police chief stood by their findings in a local press report posted online Thursday, accompanied by seemingly bizarre rationale.

“We are still concluding that the victim died of a heart attack because there is not enough fresh air in that forest and it is easy for people to fall unconscious,” Sort Nady said in the Cambodia Daily.

Peter Vronsky, a professor at Ryerson University in Toronto where Walker spent his summers, said he’s “horrified” by how the probe has unfolded.

“The Cambodians began selling this story the moment Dave’s body was found,” Walker’s life-long friend said. “And I don’t understand why the Canadian government would abandon a citizen this way.”

Walker had been living in Cambodia trying to revive the country’s film industry. His most recent project was a documentary about a man who saved countless families from the Khmer Rouge regime, Vronsky said.

Walker left his hotel room Feb. 14, apparently so the maid could clean, leaving behind his cellphone and laptop.

His decomposing remains were found May 1 by kids foraging for fruit off a trail near the Angkor Wat temples, a major tourist attraction 13 km from his hotel.

A spokesman for Foreign Affairs said only that consular officials continue to provide assistance to the family and remain in contact with local authorities.


EXPOSED THE KIDNAPPER BEHIND A CAMBODIAN DEATH MYSTERY
↧

THE GREEN MANGO ATTACK - AUSSIE MUM MAY COUNTER SUE

August 21, 2014, 10:00 pm
$
0
0
MYSTERY GIRL MUST BE BROUGHT BACK TO TESTIFY

An Australian mum whose badly beaten son has been ordered to report to Koh Samui police on what she says are trumped up misdemeanor and assault charges is planning to sue her son's attackers.

Following interest in the case by Thailand’s National Council for Peace and Reconciliation and both the Thai Police Foreign Affairs Department (Interpol) and FBI who are understood to have made calls to the island, Annie Hansen says lawyers are now looking at detailed statements made by Raymond Chang and Ryan Wang, two former pupils of the Shanghai American School who have been charged in connection with the attack on her son.

The statement of the mystery alleged 'damsel in distress' at the Rave on Koh Samui is also being looked at.

The statements indicate a belated story to deflect blame on to Jack for the attack, said Annie Hansen.

The charges against her son follow what she describes as ‘frenetic activities’ on the island by Raymond Norbu Chang, a millionaire corporate executive who has given US$300,000 to a democratic party member in the United States, and who told the Samui court that he was tipped by Fortune magazine in 2000 to be one of the top 25 next generation global leaders under 40.

The charges came as Jack Hansen-Bartel learned that he will have to undergo another unexpected session of corrective surgery.

Raymond Nobu Chang made his presence known on Samui by ripping the microphone off a video camera being used to film the story by Channel 7 Australia. Nearly six weeks after he incident in the Green Mango Club in Koh Samui Wang and Chang made statements against Jack Hansen-Bartel, seemingly as a retaliatory act.

Raymond Nobu Chang
So far Thai police have spent more in air fares alone investigating Jack Hansen-Bartel from Mentone, Melbourne, than the small penalties he faces for misdemeanor and assault which should not be more than 500 and 2000 baht.

Koh Samui police say that Jack must surrender to police tomorrow (Friday) but the demand was only received by ems on Wednesday and says Annie Hansen is too short notice. Her son will deny the charges of misdemeanor and assault.

Annie has demanded transparency in the investigation in which Jack, was beaten unconscious and has since had to undergo skin and bone grafts in a series of corrective operations which will continue until next year.

In particular she wants a special examination of ‘contrived statements’ entered in evidence including one by a Japanese New Zealand girl now studying at Fordham University in New York.

Ryan Wang


Already Thailand’s military led National Council for Peace and Order has expressed concern over the attack on Jack and insisted on being present when Koh Samui police flew into interview Jack in Bangkok two weeks ago. A spokesman said: “We wish to re-assure the mother that there will be transparency and have sent that message to police.”

The investigation into Jack started the day Koh Samui court ordered that the passports of Wang and Chang be seized after they misrepresented their circumstances on a previous bail application.

They said they loved Thailand so much that they had rented an apartment on Koh Samui for three years.  In fact they are due to start at universities in the United States – Chang at Ivy League Cornell University and Wang at Purdue University. Earlier this week however their passports were returned and they were ordered to return to Thailand by September 3rd.

Raymond Chang

They may now need that ‘apartment’ which is registered at the address of the lawyers Limcharoen Legal.

Hansen-Bartel was dancing on the stage in the Green Mango in the early hours of June 10th when he was allegedly attacked under cover of smoke from a smoke machine.

Chinese Americans Chang and Wang claim they were going to the aid of a half New-Zealand half Japanese student who had just graduated from the International School of the Sacred Heart in Tokyo, whom they claim Jack was molesting.

NCPO officers with Jack and his elder brother Jesse
But evidence shown to this site shows the young woman and Jack with their arms around each other, and Chang rushing to pull them apart with Wang grabbing the girls’ hand.

Jack claims the girl did not tell him she had had a ‘relationship’ with Wang and bowed out. He did not resist Chang’s bullying.

The attack came later and there is no evidence of any confrontation before what appeared to be an ambush.

Annie Hansen said: "It is vital this young woman comes back to testify. From evidence we have received and looking at her statement we have many questions to ask."

Hundreds of expatriates in Thailand who have been following the story have written to complain to Cornell and Purdue Universities and the John F Kennedy School of Government which Raymond Nobu Chang (senior) is attending.

Jack has been with his mother Annie for 15 years. Jack’s elder brother Jesse is at Monash University in Melbourne studying a double degree in bio-medicine.

#Jack Hansen Bartel #RaymondNobuChang #RaymondAnthonyChang #RyanWang #GreenMangoClub #KohSamui
↧
↧

LM FUND CLIENT WAS ABLE TO REDEEM HIS INVESTMENT – BUT HE WAS A BANKER

August 22, 2014, 2:58 pm
$
0
0
KICKING THE LM CAN DOWN THE ROAD!

Heather McLeish
A client was able to redeem a large investment from LM but it still took two years and he had a senior position at a well known investment bank and there were threats to sue.

In continuing revelations by Martin Terpilowski, whose client it was, replies from senior executives at LM, the emails to-ing and fro-ing between Terilowski and LM executives get excruciatingly painful as LM staff say that there is no freeze on redemptions – they are just not paying them out or they have been delayed, of they are being paid at a lower rate than normal.

But then comes this admission when agreeing to pay the investment banker: “[Client 2's] payment will be one of the first to be released once our funds management committee determines that the assets are protected and that we can apply funds to redemption payments again.”

Oh so redemptions were stopped then!

The woman handling Terpilowski's cherished banking client was Heather McLeish. She works out of Tokyo speaks Japanese fluently and has featured many times on the 'Cool Japan' TV programme. At the time she was working for GK Helm in Tokyo. She is now with another company - but not surprisingly on her biography does not mention that she used to agent for LM!.



Quite clearly LM are lying their heads off and again there is that claim that the LM Managed Performance Fund was for ‘sophisticated investors only’.

Their excuses for their cash flow problems also do not stand appear to stand up. Apologies but reading this is akin to listening to nails being scraped on a blackboard.


___________________________________________

LM Supremo Peter Drake
From: Shauna Larkin <slarkin@lmaustralia.com>
To: [Client 2]
Sent: Fri Mar 05 12:45:24 2010
Subject: LM Managed Performance Fund redemption – [#########]

Hi [Client 2],

I know the fact that we have been delaying withdrawals in the fund has been frustrating to say the least.

The end of quarter 1 is fast approaching.  We are finalising a written update at the moment and it will be available next week.  It will cover time horizons for payments and the things we are doing to meet them.

You will receive a copy of this update (as will your financial adviser) and I will discuss via phone the impact this will have on you then.  I will give you a call next week.

I look forward to speaking with you then.

Kind regards

Shauna

Shauna Larkin
Client Relations – Treasury Services
LM Investment Management Ltd

Client 2

From: [Client 2]
Date: Fri, 5 Mar 2010 19:00:18 +0800
To: [Martyn's Colleague]
Subject: Fw: LM Managed Performance Fund redemption – [#########]

Fyi

[See Larkin's message.]

Martyn’s Colleague

From: [Martyn's Colleague]
Sent: Friday, March 05, 2010 8:26 PM
To: Martyn Terpilowski
Subject: Fw: LM Managed Performance Fund redemption – [#########]

[Also see Larkin's message.]

Sent from my BlackBerry® wireless device

Martyn Terpilowski

From: Martyn Terpilowski
Sent: 06 March 2010 14:40
To: [Martyn's Colleague]
Subject: RE: LM Managed Performance Fund redemption – [#########]

Joke mate… I have an issue with this also…

MT

July 2010

Heather McLeish

—–Original Message—–
From: “Heather C. McLeish” <hcmcleish@lmaustralia.com>
Date: Tue, 13 Jul 2010 11:39:15
To: [Martyn's Colleague]
Subject: Are you back in Japan?

I wanted to give you an update on [Client 2's] redemption.

Please let me know where its best to reach you.

Cheers,

Heather

Martyn’s Colleague

—–Original Message—–
From:[Martyn's Colleague]
Sent: Tuesday, 13 July 2010 11:05 AM
To: Heather C. McLeish
Subject: Re: Are you back in Japan?

I am not in Japan can you e mail as I am speaking to him today.

Sent from my BlackBerry(r) wireless device

Heather McLeish

—–Original Message—–
From: Heather C. McLeish [hcmcleish@lmaustralia.com]
Sent: 13 July 2010 03:28
To: [Martyn's Colleague]
Subject: RE: Are you back in Japan?

No problem.

I spoke to the directors this morning and it looks like we will be paying [Client 2] out in September. I am not sure what you would like to tell him as you are no doubt as hesitant as I to give dates when they could change, so I leave that up to you. Good news anyway!

All the best,

Heather

Martyn’s Colleague

—–Original Message—–
From: [Martyn's Colleague]
Sent: Tuesday, 13 July 2010 11:30 AM
To: Heather C. McLeish
Subject: RE: Are you back in Japan?

That would be for the whole amount and would take place after you have paid the 29 in the line before him.

[Martyn's Colleague]

Heather McLeish

—–Original Message—–
From: Heather C. McLeish [hcmcleish@lmaustralia.com]
Sent: 13 July 2010 03:31
To: [Martyn's Colleague]
Subject: RE: Are you back in Japan?

That would be the whole amount yes and that timeline takes the other redemptions into account, yes.

October 2010

Martyn’s Colleague

—–Original Message—–
From: [Martyn's Colleague]
Sent: Thursday, 7 October 2010 2:26 PM
To: Heather C. McLeish
Subject: RE: Are you back in Japan?

Heather

I have heard nothing from you on [Client 2's] redemption.

Can you update be by return please?

Thank you.

[Martyn's Colleague]

Heather McLeish

—–Original Message—–
From: Heather C. McLeish [hcmcleish@lmaustralia.com]
Sent: 08 October 2010 06:53
To: ‘[Martyn's Colleague]
Subject: RE: Are you back in Japan?

Hello [Martyn's Colleague],

Apologies for the delay. I was just able to get an update on this client’s account.

No good news I am afraid. The currency movements have not been in LM’s favour requiring funds to go to the margin account making the September time frame to pay out your client null and void.

I realize how frustrating this is, honestly I do, but it is still a waiting game. His redemption is very near the top of the queue, so his payout should be within the next couple of months.

I am sorry to have nothing better to tell you.

Best regards,

Heather

Martyn’s Colleague

—–Original Message—–
From: [Martyn's Colleague]
Sent: Friday, 8 October 2010 3:56 PM
To: Heather C. McLeish
Subject: RE: Are you back in Japan?

Heather

You virtually guaranteed that it would be in September and I re assured the client accordingly and prevented him pursuing legal action against you.

Please confirm the exact position in redemption queue and when exactly he will be redeemed.

I expect he will now launch a legal case against LM.

Is his coupon still being paid?

[Martyn's Colleague]

Heather McLeish

—–Original Message—–
From: Heather C. McLeish [hcmcleish@lmaustralia.com]
Sent: 08 October 2010 07:58
To: [Martyn's Colleague]
Subject: RE: Are you back in Japan?

[Martyn's Colleague],

I was assured that that was the case at the time I told you.

As I mentioned before it is impossible to confirm the exact redemption date.

It is his right to seek legal action, however the PDS [Product Disclosure Statement] is clear on this.

Yes, he is still continuing to earn the same interest he was during the true investment time. It is the least we can do for the delay.

Best regards,

Heather

Martyn’s Colleague

—–Original Message—–
From: [Martyn's Colleague]
Sent: Friday, 8 October 2010 4:29 PM
To: Heather C. McLeish
Subject: RE: Are you back in Japan?

Heather

Are you still selling funds without disclosing to investors that they are closed for investment?

[Martyn's Colleague]

 Heather McLeish

—–Original Message—–
From: Heather C. McLeish [hcmcleish@lmaustralia.com]
Sent: 08 October 2010 08:36
To: [Martyn's Colleague]
Subject: RE: Are you back in Japan?

Hello [Martyn's Colleague],

Advisors who sell this fund that I work with do disclose the redemption delays. It is not a closed fund.

 Martyn’s Colleague

—–Original Message—–
From: [Martyn's Colleague]
Sent: Friday, 8 October 2010 4:42 PM
To: Heather C. McLeish
Subject: RE: Are you back in Japan?

Do you disclose the redemption freeze on your literature?

[Martyn's Colleague]

Heather McLeish

—–Original Message—–
From: Heather C. McLeish [hcmcleish@lmaustralia.com]
Sent: 08 October 2010 08:52
To: [Martyn's Colleague]
Subject: RE: Are you back in Japan?

The redemptions are being paid, albeit at a slower rate than they would be in normal market conditions. Please refer to the August portfolio update.

Martyn’s Colleague

—– Original Message —–
From: [Martyn's Colleague]
To: Heather C. McLeish
Sent: Fri Oct 08 18:04:49 2010
Subject: RE: Are you back in Japan?

Heather

Do you not feel that you have a duty of care to your investors to disclose that there are parties who have been waiting 21 months for redemptions. This redefines the idea of ‘at a slower rate than normal’

I have just spoken to [Client 2] and he intends to launch a legal suit against LM.  I really wish it had not come to this but I have held him at bay for as long as I can and I now feel let down by your promise of September redemptions.

I am completely at a loss to understand your exchange rate rationale.  I was under the impression that you were awaiting certain sales of land.  He invested in AUD [Australian dollars] so how do exchange rates have any bearing?

If you could at least provide a credible explanation for the delay I may be able to take some heat out of this situation.

[Client 2] is a highly experienced and very senior investment banker who has been up until now very patient.  He now sees this as a point of principle and will engage the very best legal council to take on LM.  Surely you could have at least made a part payment by now? LM have damaged my relationship with one of my very best clients and I now feel terribly let down and would appreciate you passing on my concerns to Peter Drake.

If you recall I attended a presentation months ago in Tokyo and it was mentioned repeatedly that LM was paying it’s coupons on time but no mention was made at that gathering that effectively redemptions have been frozen on this fund. You still have not yet replied to my question about the position of [Client 2's] request in the queue.

I await your response on this matter and consider it appropriate for Peter to reply to my wider concerns.

Regards

[Martyn's Colleague]

Lisa Darcy

—–Original Message—–
From: Lisa Darcy
Sent: Sunday, 10 October 2010 4:53 PM
To: Heather C. McLeish
Subject: MPF update

Dear Heather

Please pass the following information to [Martyn's Colleague] in relation to his queries [above]. I am also happy to speak with [Martyn's Colleague] in person if he requires anymore explanation. I have also passed this on to Peter Drake who has read both [Martyn's Colleague's] email and my reply.

Firstly, an update on the Australian Property and Credit markets.

The property market and the general economy in Australia (as evidenced by the strong AUD) has held up well over the last few years, however the credit and financial markets still remain extremely tight.

The banks in Australia are just not lending to the levels they were prior to the GFC [global financial crisis], in particular in the commercial and business sector and more specifically transactions over $5m are just not happening in the current market.

Commercial lending transactions when they do occur are taking as long as 8-12 months  – this makes it very difficult for sellers and purchasers alike.

This is the major factor which has led to the delay in redemption payments to investors as the funds assets are primarily in this sector in Australia.

Several of the assets within the fund are currently available for sale - they include completed developments in the residential, commercial and industrial sectors in Australia – again the sales process is influenced by the availability of credit which as I mentioned above is slow.

One of the larger investments in particular which is located in SE QLD [South East Queensland] (a growth corridor) was offered for either complete or partial sale earlier in the year – this did not eventuate due to reasons outlined above – the fund will continue to hold and develop this asset as it continues to and always did represent an excellent investment opportunity for the fund.

Just so you are aware, the only reason this particular property was ever offered for sale was to satisfy those investors with a redemption request as it was always meant to be a long term hold – bearing in mind the decision to invest in this asset was taken well before the GFC.

The MPF [Managed Performance Fund] is a vehicle which is designed for sophisticated investors only as the nature of a large component of its assets are in the property development sector in Australia (this is how we provide the additional returns) – as we have seen over the last year in particular this can lead to timing issues in relation to the realisation of assets back into cash and cause delays in redemption payments.

The fund also offers investments in multi-currency – this enhances the fund as an investment choice for advisers and their investors.

In order to provide this the fund needs to hedge its FEX [foreign currency] exposure via two providers – they require a certain percentage of margin which increases as you know with the very strong increase in the AUD.

Understand that [Client 2] invests in AUD – however as the fund is pooled we need to manage the FEX margin exposure across the whole book as leaving these positions uncovered could lead to a loss at fund level and could impact all investors.

We also understand how this may seem a little odd to an investor with AUD exposure only but this is the way the fund is structured and we must cover these calls as a priority over redemption payments.

Conversely, the strength in the AUD is a good sign however of the ongoing performance and expectations of the Australian economy and even though this issue is extremely frustrating for those investors who wish to exit – over the medium to longer term this will see the credit and financial markets return to normal and the fund operating within its normal redemption timeframes once again.

[Client 2's] payment will be one of the first to be released once our funds management committee determines that the assets are protected and that we can apply funds to redemption payments again.

Please let me know if you have any further questions

Lisa

Heather McLeish

—–Original Message—–
From: Heather C. McLeish [hcmcleish@lmaustralia.com]
Sent: 12 October 2010 00:09
To: [Martyn's Colleage]
Subject: FW: MPF update

Good Morning [Martyn's Colleague],

Please see the [above] email from Lisa in regards to [Client 2's] redemption.

You have relocated to HK [Hong Kong], correct? Please let me know if you have time for a conference call this week. Lisa will be in Tokyo next week if you are going to be here we can arrange a meeting.

Best regards,

Heather

 Martyn’s Colleague

—–Original Message—–
From: [Martyn's Colleage]
Sent: Tuesday, October 12, 2010 2:29 PM
To: ‘Martyn Terpilowski’
Subject: FW: MPF update

what dya think?

See [above]

[Martyn's Colleague]

Martyn Terpilowski

From: Martyn Terpilowski
Sent: 12 October 2010 15:09
To: [Martyn's Colleague]
Subject: RE: MPF update

Mmmmmm

1) why are they still taking money in, if this is the case? This should not be allowed and are brokers being truthful when selling this fund (i.e telling clients there are redemption issues).

2) [Client 2] invested in the fund BEFORE it was multi-currency and therefore it is totally unacceptable that this is used as an excuse and is basically not what he bought.

3) why were we told when LM knew already that were delays that there were no delays? That remains a question that has never truly been answered.

4) the comment I have increased the size of and coloured red [above] in regards to [Client 2's] payment – suggests infact that as I suspected – No payments are being made right now. This makes the fact that they are taking money in even worse.

Martyn


#LM #LM Managed Performance Fund #PeterDrake #HeatherMcLeish #LindaDarcy #MartinTerpilowski
↧

POLICE, ARMY, ON THE TAKE FROM WOLVES OF BANGKOK - CLAIMS

August 23, 2014, 3:19 pm
$
0
0
FORMER PRIME MINISTER NAMED


Boiler room bosses, aka ‘The Wolves of Bangkok’, have been making widespread payments to several police departments and even an army general, it is claimed today.

Investors chasing the ‘Bangkok Five’, the major share trading scammers in the Thai capital describe farcical moments as bosses made arrangements to either get their underlings out of trouble after arrests – or straight payments to continue to operate their scams.

In one farcical moment two boiler room operators left US$100,000 with authorities at Bangkok International airport days after some 20 boiler rooms were raided in Bangkok in 2001.  The money having been found in their possession they gifted it for the good of Thailand.

On another occasion one boiler room operator who was stopped at Manila International airport gifted his Rolex watch - which had been given to him by his boss after selling US1 million of fake shares in a month.

Shortly afterwards the same two men registered a company which was later to become one of the biggest foreign run bar and restaurant groups in Bangkok.



In article based on interviews and other research the victims group again identifies the major players in scams which have made Bangkok one of the fraud capitals of the world, and describes how they get away with by having Thai officials in their pockets.

Among those named are a former Prime Minister and a former Governor of Bangkok, but the latter was only connected by the marriage of his half sister to a boiler room operator and there is no proof or suggestion that he knew what was really going on.

And in the case of the former no proof is offered.

Nevertheless none of the boiler rooms could run in Bangkok without tacit approval from several authorities. And there is ample evidence of 'grasses' being fitted up by police. Further although their call centres are often raided none of the bosses have been through the courts apart from in 2001 when members of the Brinton Group paid fines for breaking SEC regulations.

And collusion with the authorities has enabled the crime bosses to wash multi-millions of dollars into the Thai sex and entertainment trades and expensive food and drink outlets..even Cumberland sausages!

Talking about bribes one boiler room employee is quoted as saying:“At this time the Thai government was really cracking down on foreigners working in Thailand without visas. So if you can imagine over 100 foreigners working in Thailand without visa including me.

"As a result every time the number of employees increased so did the amount of the bride. It got to the stage where the owner was paying over US$1million a month."

In recent weeks Bangkok's boiler room kings have put a hold on buying more businesses in Thailand and in fact have started selling. 

Almost certainly connected to the recent publicity is the moving of whole rooms of employees- back to Jakarta, Kulala Lumpur and Manila. But most of the bosses, who have Thai wives, remain.

For the full story go here

For all stories from the Fraud Recovery Blog- Go here
↧

CAN YOU HELP THIS BOILER ROOM OUT? THEY’VE MADE A BAD INVESTMENT

August 23, 2014, 11:38 pm
$
0
0

The notorious SpartaMatrix company which has been running boiler rooms out of Manila and Bangkok is, it appears, in a spot of bother. It has been washing its cash into port facilities in Croatia pretending to have some sort of logistical know-how.

The holding company  Miklavja LC has gone belly up and filed for bankruptcy now SpartaMatrix is calling on its funders to pay for court action against a company of which it owns 55 per cent.

SpartaMatrix on its website posts links to Greenlanka Shipping in Sri Lanka, but, no surprises here, Greenlanka deny any association with SpartaMatrix or having heard of them.

They claim that their local company in Matulji, Croatia, has been defrauded by the local municipality and they are suing for millions. They just need more support from their investors to pay for the court costs.

It seem there is some coastal forest land involved which SpartaMatrix wants to get hold of. But this belongs to the state and local government.

Mmm, let’s see where that goes.


Wainwright - left - next to PM of Coatia



SpartaMatrix boss Philip Wainwright has had himself photographed with the Prime Minister of Croatia, in another Noyes type coup, but British investors in SpartaMatrix are being advised by Embassy officials to ‘get a lawyer’.

Still that is a FCO answer for most things they will not handle.

Things to do in Matulji - blacked out  man and and above - participants in the local bell ringing festival



SpartaMatrix would have made better investments putting its cash into the sex trade in Thailand, where a number of other boiler rooms are investing.

But they have put a lot of effort into their website, creating press releases (paid for) about their progress and wide-ranging investments.



They claim to have their headquarters in North Carolina, where all the techie whizzkids are with several offices around the world. These addresses are serviced offices. However when they are not showboating in Croatia and dancing in the bell ringing festival these 'global leaders' can be found in Manila and Borocay  in the Philippines trying hard get rid of their ill-gotten gains.

Bankruptcy officer:Vesna Pindulic of Numa Limited, Ogulin -7, 51000 river Tel: +353 51 214857 email:info@numa.hr  responsible for handling the bankruptcy of Miklavja LC doo.http://www.numa.hr/
↧
Search

LAMBS OR RAMS TO THE SLAUGHTER – IT’S ALL DAMN WRONG

August 24, 2014, 3:44 pm
$
0
0
-LOOKING FOR LOVE IN ALL THE WRONG PLACES AGAIN - WITH BRITAIN'S C4-



Certain types of documentary surface on a regular basis. One such theme is ‘Thai Brides’ which holds a special attraction for British television. The latest piece of work on this subject is called ‘My Internet Bride’ and the first episode on C4 featured two British men in Thailand and one Welshman seeking love in the Ukraine.

Now these productions make what is called ‘great TV’. It’s a voyeuristic look at human nature and men on the prowl, or rather looking for love in all the wrong places – in this case with a match-making agency in Bangkok called ‘A Foreign Affair’ which has been making money out of, dare I say it, unfortunate people.



Just listening to the people from the agency, one a Brit called Leonard, selling their wares or dreams to those willing to believe, would I have thought been enough to put anyone off the whole idea.
The Daily Telegraph TV critic Jake Wallis Simpson wrote: ‘It’s all damn wrong’.

'A Foreign Affair' could easily call itself 'Lambs or Rams to the Slaughter' and the clichés coming from Len were excruciating - 'Like being in a candy store', 'like going to bed on Christmas Eve as a 5-year-old waiting to unwrap your presents'

Centre stage was Chris, a 46-year-old divorcee from Macclesfield, who sat at home at his computer and let his ten-year-old daughter help select his potential future mate. This was changed in Bangkok by Len where it appeared that Chris would have to choose from a bunch of ’90 to 100 absolutely stunning women’ who would turn up at the agency’s main event – a disco night at ‘Q’ bar in Bangkok...so that's what's happened to 'Q' Bar.

About ten or 15 women-hungry men turned up for this event. Asked if there was an attractive man amongst them the best the producers could get from the Thai women, some of whom did not appear to be shy of wiggling themselves on laps on a first date, was: ‘I do not want to comment. I do not want to be rude.”



Nevertheless Chris ‘hooked’ a Thai woman, although evidently it was the other way around – and in his mind’s eye the first date went brilliantly. He was waxing lyrically to the camera about how brilliant it was. In fact it was 'f..g brilliant.'

'F...g brilliant'

Then came the sting. The second date was to meet the girl’s sister who got out her calculator and estimated that Chris should pay his darling 2000 baht a day while in Thailand, plus all meals etc.

Chris seemed shocked and told an ‘agency man’ delegated to deal with him at a local Irish themed bar that he had to finish with his new love – ‘Baimon’. 'It's human trafficking," he said, but I am not sure he knew who was being trafficked.


He finished with Baimon at his local hotel. He was in tears as he did so. ‘You have stolen part of my heart’.  She was in tears too (crocodile?): ‘No play game. This is not business. This is my life’. etc.

And that was the end of that. It turned out later that she already had another foreign boyfriend and later became pregnant by him. (But I'm guessing that came from the agency).

Could not string a sentence together


The programme also featured a guy from Wakefield who was importing his wife from Ubon Ratchathani (leaving her young resigned son behind). She seemed very keen on the attraction of a minimum salary of £6 an hour, as opposed to £6 a day in Thailand.

And the guy seeking Ukrainian women was a 26-year-old virgin from Wales who had everything going for him until he opened his mouth when little else but dribble came out.

He lost his virginity on the second night, presumably if you cannot talk you have to do something and then decided, hang on a minute, he needed to try some others. He was described by one of his potential mates, who did not like him, as a ‘flustered child’.

I have to say that the Ukrainian women looked a lot smarter and 'with it' so to speak and also looked like they had real jobs.

The most worrying part of the programme was the claim that there are 9 million British men out there on the internet looking for love.

And a good percentage go for the ones with whom they do not even share a language and with whom they can barely string more than a couple of words..like suay, roi, and sawasdi krap.

And what crap the dating game is. Bridal agencies were banned in the Philippines many years ago. No doubt ' A Foreign Affair' will claim it is providing a social service but this doc was almost a justification for doing the same in Thailand - but I guess people get work permits to do this sort of thing.

There's obviously money in this business. The only Thai Bride Agency story I have been I have covered ( I have done a few Thai bride murderesses though)  in Thailand was when the boss of 'Thai Connection' was arrested for murder. After serving six years - he was acquitted.

↧
↧

LIES, LIES AND MORE LIES – HOW LM PLAYED FOR TIME

August 25, 2014, 7:08 am
$
0
0
AN EXCRUCIATING EMAIL EXCHANGE BETWEEN LM AND A FINANCIAL  ADVISER

If there can be any doubt that directors of the company and salesmen of the product were lying their heads off then the following long series of emails from an adviser trying to get his clients’ money back will put an end to them.

 Martyn Terpilowski had succeeded in getting money back for one client which had given him hope. While LM had refused to give redemptions for two years it was still boasting that its products were in a healthy state – a mathematical impossibility.

Terpilowski is clearly fed up with Australians and how he perceives financial business is conducted in Australia and and at one stage threatens to report LM to the regulatory bodies in Hong Kong and Japan. But I’m guessing that still was not going to get his money back from his clients who are ‘high net worth’ and 'not stupid'. (LM were not registered).

LM boss Peter Drake
There is a queue for people trying to get their cash out – and the queue seems a figment of LM’s imagination. LM claims it was handing back money in hardship cases and according to guidelines of the Australian Securities and Investment Commission.

The most interesting point here perhaps to investors in Thailand and elsewhere is that here is an advisor who has been trying for more than two years to get cash back from LM while most clients here did not know that LM was in trouble until they lost everything.

That means other IFAs were covering up for LM and is Managed Performance Fund due to the high commissions they were getting or were themselves stupid enough to believe LM lies.

It’s a pitiful, tragic case, of outright fraud and dishonesty in the financial industry and of course an indictment on the Australian Government and ASIC.

Steal a loaf of bread from a shop and you end up in court – steal millions – no problem.



Here in conjunction with www.therapeofhongkong.com  follow the emails. They are unedited as they may be of better use to LM victims.



December 2011

Client 1

—–Original Message—–
From: [Client 1]
Sent: Monday, December 19, 2011 3:59 PM
To: Martyn Terpilowski
Subject: Distribution payouts

Martyn,

I would like to receive as much distribution income as possible including the past distributions from all of my LM investments this month.  Would I need to fill out any forms?

Thanks
[Client 1]

Martyn Terpilowski

—–Original Message—–
From: Martyn Terpilowski
Sent: Tuesday, 20 December 2011 8:56 AM
To: Melanie Gomez; Shauna Larkin; Martin Venier
Cc: [redacted]
Subject: FW: Distribution payouts

Dear All

Please see mail [above] from [Client 1]. He wants to start taking income from all his LM investments. Can you please send the paperwork over to me that he needs to complete? I am not sure he will be able to take past distributions, but can you please advise on that.

Also, are we still looking at Jan / Feb for his redemptions?

Please let me know on all of this ASAP.

Rgds
Martyn

Melanie Gomez

—–Original Message—–
From: Melanie Gomez
Sent: Tuesday, December 20, 2011 5:31 PM
To: ‘Martyn Terpilowski’; Shauna Larkin; Martin Venier
Cc: ‘[redacted]
Subject: RE: Distribution payouts

Dear Martyn

Further to your e-mail earlier I have been able to locate the investor and the account numbers are listed below;

[AXXXXXXXX] MPF
[BXXXXXXXX] MPF
[CXXXXXXXX] MPF
[DXXXXXXXX] MPF
[EXXXXXXXX] MPF

If the investor would like to have interest paid going forward then they will need to complete the attached form and state how often they require this payment to be made (monthly, quarterly etc.).

Existing interest cannot be paid as this will be classed as redemption payment too.

With regards to when the above redemptions will be made I can’t confirm a date yet.

If you have any further questions please don’t hesitate to contact me

Many Thanks

Mel

Melanie Gomez (Peake)
Operations Manager International

One Year Fixed Income with 100% Capital Protection for the first 30% stock price fall (ASPF3)

AUD : 12.50% pa, EUR: 10.00% pa, GBP: 9.00% pa, USD:9.00% pa

Available until 27 January 2012!

LM Investment Management International Ltd Suite 3807 – 3808, 38/F Two International Finance Centre No. 8 Finance Street, Central, Hong Kong
Phone: +852 2501 0262
Mobile: +852 9163 7910
Fax: +852 2530 1076
Email: mgomez@LMaustralia.com
Skype: melanie.gomezlm
Visit Our Website: www.LMaustralia.com

Martyn Terpilowski

'There are no checks and balances'

—–Original Message—–
From: Martyn Terpilowski
Sent: Wednesday, 21 December 2011 10:35 AM
To: Melanie Gomez; Shauna Larkin; Martin Venier
Cc: [redacted]
Subject: RE: Distribution payouts

Hi Melanie

Thanks for this. I will tell [Client 1].

Although you can not confirm the exact dates for redemptions, I would hope you could give some kind of idea. We have been told Jan /Feb – has this changed? I have made my views quite clear on taking money in to a fund that is effectively closed – it is just so not allowed in most places in the world for obvious reasons. Clients clearly would not invest if they knew about this when investing but they do not – which is wrong. I know LM hide behind semantics and dodgy brokers will not tell their customers due to the commission levels, but it is wrong on so many levels and anyone working long term in finnace will tell you that. This is not an opinion, it is very factual or it would be allowed in all regulated markets? As Peter said with the MIF [First Mortgage Income Fund] which was sold mainly in Australia – ‘we can’t take more money in when we would be using it just to pay the bank loan back?’- not sure what the difference is with MPF [Managed Performance Fund] when money is taken in and then effectively used to pay off the redemption requests. I guess this is good for me, but I would not have lost my faith in LM if this had not been the case and I would not be so worried which I genuinely am. Anyway – been through this and realise there are no checks and balances at LM. There is certainly no way I would look at any further investment, which is sad as I was a big fan in the past.

Anyway – I need to know some kind of time frame for this clients money. I was told Jan/Feb before so hoping this has not changed dramatically.

Rgds
Martyn

Melanie Gomez

—–Original Message—–
From: Melanie Gomez
Sent: Wednesday, December 21, 2011 5:03 PM
To: ‘Martyn Terpilowski; Shauna Larkin; Martin Venier
Cc: [redacted]
Subject: RE: Distribution payouts

Dear Martyn

Thank you for your e-mail.

After touching base with h/o [head office] and looking at where these investments sit in the redemption queue it is ‘possible’ that payment may be made during the 1st quarter of 2012. However this is not guaranteed as there are a number of factors can stop this from happening.

If the fund projections continue as expected into the first half of next year we may be able to give you some certainty on timing of payments but at this moment in time it is too early to say.

Many Thanks

Melanie

Melanie Gomez (Peake)
Operations Manager International

One Year Fixed Income with 100% Capital Protection for the first 30% stock price fall (ASPF3)

AUD : 12.50% pa, EUR: 10.00% pa, GBP: 9.00% pa, USD:9.00% pa

Available until 27 January 2012!

LM Investment Management International Ltd Suite 3807 – 3808, 38/F Two International Finance Centre No. 8 Finance Street, Central, Hong Kong
Phone: +852 2501 0262
Mobile: +852 9163 7910
Fax: +852 2530 1076
Email: mgomez@LMaustralia.com
Skype: melanie.gomezlm
Visit Our Website: www.LMaustralia.com

Martyn Terpilowski



'It scares me how so many people seem not to get what is wrong'

—–Original Message—–
From: Martyn Terpilowski
Sent: Wednesday, December 21, 2011 5:41 PM
To: ‘Melanie Gomez’; ‘Shauna Larkin’; ‘Martin Venier’
Cc: [redacted]
Subject: RE: Distribution payouts

It is just so wrong and ridiculous that this money is ‘still locked up’ as you continue to prospect for new biz in the same fund…. Do you think any client would put money in here if they KNEW this situation???… Ok – it may work out ok, but there is no clarity whatsoever and it clearly is not being discussed with new investors. This client is and has been very upset for a long time… I really hope we can see this redemption paid in Jan/Feb as was stated – at least I may feel LM are moving in the right direction.. right now I just see marketing for new biz whilst this situation remains – which would leave a bad taste in the mouth of most honest people… It actually scares me how so many people seem not to get what is wrong here …
including the CEO which is the most scary part…

Merry Xmas..

Martyn

January 2012

Melanie Gomez

—–Original Message—–
From: Melanie Gomez [mgomez@lmaustralia.com]
Sent: Tuesday, January 03, 2012 11:52 AM
To: ‘Martyn Terpilowski’; Martin Venier
Cc: ‘[Martyn's Assistant]‘
Subject: RE: FW: FW: Further Question [Client 1]

Dear Martyn

As requested please see below the LM a/c numbers for this client’s investments and where they sit in the redemption queue.

[A########]        Queue no. 128
[B########]        Queue no. 129
[C########]         Queue no. 29
[D########]  Not included on the report as redemption request was only received on 30/12/2011
[E########]        Queue no. 30

Many Thanks

Melanie

Melanie Gomez (Peake)
Operations Manager International

Martyn Terpilowski

—– Original Message —–
From: Martyn Terpilowski
To: “‘[Client 1]‘”
Subject: FW: FW: FW: Further Question [Client 1]
Date: Tue, 3 Jan 2012 18:14:14 +0900

Dear [Client 1]

Here is where you are in the redemption queues. I have had clients who have received money, so do not worry that this will not happen as it will. Hopefully before the end of Feb as we have discussed.

They have confirmed they will get back to me on the rate in the next few days.

Have a good evening.

Martyn

Client 1

—–Original Message—–
From: [Client 1]
Sent: Thursday, January 05, 2012 11:28 PM
To: Martyn Terpilowski
Subject: Re: FW: FW: FW: Further Question [Client 1]

Martyn,

Please find attached interest payout request forms for my five accounts.  I sincerely hope that all my accounts but one will have been fully paid by the end of February, and, therefore, these forms
would not eventually be necessary.

Thanks
[Client 1]

Martyn Terpilowski

—– Original Message —–
From: “Martyn Terpilowski
To: “‘[Client 1]‘”
Subject: RE: FW: FW: FW: Further Question [Client 1]
Date: Sat, 7 Jan 2012 02:35:59 +0900

Ok [Client 1] - I will forward these straight away.

I am still waiting for absolute confirmation on the rates and I am doing
the best I can.

I think from the queue numbers that we have been getting – it will only be the first 2 accounts that pay out in Feb as redemption requests for the other 2 accounts were received later.

I will get confirmation on all of this as soon as possible.

Cheers
Martyn

Client 1

—–Original Message—–
From: [Client 1]
Sent: Saturday, January 07, 2012 11:33 AM
To: Martyn Terpilowski
Subject: Re: RE: FW: FW: FW: Further Question [Client 1]

Martyn,

Thank you for working on the rates.

Regarding the queue, I am finding it a little odd that all my accounts are not moving up the queue at the same pace. Comparing the queue information received in August, the first 2 accounts have not moved up the queue as fast as the other 2 accounts.  This suggests that many of the accounts that were placed in the queue between my first 2 and the other 2 have already been paid.  Could you please try to find out what actually happened.  Below is the queue information I received back in August.

[A########] – Queue position 234
[B########] – Queue position  236
[C########] – Queue position  76
[D########] – no redemption held to date
[E########] – Queue position  95

By the way, when are you coming back to Japan?

Regards,
[Client 1]

Martyn Terpilowski

—–Original Message—–
From: Martyn Terpilowski
Sent: Sunday, 8 January 2012 5:31 PM
To: Melanie Gomez; Martin Venier
Cc: ‘[Martyn's Assistant]‘
Subject: FW: RE: FW: FW: FW: Further Question [Client 1]

Melanie

Another mail from [Client 1]. He is analytical and reads everything. He has now highlighted something on the queue numbers. Can you let me know on this?

Thanks
Martyn

Melanie Gomez

—–Original Message—–
From: Melanie Gomez [mgomez@lmaustralia.com]
Sent: Monday, January 09, 2012 10:53 AM
To: ‘Martyn Terpilowski’; Martin Venier
Cc: ‘[Martyn's Assistant]‘
Subject: RE: RE: FW: FW: FW: Further Question [Client 1]

Dear Martyn

Thank you for your e-mail.

I would like you to speak with Martin Venier who has just returned from leave tomorrow at 10.30am Tokyo time to discuss the rate hold and also his questions regarding where his investments sit in the queue.

Please let me know the best number to call you on and if 10.30am Tokyo time is good for you?

I look forward to hearing back from you

Melanie

Melanie Gomez (Peake)

Operations Manager International

One Year Fixed Income with 100% Capital Protection for the first 30%
stock price fall (ASPF3)

AUD : 12.50% pa, EUR: 10.00% pa, GBP: 9.00% pa, USD:9.00% pa

Available until 27 January 2012!

LM Investment Management International Ltd Suite 3807 – 3808, 38/F Two
International Finance Centre No. 8 Finance Street, Central, Hong Kong
Phone: +852 2501 0262
Mobile: +852 9163 7910
Fax: +852 2530 1076
Email: mgomez@LMaustralia.com
Skype: melanie.gomezlm
Visit Our Website: www.LMaustralia.com

Martyn Terpilowski

—–Original Message—–
From: Martyn Terpilowski
Sent: Monday, January 09, 2012 7:09 PM
To: Melanie Gomez; Martin Venier
Cc: ‘[Martyn's Assistant]‘
Subject: RE: RE: FW: FW: FW: Further Question [Client 1]

Thanks Melanie

I am in the UK right now and travelling to Asia tonight. I will actually be in KL at first as have some business there so I will give you a KL number when I get there.

Let me know ASAP on the questions asked.

Rgds
Martyn

Melanie Gomez

—–Original Message—–
From: Melanie Gomez
Sent: Tuesday, 10 January 2012 8:21 AM
To: Martyn Terpilowski
Cc: Martin Venier; [Martyn's Assistant]
Subject: Re: Further Question [Client 1]

Dear Martyn

This will be covered off in the call.

Martin will leave tomorrow for Tokyo so I hope we will be able to make contact today. Have a safe trip back

Thanks

Mel Gomez

Sent from my iPhone

Melanie Gomez

—–Original Message—–
From: Melanie Gomez [mgomez@lmaustralia.com]
Sent: Tuesday, January 10, 2012 10:14 AM
To: Martyn Terpilowski
Cc: Martin Venier; [Martyn's Assistant]
Subject: RE: Further Question [Client 1]

Dear Martyn

If today is not convenient then please confirm a time on Monday for the call when Martin is back in HK [Hong Kong].

Martin would normally meet with you in Tokyo but he has an extremely busy schedule this time presenting at a number of events.

Many Thanks

Mel

Melanie Gomez (Peake)
Operations Manager International

One Year Fixed Income with 100% Capital Protection for the first 30% stock
price fall (ASPF3)

AUD : 12.50% pa, EUR: 10.00% pa, GBP: 9.00% pa, USD:9.00% pa

Available until 27 January 2012!

LM Investment Management International Ltd Suite 3807 – 3808, 38/F Two
International Finance Centre No. 8 Finance Street, Central, Hong Kong
Phone: +852 2501 0262
Mobile: +852 9163 7910
Fax: +852 2530 1076
Email: mgomez@LMaustralia.com
Skype: melanie.gomezlm
Visit Our Website: www.LMaustralia.com

Martyn Terpilowski

—–Original Message—–
From: Martyn Terpilowski
Sent: Wednesday, 11 January 2012 4:31 PM
To: Melanie Gomez
Cc: Martin Venier; [Martyn's Assistant]
Subject: RE: Further Question [Client 1]

I am now in KL and my number is +#### ### ####.

I cannot really wait until Monday though as the client is very insistent on getting an answer. I do see his point.

Surely an answer on his question on the rates and the queue numbers is pretty straight forward and can be easily dealt with by email?

Please do let me know.

Martyn

Melanie Gomez

—–Original Message—–
From: Melanie Gomez [mgomez@lmaustralia.com]
Sent: Wednesday, January 11, 2012 5:58 PM
To: ‘Martyn Terpilowski’
Cc: Martin Venier; [Martyn's Assistant]
Subject: RE: Further Question [Client 1]

Dear Martyn

Thank you for your e-mail.

Unfortunately the answer is not as straight forward as you would imagine.  I will try my best to get back to you tomorrow with a response on this.

I still believe a call next week would be beneficial.

Thanks

Melanie

Melanie Gomez (Peake)
Operations Manager International

One Year Fixed Income with 100% Capital Protection for the first 30% stock
price fall (ASPF3)

AUD : 12.50% pa, EUR: 10.00% pa, GBP: 9.00% pa, USD:9.00% pa

Available until 27 January 2012!

LM Investment Management International Ltd Suite 3807 – 3808, 38/F Two
International Finance Centre No. 8 Finance Street, Central, Hong Kong
Phone: +852 2501 0262
Mobile: +852 9163 7910
Fax: +852 2530 1076
Email: mgomez@LMaustralia.com
Skype: melanie.gomezlm
Visit Our Website: www.LMaustralia.com

Martyn Terpilowski

—–Original Message—–
From: Martyn Terpilowski
Sent: Wednesday, January 11, 2012 6:01 PM
To: ‘Melanie Gomez’
Cc: ‘Martin Venier’; [Martyn's Assistant]
Subject: RE: Further Question [Client 1]

I imagine it probably is not which concerns me further.

Yes – happy to talk to Martin next week, but an answer would be good now.

Martyn

Martyn Terpilowki

—–Original Message—–
From: Martyn Terpilowski
Sent: Thursday, 12 January 2012 2:52 PM
To: Melanie Gomez
Cc: Martin Venier; [Martyn's Assistant]
Subject: RE: Further Question [Client 1]

[Client 1] is chasing me on this. Please let me know.

Martyn

Melanie Gomez

"LM is not normally in the practice of providing where an investment sits within a redemption queue as it does not reflect what is actually happening behind the scenes."

—–Original Message—–
From: Melanie Gomez [mgomez@lmaustralia.com]
Sent: Thursday, January 12, 2012 6:15 PM
To: ‘Martyn Terpilowski’
Cc: Martin Venier; [Martyn's Assistant]
Subject: RE: Further Question [Client 1]

Dear Martyn

Thank you for your email.

As agreed I have been in touch with h/o and management regarding this case and have the answers for you and your clients questions.

1) Rates applied to these investments will not be changed to reflect the original earning rate the investor was receiving when these investments went into a ‘redemption pending’ status. The rate applied is the current rate available at the time of rollover for the original term they selected as
previously explained. All investors have to be treated the same.

Please refer to refer to page 31 of the Information Memorandum under Changes to Terms and Conditions and Distribution Rates, ‘The distribution rates and fees that apply to investors’ investment accounts can change from time to time without notice.’

Please also refer to the disclaimer that is at the bottom of the LM rate sheets (attached).

2) h/o have also provided me with updated queue information for this investors redemptions;

12 January 2012 queue no.

[A########]           128
[B########]           129
[C########]           29
[D########]          redemption request received 30/12/2011
[E########]           30

LM is not normally in the practice of providing where an investment sits within a redemption queue as it does not reflect what is actually happening behind the scenes.  Providing timeframes is also something that we do not like to issue as there are so many factors that can prevent the fund from meeting them. And although we clearly state that it is only for indication purposes, investors do focus on the date given which can lead to further disappointment.

Please confirm a date and time that Martin can call you next week to discuss the above with you further.

I would also like to inform you that as of the 17th February 2012  I will be going on maternity leave. In my absence I will be asking Shauna to look after your enquiries and Martin will still continue to be the Regional Manager for you and [your firm].

Many Thanks

Melanie

Melanie Gomez (Peake)
Operations Manager International

One Year Fixed Income with 100% Capital Protection for the first 30% stock
price fall (ASPF3)

AUD : 12.50% pa, EUR: 10.00% pa, GBP: 9.00% pa, USD:9.00% pa

Available until 27 January 2012!

LM Investment Management International Ltd Suite 3807 – 3808, 38/F Two
International Finance Centre No. 8 Finance Street, Central, Hong Kong
Phone: +852 2501 0262
Mobile: +852 9163 7910
Fax: +852 2530 1076
Email: mgomez@LMaustralia.com
Skype: melanie.gomezlm
Visit Our Website: www.LMaustralia.com

Martyn Terpilowski


"I just do not believe clients would invest new money into the LM funds if they were told the facts" 
—–Original Message—–
From: Martyn Terpilowski
Sent: Friday, January 13, 2012 11:15 AM
To: ‘Melanie Gomez’
Cc: ‘Martin Venier’; [Martyn's Assistant]
Subject: RE: Further Question [Client 1]

Hi Melanie

The problem is with this, is that [Client 1] was already told by LM that he would get the same rate as he was told that there were ‘no redemption issues’ when he invested the final amount into the MPF. Obviously this seriously concerns him, in relation to what LM says and actually does.

Also, the client has not agreed on the rates and just wants his money back. As he has been waiting a long time, he sees it as very unfair that he cannot get his money, but LM can just reduce the rates. I know we cannot win this argument – but this is the problem I have with LM.

I just do not believe clients would invest new money into the LM funds if they were told the facts which they obviously are not which is worrying.

On the queue – as of Jan 2012 the queue nos are:-

[A########]        Queue no. 128
[B########]        Queue no. 129
[C########]        Queue no. 29
[D########]        Not included on the report as redemption request was only received on 30/12/2011
[E########]        Queue no. 30

In Aug 2011 the queue nos were:-

[A########] – Queue position 234
[B########] – Queue position  236
[C########] – Queue position  76
[D########] – no redemption held to date
[E########] – Queue position  95

It does therefore seem some have moved faster than others, so I do see the clients point. Unfortunately if you are holding clients money when they want it back, they will always want to know this info, whatever is ‘happening behind the scenes’ and the info should be readily available.

I do not want to keep spending time on this but unfortunately LM have mislead clients which has led to this mistrust and general fear from clients whether they will actually get their money back at all.

I am on +#### ####### next week and Martin can get me on that number. Please ask him to call me on Monday or Tuesday.

Rgds
Martyn

Martyn Terpilowski

—–Original Message—–
From: Martyn Terpilowski
Sent: Saturday, January 21, 2012 11:31 AM
To: ‘Melanie Gomez’
Cc: ‘Martin Venier’; [Martyn's Assistant]
Subject: RE: Further Question [Client 1]

On the queues – please see the mail below:-

It is not feasable that this is just an error if you look at the numbers. This guy is very educated and he just will not buy it. It worries me that, that would be put fwd as a reason for this – if you look at the chronological order of these numbers.

Please take a look and get back to me. The major problem is that we have consistently received inaccuracies at LM which does not give confidence.

I just hope we get some money back ASAP to take the heat off me as this is becoming a full time job for me.

I look fwd to hearing from you.

Also, when will you next be in Tokyo? – it may be an idea to arrange a meeting or even a telecon beforehand with [Client 1], but to be fair these clients are like me and lots does not add up. We know the market conditions, that is not and has never been the issue, with me or the clients.

Please advise.

Martyn

Martyn Terpilowski

—–Original Message—–
From: Martyn Terpilowski
Sent: Thursday, January 26, 2012 10:38 PM
To: ‘Melanie Gomez’
Cc: ‘Martin Venier’; [Martyn's Assistant]
Subject: RE: Further Question [Client 1]

Hi Melanie

I know it has been CNY [Chinese New Year] and Australia Day, but has anyone had a chance to have a proper look into this?

And can someone let me know on the next Tokyo visit as below?

Martyn

February 2012

Martyn Terpilowski

—–Original Message—–
From: Martyn Terpilowski
Sent: Wednesday, 1 February 2012 11:12 AM
To: Melanie Gomez
Cc: Martin Venier; [Martyn's Assistant]
Subject: RE: Further Question [Client 1]

Or this as this client has been on to me again this mng?

MT

Melanie Gomez

—–Original Message—–
From: Melanie Gomez [mgomez@lmaustralia.com]
Sent: Wednesday, February 01, 2012 12:20 PM
To: ‘Martyn Terpilowski’
Cc: Martin Venier; [Martyn's Assistant]
Subject: RE: Further Question [Client 1]

Dear Martyn

I will forward the email Martin sent through to you last week

Thanks

Mel

Melanie Gomez (Peake)
Operations Manager International

LM’s Latest Product Offerings:

1) 5.5 Year Term = 100% Capital Protection (S&P/ ASX200) 100% Allocation
with 60% Growth Potential

2) 1 Year Term = Fixed Rate Income with Capital Protection

ACT NOW: Available until 30 March 2012!

LM Investment Management International Ltd Suite 3807 – 3808, 38/F Two
International Finance Centre No. 8 Finance Street, Central, Hong Kong
Phone: +852 2501 0262
Mobile: +852 9163 7910
Fax: +852 2530 1076
Email: mgomez@LMaustralia.com
Skype: melanie.gomezlm
Visit Our Website: www.LMaustralia.com

Martyn Terpilowski

'I am so sick of this'

—–Original Message—–
From: Martyn Terpilowski
Sent: Wednesday, 1 February 2012 11:22 AM
To: Melanie Gomez
Cc: Martin Venier; [Martyn's Assistant]
Subject: RE: Further Question [Client 1]

Thanks – I am so sick of this.

Cheers
Martyn

Melanie Gomez

—–Original Message—–
From: Melanie Gomez [mgomez@lmaustralia.com]
Sent: Wednesday, February 01, 2012 12:23 PM
To: ‘Martyn Terpilowski’
Cc: Martin Venier; [Martyn's Assistant]
Subject: RE: Further Question [Client 1]

Dear Martyn

We do appreciate the situation both you and your client are in and we are trying to help as much as possible.

Thanks

Melanie

Melanie Gomez (Peake)
Operations Manager International

LM’s Latest Product Offerings:

1) 5.5 Year Term = 100% Capital Protection (S&P/ ASX200) 100% Allocation
with 60% Growth Potential

2) 1 Year Term = Fixed Rate Income with Capital Protection

ACT NOW: Available until 30 March 2012!

LM Investment Management International Ltd Suite 3807 – 3808, 38/F Two
International Finance Centre No. 8 Finance Street, Central, Hong Kong
Phone: +852 2501 0262
Mobile: +852 9163 7910
Fax: +852 2530 1076
Email: mgomez@LMaustralia.com
Skype: melanie.gomezlm
Visit Our Website: www.LMaustralia.com

Martyn Terpilowski

—–Original Message—–
From: Martyn Terpilowski
Sent: Wednesday, February 01, 2012 12:28 PM
To: ‘Melanie Gomez’
Cc: ‘Martin Venier’; [Martyn's Assistant]
Subject: RE: Further Question [Client 1]

Cheers – the queue answer was a bit of nonsense, so that does need answering correctly.

Rgds
Martyn

Martyn Terpilowski

—–Original Message—–
From: Martyn Terpilowski
Sent: Wednesday, 1 February 2012 12:07 PM
To: Melanie Gomez
Cc: Martin Venier; [Martyn's Assistant]
Subject: RE: Further Question [Client 1]

Melanie

Here is the latest from [Client 1] (attached). I have also had him on the phone at length this morning and I really do not know what to do. A lot of what he says makes sense and it is hard for me to accept that other clients are not upset also. Please note I have pointed out to him that you are only the messenger and it is not your fault. It does seem for a fact that there were certain lies told by Heather and Shauna which has really added to the distrust. This was my experience also when I was directly told by Shauna and Senior Management that there were no redemption issues with the MPF when we later discovered there was already a queue in place. Whether LM accept that or not, that is very naughty and has led to this client having little faith in what he is being told. I really need this taking to the top and someone commenting properly. If you are selling a fund in the offshore market place to non Australian’s it has to be understood, that you can’t just expect everyone to get this as some of it makes no sense and there are many contradictions.

I look fwd to hearing from you soon.

Rgds
Martyn



Melanie Gomez

'We do not expect emails that we send to you to be forwarded directly to the client'. 

—–Original Message—–
From: Melanie Gomez
Sent: Wednesday, February 01, 2012 3:21 PM
To: ‘Martyn Terpilowski’
Cc: Martin Venier; [Martyn's Assistant]; Lisa Darcy; Shauna Larkin
Subject: RE: Further Question [Client 1]

Dear Martyn

Thank you for your email and also the attached document from [Client 1].

Further to your conference call with Martin last week regarding this investor and his investment, Martin is currently working on a update on the fund and the current circumstances.

Both myself and LM does appreciate the situation that all investors are currently in and take all feedback provided seriously.

The information I have provided to you over the last several months regarding the Funds has been factual information provided from various sources and Management has been consulted on numerous occasions regarding this investor and the situation he is in.

We do not expect emails that we send to you to be forwarded directly to the client.  They emails between us are an accurate as possible statement of facts as they are presented to us, and the emails will not express our feelings for your investor’s situation and those of others.  We expect our emails to be edited before they are sent to investors by an advisor.

Martin will be in Japan the week of the 13th February and he has delayed making commitments so as to maximise the chances that he can meet with your client . He would ideally like to meet with yourself and the client to discuss this further and give the investor the opportunity to express
his feelings and ongoing concerns. Please could you confirm a suitable day, time and venue for where you would like this meeting to be held.

Please note I have copied in Lisa Darcy (Executive Director) in on this email too.

I would also like let you know that I will be on maternity leave as of the 20th February 2012 and as of the 17th you and your clients will be looked after by Martin and Shauna. I will start copying Shauna in on all communications so that she is fully aware of what is going on.

Many Thanks

Melanie

Melanie Gomez (Peake)
Operations Manager International

LM’s Latest Product Offerings:

1) 5.5 Year Term = 100% Capital Protection (S&P/ ASX200) 100%
Allocation with 60% Growth Potential

2) 1 Year Term = Fixed Rate Income with Capital Protection

ACT NOW: Available until 30 March 2012!

LM Investment Management International Ltd Suite 3807 – 3808, 38/F Two
International Finance Centre No. 8 Finance Street, Central, Hong Kong
Phone: +852 2501 0262
Mobile: +852 9163 7910
Fax: +852 2530 1076
Email: mgomez@LMaustralia.com
Skype: melanie.gomezlm
Visit Our Website: www.LMaustralia.com




Martyn Terpilowski

—–Original Message—–
From: Martyn Terpilowski
Sent: Wednesday, 1 February 2012 2:54 PM
To: Melanie Gomez
Cc: Martin Venier; [Martyn's Assistant]; Lisa Darcy; Shauna Larkin
Subject: RE: Further Question [Client 1]

Firstly – do not worry. I certainly edit emails from you, before the clients get it. I know how to deal with clients, but I have to give the ‘facts’ that you give me. It is only fair and I do not know what else to do now.

I will be in HK at that time unfortunately and will not be back in Japan for some time, but I could still organise such a meeting.

Rgds
Martyn

Martin Venier

—–Original Message—–
From: Martin Venier
Sent: Wednesday, February 01, 2012 4:06 PM
To: ‘Martyn Terpilowski’
Cc: [Martyn's Assistant]
Subject: RE: Further Question [Client 1]

Dear Martyn,

Feel free to organise such a meeting.

My preference is for the Thursday afternoon the 16th of February.

Are you free to meet with me in HK next week?

Kind regards,
Martin

Martyn Terpilowski

—–Original Message—–
From: Martyn Terpilowski
Sent: Wednesday, 1 February 2012 3:11 PM
To: Martin Venier
Cc: [Martyn's Assistant]
Subject: RE: Further Question [Client 1]

Hi,

I can meet you in HK the week beginning the 13th, later in that week, should be fine. Please let me know.

I will ask the client if this works for a meeting.

Martyn

Martin Venier

—–Original Message—–
From: Martin Venier
Sent: Wednesday, February 01, 2012 4:15 PM
To: ‘Martyn Terpilowski’
Cc: [Martyn's Assistant]
Subject: RE: Further Question [Client 1]

Dear Martyn,

I see. I will be back in HK on the 17th.  I will probably not be able to meet until about 4pm if you are still in HK?

Alternatively, I could arrive a little earlier in Tokyo and meet with you on the Sunday afternoon, if you have not flown to HK yet.

If you fly to HK on the w/e [weekend], I can fly to Tokyo a later on the Sunday and meet with you beforehand in HK.

Hopefully we can work out a way to connect.

Kind regards,
Martin

Martyn Terpilowski

On 1 Feb 2012, at 15:18, “Martyn Terpilowski” wrote:

I will not be in Tokyo at all until April. Why don’t we meet the week after then when we are both in HK. Lets see what the client says fist re the meeting..

MT

Martin Venier

—–Original Message—–
From: Martin Venier
Sent: Wednesday, February 01, 2012 4:23 PM
To: Martyn Terpilowski
Subject: Re: Further Question [Client 1]

Ok kr, Martin.

Sent from my iPhone

Martyn Terpilowski

—–Original Message—–
From: Martyn Terpilowski
Sent: Thursday, February 02, 2012 11:54 AM
To: ‘Martin Venier’
Cc: ‘Melanie Gomez’; ‘[Martyn's Assistant]
Subject: RE: Further Question [Client 1]

Unfortunately the client will be overseas when you are in Japan, so it will not be possible to set up a meeting. He still wants a response on his comment sheet yesterday though as he still thinks that he is not getting clear information.

I will meet you the week beginning the 20th and set something up earlier that week when we are both in HK.

I look fwd to hearing from you soon.

Rgds
Martyn

Martyn Terpilowski

—–Original Message—–
From: Martyn Terpilowski
Sent: Thursday, February 02, 2012 12:11 PM
To: ‘Martin Venier’
Cc: ‘Melanie Gomez’; [Martyn's Assistant]
Subject: RE: Further Question [Client 1]

This bounced to both LM addresses when I sent before. Please confirm receipt.

MT

Martyn Terpilowski

—–Original Message—–
From: Martyn Terpilowski
Sent: Thursday, February 02, 2012 1:27 PM
To: ‘Martin Venier’
Cc: ‘Melanie Gomez’; [Martyn's Assistant]
Subject: RE: Further Question [Client 1]

Trying again…

Martyn Terpilowski

—–Original Message—–
From: Martyn Terpilowski
Sent: Thursday, February 02, 2012 2:08 PM
To: ‘Martin Venier’
Cc: ‘Melanie Gomez’; [Martyn's Assistant]
Subject: RE: Further Question [Client 1]

[and trying again...]

Martyn’s Assistant

—–Original Message—–
From: [Martyn's Assistant]
Sent: Thursday, 2 February 2012 1:45 PM
To: Melanie Gomez
Cc: Martin Venier; ‘Martyn Terpilowski’
Subject: FW: Further Question [Client 1]

Hi Melanie,

As mentioned in my previous email; please see the email [above] from Martyn.

He has been trying to send this to both you and Martin since this morning but he keeps getting bounce backs.

As suggested please check if there is an email black list particular for emails going to yours and Martin’s account and whether he is on that list.

[Martyn's Assistant]

Melanie Gomez

—–Original Message—–
From: Melanie Gomez
Sent: Thursday, February 02, 2012 3:25 PM
To: [Martyn's Assistant]
Cc: Martin Venier; ‘Martyn Terpilowski’
Subject: RE: Further Question [Client 1]

Dear [Martyn's Assistant]

Thank you for sending this through.

Martyn,

Can you please confirm which of the comments you are referring to as there were a number on there that have already been answered previously and evidence provided regarding rates etc.

If you would like me to answer each one individually again then please let me know and I will be more than happy to summarise everything.

Martin will be providing another update as requested in your conference call last week but he is extremely busy at the moment which is why there is a delay in getting this to you.

Many Thanks

Melanie

Melanie Gomez (Peake)
Operations Manager International

LM’s Latest Product Offerings:

1) 5.5 Year Term = 100% Capital Protection (S&P/ ASX200) 100% Allocation
with 60% Growth Potential

2) 1 Year Term = Fixed Rate Income with Capital Protection

ACT NOW: Available until 30 March 2012!

LM Investment Management International Ltd Suite 3807 – 3808, 38/F Two
International Finance Centre No. 8 Finance Street, Central, Hong Kong
Phone: +852 2501 0262
Mobile: +852 9163 7910
Fax: +852 2530 1076
Email: mgomez@LMaustralia.com
Skype: melanie.gomezlm
Visit Our Website: www.LMaustralia.com

Martyn Terpilowski

—–Original Message—–
From: Martyn Terpilowski
Sent: Thursday, 2 February 2012 2:39 PM
To: Melanie Gomez; [Martyn's Assistant]
Cc: Martin Venier
Subject: RE: Further Question [Client 1]

He needs to know about the queue as in my email of last week as it makes no sense whatsover what they have said.

In general he is very unsatisfied with answers given previously.

[Assistant,] please fwd this…as they will not get it as I have been ‘blacklisted’ on these 2 accounts.

MT

Melanie Gomez

—–Original Message—–
From: Melanie Gomez
Sent: Thursday, February 02, 2012 3:50 PM
To: ‘Martyn Terpilowski; [Martyn's Assistant]
Cc: Martin Venier
Subject: RE: Further Question [Client 1]

Dear Martyn

I have just received your email direct. You have not been blacklisted.

I will go through the questions/ comments again and answer them according to the information I have available.  If this is still not satisfactory and the outcome is not accepted then how would you like to proceed? Would your client be interested in a conference call with Lisa Darcy?

As I mentioned in my email yesterday and previous correspondence management has been consulted on numerous occasions regarding this investor and the outcome with regards to rates etc.

Many Thanks

Melanie

Melanie Gomez (Peake)
Operations Manager International

LM’s Latest Product Offerings:

1) 5.5 Year Term = 100% Capital Protection (S&P/ ASX200) 100% Allocation
with 60% Growth Potential

2) 1 Year Term = Fixed Rate Income with Capital Protection

ACT NOW: Available until 30 March 2012!

LM Investment Management International Ltd Suite 3807 – 3808, 38/F Two
International Finance Centre No. 8 Finance Street, Central, Hong Kong
Phone: +852 2501 0262
Mobile: +852 9163 7910
Fax: +852 2530 1076
Email: mgomez@LMaustralia.com
Skype: melanie.gomezlm
Visit Our Website: www.LMaustralia.com




Martyn Terpilowski

'These people (and me) are not stupid and keep records. The answers that we get from LM are just not of the calibre of an international investment company.'

—–Original Message—–
From: Martyn Terpilowski
Sent: Thursday, 2 February 2012 3:11 PM
To: Melanie Gomez; [Martyn's Assistant]
Cc: Martin Venier
Subject: RE: Further Question [Client 1]

Ok – good. Whatever happened it was only the 2 of you who could not get from me which is weird, but does not matter now.

I can try to set up a conf call yes. He is never going to be happy as LM have changed their policy so many times and have mislead clients. These people (and me) are not stupid and keep records. The answers that we get from LM are just not of the calibre of an international investment company
and it is clear that you guys are used to dealing with Australians only, who seem to accept the answers. You can’t just say the queue was a mistake – it is obvious if u look at the chronilogical order it was not. You can’t just say u do not give this info when u holding clients money which they want back? It is just madness and any high level international investor would pick up on this. The client has clearly outlined everything clearly and you cannot tell him sorry we messed up a few times and told you the wrong stuff, but eh it will be ok. I find it baffling but everyone at LM seems to think this is acceptable, including the very top people who were the first people to mislead me, so I have no idea what to do. A serious answer on how it got to be that it appears that some people were added to the queue in the middle of [Client 1's] different requests, has got to be answered better. I sent a very clear email highlighting last week, how the answer we received cannot be true. I am sure you are sick of this and I certainly am, but really some of the answers are not acceptable and this one is the top of the queue.

Martyn

Melanie Gomez

—–Original Message—–
From: Melanie Gomez
Sent: Thursday, February 02, 2012 4:20 PM
To: ‘Martyn Terpilowski; [Martyn's Assistant]
Cc: Martin Venier
Subject: RE: Further Question [Client 1]

Dear Martyn

Thank you once again for your email and comments.

Please let me prepare the answers to your clients comments and questions.

I am happy to arrange a conference call with Management but if you do feel that this is not going to beneficial and the answers we are providing are not genuine/ believable then I would recommend that your client sends a formal complaint to ASIC [Australian Securities and Investments Commission].

I will be in touch shortly

Thanks

Melanie

Melanie Gomez (Peake)
Operations Manager International

LM’s Latest Product Offerings:

1) 5.5 Year Term = 100% Capital Protection (S&P/ ASX200) 100% Allocation
with 60% Growth Potential

2) 1 Year Term = Fixed Rate Income with Capital Protection

ACT NOW: Available until 30 March 2012!

LM Investment Management International Ltd Suite 3807 – 3808, 38/F Two
International Finance Centre No. 8 Finance Street, Central, Hong Kong
Phone: +852 2501 0262
Mobile: +852 9163 7910
Fax: +852 2530 1076
Email: mgomez@LMaustralia.com
Skype: melanie.gomezlm
Visit Our Website: www.LMaustralia.com




Martyn Terpilowski

'I do think there is potential for a complaint – but as always I am sure they do not cover the offshore business'.

—–Original Message—–
From: Martyn Terpilowski
Sent: Thursday, February 02, 2012 4:51 PM
To: ‘Melanie Gomez’; [Martyn's Assistant]
Cc: ‘Martin Venier’
Subject: RE: Further Question [Client 1]

Unfortunately the queue comments make no sense and the client knows that and I have read it many times and that needs explaining honestly.

I put this very clearly in an email last week about ‘chronological order’. Otherwise they were previously being made up, to keep the client quiet which is ridiculous. This is not complicated and needs answering… It is smoke and mirrors to talk about what is going on behind the scenes as he
understands the potential issues, but wants to know why the queue seems to have changed. Please go back to that email. I am sure if your money was invested, you would agree.

I do think there is potential for a complaint – but as always I am sure they do not cover the offshore business.. I think a proper answer on why these no’s in the queue have changed would be a good start. That is not complicated and the answer of it just being a mistake (as there have been so
many) is just not believable.

I can prove in previous mails that the information on the original ‘gateing’ of this fund was originally not conferred to brokers as LM tried desperately to get more money in. When questioned on this Peter quoted Richard Nixon and said ‘sometimes it is better to lie for the greater good’. I have witnesses to this and it is scary. It is meglomania and worries me deeply. It seems LM think that clients should just trust them when some info is just clearly incorrect. If we go back to this original situation over 2 yrs ago, it is no wonder we are worried. LM mailed us at that time to offer higher rates for people who extended their term, even though it was not their rollover time. This seemed bizare in the economy so we asked many times, does this mean you need the money as have an issue with redemptions? We were told ‘absolutely not’ by senior management. [Client 1] invested more based on this. We later found out this was a ‘lie’ – there was already queue sytem in place when your bosses said categoricaly there was not. Now can you see where the mistrust comes from? I was a big sponser of LM, but it is not run like an international investment company and scares me and the client. I have said this time and time again, but people act like I am out of order bringing such issues up, but we have been lied to and time again and have even been told it is for our own good. That makes things not believable. I am sick of explaining this.

I just want an answer on the queue and I will deal with the rest. I am deeply worried due to everything that has happened here.

Martyn




Martyn Terpilowski

From: Martyn Terpilowski
Sent: Friday, 3 February 2012 9:44 AM
To: Martin Venier; Melanie Gomez
Cc: ’[Martyn's Assistant]‘
Subject: My Clients in MPF (not [Client 1])

Good morning

Last night I thought long and hard about this and to be honest it affected me sleeping. I think the right thing for me to do is put redemption requests in for all my MPF clients. Whilst I do not wish to panic them and I will not, right now clients could be waiting 3 or 4yrs for their money back from when they actually request it, so I believe it is best to get the redemption requests logged and they can get in this queue which seems to be very long. Whilst I regret having to do this, I see no choice. If waiting lists are 2 yrs plus it is gated, however much we seem to be told it is not, which again baffles me. At the very worst my clients should lodge income requests so they are getting money paid out and are not simply getting tied up in this without any reasonable explanation of when they may get their money back. For nearly 3 yrs since these issues started, there appears to have been little progress on moving this forward and to be honest I am sick with legacy issues as I am sure you are sick of dealing with me. I will not aim to panic the clients, but think it is best to get things lodged. If things do improve, they can always leave the money in anyway. I still do not understand how you can take money in from new clients, when not paying it out. Sorry I am not Australian, but I have a Masters degree in Economics and have worked at International Companies as have many of my clients and we do not understand that. There have been promises that things would normalise, but it is just not happening, in fact we are seeing no real progress with getting people there money back, when they want it. There are lots of papers giving updates about sales etc, but there must be liquidity in the fund from money coming in, which again confuses. If the queue was 6-12mths, I could deal with it, but it is over 2 yrs on what is/was essentially a one year product. It is continued to be sold by many brokers as a 1 year investment and money is flowing in. I am just not at all comfortable with it and would never advise clients to put money in a gated fund.

Anyway – my views are clear and are not irrational. It is not personal with either of you and I am happy to meet Martin in a few weeks time in HK to discuss, but I am not happy one iota with the current situation or the answers from the top management.

So to be 100% sure I have the right documents, can you please send me the redemption request form for MPF (all currencies) and also the request for income documents that the client needs to complete? Can the client just complete one form and list all accounts on it?  As I said I will not panic clients and I will talk to Martin in a few weeks, but at least this way I am getting the ball rolling and not just waiting for the client to say they want their money back and then telling them they will have to wait 3 or 4 yrs – that would be wrong and these people are my long term clients and friends. Sorry – I can’t just go along with this. It does not seem right.

I look fwd to hearing from you soon.

Have a good day.

Rgds

Martyn



Melanie Gomez

'Please minimize the number of emails you send through on a daily basis.'

On 3 Feb 2012, at 10:43, “Melanie Gomez” <mgomez@lmaustralia.com> wrote:
Dear Martyn

Thank you for your email. As I am heavily pregnant at this moment in time I can understand/ sympathize with you regarding sleepless nights.

Your feedback is taken seriously, we do understand and appreciate how you and your client about the current circumstances.

I am conscious that it is taking us a while to get back you with answers to your client’s questions and concerns. I know this is causing more unwanted stress and upset. This has not been intentional but I feel that if you could please minimize the number of emails you send through on a daily basis then we can spend the valuable time we need to in answering and collating the relevant information.

As of COB [close of business] today I will no longer be handling your enquiries. Going forward could you please contact Martin Venier direct.

Many Thanks

Melanie

Melanie Gomez (Peake)
Operations Manager International

LM Investment Management International Ltd
Suite 3807 – 3808, 38/F Two International Finance Centre
No. 8 Finance Street, Central, Hong Kong
Phone: +852 2501 0262
Mobile: +852 9163 7910
Fax: +852 2530 1076
Email: mgomez@LMaustralia.com
Skype: melanie.gomezlm
Visit Our Website: www.LMaustralia.com

Martin Venier

From: Martin Venier
Sent: Friday, February 03, 2012 12:08 PM
To: Melanie Gomez
Cc: Martyn Terpilowski; [Martyn's Assistant]
Subject: Re: My Clients in MPF (not [Client 1])

Thanks Melanie for your assistance. Please liaise with me from here. I will call you to arrange a time to meet with you and your client. I can be flexible so please let me know a suitable time. It will be productive to sit down face to face to review the MPF face to face  - we can review the terms and conditions your client agreed to and put it in the context of their situation. I look forward to a suggested time and date.  It would be handy to suggest more than one time. I  generally in meetings or training advisors and will respond to emails with a 24 hour timeframe in general. Kr, Martin.

Sent from my iPhone

Martyn Terpilowski

From: Martyn Terpilowski
Sent: Friday, 3 February 2012 12:03 PM
To: Martin Venier; Melanie Gomez
Cc: ’[Martyn's Assistant]‘
Subject: RE: My Clients in MPF (not [Client 1])

Thanks Martin

My client is not available to meet as discussed, so I will meet you in HK in the week beginning 20th. I think it is best that anyway, the client will not accept a lot of excuses. He has been mislead and that is a fact. His last money was added at a time when clients were already in a queue, we were told categorically there was no problem with redemptions. It was lie and the lie was later defended by the CEO as I have mentioned. The increase of rates and rolling people over on their non-rollover dates was all at attempt to mask these problems and would appear very desperate. This is where things started to go very wrong with me and LM. It is not complicated why the client or myself would be angry.

I can meet anytime that week, so just let me know.

I still need clarification on the queue no and LM WMIF [Whole Mortgage Income Fund] as per the other emails, but will wait until next week.

Have a good one…

Rgds

Martyn

Martin Venier

From: Martin Venier
Sent: Friday, February 03, 2012 3:13 PM
To: ’Martyn Terpilowski
Cc: ’[Martyn's Assistant]‘
Subject: RE: My Clients in MPF (not [Client 1])

Dear Martyn,

Thank you for your suggestion.

Can I suggest Tuesday the 21st of February at 10.30am.

You are welcome at our office (address below) or we can meet at another location if it is suitable for you.

With respect to the MPF queue, the HKL office has a policy of not providing queue dates or estimates of MPF redemptions for the simple reason that we cannot predict many of the variables and estimates somehow become fixed in investor’s minds as hard numbers.

While we are reluctant to break the terms and conditions that an investor agrees to when they invest in MPF and AIFCP [Currency Protected Australian Income Fund], as it is a risk management design feature due to the nature of the underlying assets (as stipulated in the IM), we do make exceptions when a genuine hardship can be demonstrated.  We sometimes use the Australian Securities and Investments Commission (ASIC) criteria for such cases.  I had a recent case where an investor jumped the queue because they have cancer and have to liquidate all their investments to pay for the operations.  They provided the supporting evidence and were able to be paid.  There are such cases that cause changes in queue numbers.

We look forward to processing your redemption requests and to meeting you when you are in HK.

Kind regards,

Martin Venier
Regional Manager International

LM’s Latest Product Offerings:

1) 5.5 Year Term = 100% Capital Protection (S&P/ ASX200) 100% Allocation with 60% Growth Potential

2) 1 Year Term = Fixed Rate Income with Capital Protection

ACT NOW: Available until 30 March 2012!

LM Investment Management International Ltd
Suite 3807 – 3808, 38/F Two International Finance Centre
No. 8 Finance Street, Central, Hong Kong
Phone: +852 2501 0262
Mobile: +852 9226 0708
Fax: +852 2530 1076
Email: mvenier@lmaustralia.com
Skype: martin.venierlm
Visit Our Website: www.LMaustralia.com




Martyn Terpilowski

'We have it all in black and white – I do not know who you think you are dealing with, but you must think we are idiots. Everything about it is just mad'.

From: Martyn Terpilowski
Sent: Friday, February 03, 2012 6:06 PM
To: ’Martin Venier’
Cc: ’[Martyn's Assistant]‘
Subject: RE: My Clients in MPF (not [Client 1])

Martin

This time sounds fine. I can come to your office.

You cannot come out with a policy like this now. It is more misinformation and breeds more anger and mistrust. He is calling you for errors in this list and you are coming out saying we are not giving that information anymore… He understands there are factors and he is not looking for exact dates, but he wants to know this is moving in the right direction and that can be shown easily by the queue coming down, unless this has just been another lie to appease this client. The client has been waiting for his money for 2 yrs and you come out with this rubbish. He also invested further money because of lies by LM. You cannot do this, all your credibility goes. It is clear nonsense and lies. You really need to retreat to Austrlia where this is all acceptable, as it is not in the real world. Period.

I am sorry no way is that good enough – it just highlights more lies and completely makes me think we have real issues here.

I understand your hardship things – but this client gave his last money under false pretences and has repeatedly been lied to. He could have taken LM to the cleaners in Japan.

We have it all in black and white – I do not know who you think you are dealing with, but you must think we are idiots. Everything about it is just mad.

It is Friday night so I should calm down, but really you need to do better on this and think about this sensibly. We are not in Australia and we have reason not to trust anything LM tells us, therefore we expect better and I look fwd to getting it soon.

See you on the 21st.

Rgds

Martyn

Melanie Gomez

—–Original Message—–
From: Melanie Gomez [mgomez@lmaustralia.com]
Sent: Friday, February 03, 2012 7:28 PM
To: ‘Martyn Terpilowski’
Cc: Martin Venier; [Martyn's Assistant]
Subject: RE: Further Question [Client 1]

Dear Martyn

As agreed I have viewed the letter dated 31 January 2012 from Mr [Client 1] again and do not wish to dwell on some of the statements/ comments he has made but focus on the facts.

Rates;

All investments in the Managed Performance Fund which have a redemption logged has to be ‘rolled over’. This is a term that LM uses and although your client has not requested this it is something that has to happen behind the scenes in our systems to ensure the investment continues to earn interest. It’s internal terminology. Until LM can confirm when payments will be made then LM rolls investments over for the same term as they originally invested for to ensure they get the appropriate rate allocated to the investment.

I believe when Heather was handling this enquiry LM had agreed at that time to hold the rate for investors who had requested a redemption until the funds were released. The fund does not make any explicit or implicit guarantees with respect to rates or capital, and it can only generate a
return based on what the fund’s assets earn. Interest rates in Australia have fallen and that has flown onto the rate of return of the assets in the fund. What we are paying reflects the capacity of what the fund is earning right now.

For all investors in the fund regardless of their initial investment term is subject to a rate change every 12 months of their investment. So if an investor has selected a 3 year term then they will get the current 3 year rate for the first 12 months and then the rate applied for the next 12
months will be the current 3 year rate at that time. However, LM is able to adjust rates at any time during an investment term if it is in the best interest of the fund. I have provided evidence previously of where this can be located in the Managed Performance Information Memorandum and this is applicable to all investors regardless of whether they are new investors, existing investor without a redemption logged and investors who have logged redemptions.

As advised in previous communication management was consulted regarding the rate applied to this investment and it was management’s decision that no adjustment to [Client 1's] was applied regardless of what had been agreed previously.

I have mentioned to you that direct investors in the fund will shortly be moving to a rolled up unit price. This was originally scheduled for February but has been delayed.  When this happens the investment will be given additional units to ensure that they will still get the current 12 month
rate until they have reached the end of the investments 12 month term. At the end of the 12 month term the current unit price/ rate on that day will be applied to the investment for an investment term of 12 months, and going forward the rate of return/ unit price can change throughout the remaining time they are invested.

Queue;

I have seen the email that Martin sent through earlier this afternoon regarding [Client 1's] concerns on the queue.  As explained in Martin’s email some investors have had their redemptions paid out sooner than other investors due to their personal circumstances. Whether a payment is prioritised or not is again approved by management and an investor needs to provide supporting documentation to justify their case. LM uses the guidelines set out by ASIC to approve these ‘hardship’ requests.

With regards to timeframes, queue numbers and how many investors are currently waiting to be paid – Martin will cover this off or discuss this further when you meet.

Communication;

LM does issue regular updates on all of its funds to both investors and advisers. These communications come directly from h/o and the next one issued on the MPF is going to be more detailed. I can’t confirm a date as to when this will be issued but Martin will ensure that you receive a copy as soon as this is available. The Hong Kong Office works closely with our clients to ensure that they are updated regularly on the current conditions and are happy to meet with both investors and advisers to help them understand what is happening and why.

Many Thanks

Melanie

Melanie Gomez (Peake)
Operations Manager International

LM Investment Management International Ltd Suite 3807 – 3808, 38/F Two
International Finance Centre No. 8 Finance Street, Central, Hong Kong
Phone: +852 2501 0262
Mobile: +852 9163 7910
Fax: +852 2530 1076
Email: mgomez@LMaustralia.com
Skype: melanie.gomezlm
Visit Our Website: www.LMaustralia.com




Martyn Terpilowski

'LM’s decision to continue to take money in when a fund has a waiting list of over 2 yrs , through paying brokers good commissions and effectively knowing that the clients are being mislead on the length of term, is what is disgusting here and makes LM very different to any other investment company we deal with'.

'Non Australian highly educated people can see through this'.

—–Original Message—–
From: Martyn Terpilowski
Sent: 04 February 2012 12:31
To: ‘Melanie Gomez’
Cc: ‘Martin Venier’; [Martyn's Assistant]
Subject: RE: Further Question [Client 1]

Melanie

I actually thought you were no longer responding to my emails, but thank you. I understand what you saying about rates etc, but you are keeping the money against the clients will and the last money was received through a direct lie. I have this in black and white and can prove this, so I think
you should all understand why this client is deeply upset as I am. We get regular updates on the fund yes, but that does not help this client and is more justification than anything else.

LM’s decision to continue to take money in when a fund has a waiting list of over 2 yrs , through paying brokers good commissions and effectively knowing that the clients are being mislead on the length of term, is what is disgusting here and makes LM very different to any other investment company we deal with. The fact that the CEO and other board memebers have told absolute lies is what worries me deeply about LM. The blind support of employees makes it seem a cult like organisation, where everything seems to be based on trusting Peter and understanding what Austrlian’s do. LM are trying to be an international market without acting like other international
funds. In my whole career in Asia and the UK I have never come across such absolute ridiculous excuses as I come across from LM.

I accept that LM will just be chopping and changing their rules and rates and keep the clients money as long as they can, whilst bringing more money in. I can’t wait to sit at a whiteboard and explain to Martin why this is incorrect and unethical and why I know 100% of clients who actually know the
fund is actually gated would not invest. It is just factual and arguing against that is just frankly ridiculous. I struggle to believe I am talking to investment professionals who do not understand what is wrong with that, but it seems to me that in Australia everything is different. You mention to
any other fund manager and they are just shocked and straight away are concerned. From all I have heard at LM everyone is surprised that I have an issue with this, but any respectable honest broker would. There are not many obviously and hence LM’s probable dislike for me, but my clients are more important to me than to care about that. I have repeated and repeated and repeated my issues on the lies and that is why I always have to respond to you as no one seems to grasp how serious some of this is. As I said it really is like a cult and very worrying indeed.

With relation to queues – this is smoke and mirrors. As I said to Martin yesterday, you have been giving numbers until now and as he has called you on another accuracy, so you think you can stop giving him a number and start quoting completely different info that we never heard before. You have had this clients money against his will for over 2 yrs and it is sheer arrogance to think you can turn round at this stage and say that.

It is best to get all my clients in what effectively could be a non-existent queue straight away. I mean why should we trust LM? The CEO lied to me, the Fund Manager lied to me, sales staff have repeatedly lied to me.

I was a big sponser of LM but for the last 2 yrs I have found correspondence absolutely amazing. I have all the lies in black and white, particularly the original one to get all the clients rolled over and extra money in, when there was redemption issues already. I mean how wrong is that? You think I
am making it up? You think I am irrational?

I will see Martin in a few weeks and I need something better about queues, you cannot keep on uturning as if you have no accountability to anyone.

I need to find out from the HK regulator on this as I can prove a lot of lies been told and I know they are strict. LM cannot get away with this. It is rank amaturish at best and corrupt at worse.

I can’t help replying long emails when I get rubbish like this. Look back to the reasons this client is originally upset which I have told you 100 times. Then look at who he is – A [wealthy doctor]. He is never going to buy any of this and keeps records as I do.  The whole thing is beyond me that you actually think, you can actually scrap the queues at this stage. Clients have no idea if they will ever get their money back. Sadly my clients do not have financial hardship as they are high networth clients and people you guys certainly should not be dealing with, coming back with this. I know
someone else who is not my client who has money in MPF who told me on Weds, he has been told something completely different regarding when he will get his money back. He is high networth again. You see all these non-Australian, highly educated people can see through this and I strongly fear for clients money to be honest. Nothing has changed in 2 yrs except the lies and cover have become worse. These regular updates are just to cover your obiligations in Australia, but do not help the clients and nothing changes.

I am absolutely flabbergast by the whole thing and deal with lots of different funds, but they are dealt with far better and by people who understand the above is all wrong.

I look fwd to a serious anwer on the queues that I can go back to the client with. Your latest uturn is not that. Forget about the rest, as we are getting no where there and everything I hear worries me more as it seems that LM seem to think lying for ‘their’ greater good is all ok.

Very disappointing.

I look fwd to hearing a concise answer just on the queue and I will not let my anger boil over anymore. Do not worry I will not fwd this email to [Client 1] - it is an insult to the good man’s intelligence. It is actually an insult to mine.

Have a good weekend.

Martyn

March 2012




Martyn Terpilowski

From: Martyn Terpilowski
Sent: Friday, March 16, 2012 12:46 PM
To: ’Martin Venier’
Subject: RE: How did that go then?

Thanks for the call this mng. I look fwd to hearing from you again soon with some better news for [Client 1].

Martyn

Martyn Terpilowski

'Over the last 3 yrs it has been one shocking revelation after another.'

From: Martyn Terpilowski
Sent: Tuesday, March 20, 2012 9:48 AM
To: ’Martin Venier’
Subject: RE: How did that go then?

Any news from [Client 1] on this yet? Also, surely some of the money is available now as it was about this time he was told. I know u can’t gtee etc, but surely some must be available. I was thinking about this at the weekend and I know I am wasting my breath as you seem to think LM’s actions are normal, but it is not. You keep telling me you have run a fund, but then you tell clients that some file mix up must have been the reason for misinformation and numbers coming from the wrong place. None of it makes real sense and I have just never heard anything like it from any other investment company. Also, no one really gets mixed up between MPF and MIF who is invested, clients are not stupid (or mine aren’t) in the way you try to pass off these mistakes. I talked to a very good friend on this who I respect and they totally agree. Talking to anyone at LM is so hard, as the stuff they come out with is just unbelievable when you sit back and think about it. It is just rubbish excuses. Reality is 1) you are taking money in for a fund that is effectively closed (2 yr waiting list means closed). 2) Most clients investing are not aware of this and in reality you know that (I can prove that easily). 3) The rules regarding money coming back etc change all the time and the excuses are pretty laughable (files confused, new systems etc).. Sorry but this is not an international investment company and if you really ran a fund, you would know that this is all very wrong. I have thought long and hard about this and I am sorry I am not a stupid commission hungry broker like 90% of them, and over the last 3 yrs it has been one shocking revelation after another and trust has ebbed away completely. No educated person could have listened to LM for the last 3 yrs and have anything but fear.

Australia has been relatively unscathed until now, but I do believe at some point there will be a correction in property values and then we will probably have real problems.

Very worried.

Martyn

Martin Venier



From: Martin Venier
Sent: Tuesday, March 20, 2012 12:25 PM
To: Martyn Terpilowski
Subject: Re: How did that go then?

Dear Martyn, I am away today at an LM introducer day. We are due to discuss your matter tomorrow.  In the meantime I await The emails from the investor. I will call you by Thursday morning at the latest. Kr, Martin



Martyn Terpilowski


'I am just totally disillusioned with this and this industry'.

From: Martyn Terpilowski
Sent: Tuesday, March 20, 2012 12:37 PM
To: ’Martin Venier’
Subject: RE: How did that go then?

Thank you Martin. I am just totally disillusioned with this and this industry. To me it is a disgrace that people are continuing to put money in MPF and they clearly are. it is purely about the commission not the client.. It is just so wrong and the reason the offshore mkt place is treated suspiciously by people in the know…

I am 100% sure though that something is wrong. There is no way that these are all simple mistakes, unless the people in control are not fit to run a company which I certainly suspect is the case. I do not like to be like this, but I have reviewed everything at length and it makes no sense…. None of it and I know this business more than most and talk to real fund managers often. They also agree with me.

Rgds

Martyn

April 2012

Martin Venier


'The challenge is when investors and/or introducers confuse the fund with a bank term deposit'.


—–Original Message—–
From: Martin Venier
Sent: Wednesday, April 11, 2012 10:49 AM
To: ‘Martyn Terpilowski’
Subject: RE: Letter to Martin 4-10-2012

Dear Martyn,

Yes, I can see the investment characteristics of MPF are causing you stress.

Would you like to stay listed as [Client 1's] advisor or do you just mean for the purpose of this meeting?

We can’t guarantee an outcome for [Client 1] as the fund is operating within its investment guidelines but I will definitely do my best to get some form of return earlier than is contracted based on the clients misunderstanding of the terms and conditions of the fund.

In our meeting I will try and determine what level of funds he really needs or if he is looking for assurance.

While it’s not a factor in my control, I would like to explore the possibility of a partial redemption.

For the record the fund is running in perfectly fine shape – it has not had a unit price reduction since inception in 2001 and it has achieved above cash returns as per the fund’s stated investment objectives.

The underlying assets remain property development of 3 to 5 years and it is reasonable for the underlying investments in the fund can converge towards the duration of the underlying assets under some conditions – a perfectly normal characteristic of a property development related fund.

The challenge is when investors and/or introducers confuse the fund with a bank term deposit.

I am not sure how that can happen given that MPF is a fund and not a bank, the terms and conditions clearly state the risks, including time risk, and the rate of return of the investment is higher than a bank term deposit. Basic financial principles would dictate that a fund that offers term
deposit conditions would offer term deposit rates of return.

Please let me know the level of involvement you would like with [Client 1]?

Kind regards,
Martin




Martyn Terpilowski

'I have before likened LM to a cult, where people avoid the reality of the situation and say things that are truly ridiculous in the wider world'
—–Original Message—–
From: Martyn Terpilowski
Sent: Wednesday, April 11, 2012 11:10 AM
To: ‘Martin Venier’
Subject: RE: Letter to Martin 4-10-2012

Just for the meeting, of course. I am responsible for this – sadly and want to stay listed as his adviser. I want to help him, but cannot do anything in relation to this meeting and it just frustrates me…

Please spare me – the ‘fund in great shape’ comments, when money is tied up for yrs. The unit price does not matter if you cannot see or get the money. We don’t know the reality at all.. Please discuss this with another real ’fund manager’ for their comments on that as mine have been exhausted, but
comments like that are just ridiculous. None of my clients have confused it with bank deposits and once again this is just inaccuracies. The trouble with LM is that they lied when they first had redemption issues and your comments below irritate those people who have been connected to the fund since 2001 and know the reality. You can say what you like about your training sessions now, I understand it and your continued explanations of this being perfectly normal etc, worry me to be honest. It is incredibly frustrating talking like this and when I talk to other educated people, they
think exactly the same. It appears that LM have no intention of returning this fund to the normality that existed for so long.

It just makes no sense when you are taking money in and not paying it out again, you are the ONLY fund doing this – so please give me some credit. You are best to come out with these lines to sales orientated, commission hungry people who sell this and they may believe you it is ok, but that is not me. I actually do not think you believe this 100% and could not do really. I have before likened LM to a cult, where people avoid the reality of the situation and say things that are truly ridiculous in the wider world, but it seems the norm and I am used to it now, but no fund manager etc agrees
when I query this with them.. They all say I should be very concerned, especially with the complete denial and rhetoric used.

I just get more of the same ridiculous semantics from LM who clearly forget who they are talking to. Like the list that disappeared when you upgraded your system and then someone using the wrong numbers for the list… sounds normal to you???? Really?

Please let me know how you get on with the client. If you have so much money going in, you should have some money to pay out, so just do it and then I can be rid of this situation and you can be rid of me.

You have been selling stuff for yrs – nothing ever happens.. It is all very worrying..

Martyn

Client 1

—–Original Message—–
From: [Client 1]
Sent: Wednesday, April 11, 2012 7:38 PM
To: Martyn Terpilowski
Subject: LM

Martyn,

I am very frustrated,  The explanations I was given during the meeting with Martin were

1.)  There was no guarantee that the money was to be paid within the stated time frame.
2.)  I should have known that the investment was meant for long term.
3.)  Past performance is no guarantee for future performance.

Why have all the investors in Magellan been paid while I am not?

Regards,
[Client 1]

Martyn Terpilowski



 'This whole situation is absolutely ridiculous and I am sick of it.....It is criminal to be honest'

—–Original Message—–
From: Martyn Terpilowski
Sent: Wednesday, April 11, 2012 9:13 PM
To: ‘Martin Venier’
Cc: ‘Peter Drake’
Subject: FW: LM

Martin

Please see email [above] from client. This whole situation is absolutely ridiculous and I am sick of it. The client should go to a lawyer in Japan where you are not even a registered fund. The responses we get from you are a disgrace. Thank you for ringing me with more bad news before, but things just go from bad to worse, whilst you take money in and pay nothing out. I have not had one explanation from you which I trust and the stuff about Melanie using the wrong file for the queue numbers (which suddenly disapeared) and clients not seeing this as bank deposits is just rubbish. It is criminal to be honest. If you take money in, how can there be a 2 year waiting list to get money out? I have heard every excuse under the sun, but someone needs to go legal as LM are cowboys in the extreme. If you used to run a fund as you claim you would know this, but I am not sure what truth there is behind what any of you guys say anymore as I have never come across a fund who act like LM. There just cannot be a happy ending to all this which is tragic, as nothing you ever says makes sense to educated people, whether you are Australian or not mate. That is a fact. The fact that the Life Offices still take your business is disgusting as is the fact anyone sells this fund, when there is just no idea whatsoever when people will get their money back. You are talking rubbish Martin, if you are telling me people invest knowing there is absolutely no end time frame of when they will get their money back. You can hide behind semantics as much as you want, but this is the reality. It is sold for commission and the money going in, is now just keeping up the house of cards. It is shameful.

Rgds
Martyn



Martyn Terpilowski

—–Original Message—–
From: Martyn Terpilowski
Sent: 28 April 2012 10:05
To: ‘Martin Venier’
Cc: ‘Peter Drake’
Subject: RE: LM

Martin

Any news on [Client 1's] money? I know you reckon there is no list anymore as it was lost in a computer system error and young girls in the office were using the wrong files for the queue numbers for their clients to get their money back, but my client is still no closer after 2 yrs to getting any money back, whilst you continue to take money in and expand. That is WRONG

and that is a FACT before you start saying you were a fund manager. I tell you what I will do, I will get a group of real fund managers in different asset classes who understand gating and the way it should be dealt with and we can all sit down together. This is illegal in many countries (Taking
money in and not paying out) as I am sure you really know.

We have been given potential dates of Feb, March, April and we are nearly in May for this money. You are always selling assets, but no one gets any money and the only people who could possibly support this are commission hungry brokers.

It is disgusting. It is about time you just paid this guy out and my other clients also and I will go away, but until then I am not just going to stand by whilst you do this.

Have a great weekend and have a think what you are actually doing and don’t come out with the silly comments about understanding the asset class or being Australian. I get it and so does everyone else I discuss this with.

The issue is not that, it is the obvious not disclosure of most information when this is sold now and the fact that you will not even give an indication of when a client might get his money back as you expand into the UK and take more money off these poor people.

To be honest I can live with that as I will not be doing anymore LM business, but for the poor clients I signed up years ago, this has become a nightmare. The whole stable unit price thing is worrying also, I am sure that will drop before clients get any money back as with MIF – it is all very tragic, but you are expanding which is amazing.

Seriously…..

Please just get the money to my client, so I do not have to listen to the lies and you don’t have to listen to me.

As I said the fund is not registered in Japan for example and I am not sure about HK, but will find out. If it’s not, even in a wrapper it should not be marketed. I have sat down with the SFC this week and I know the situation.

Please – just do the right thing. I was a big supporter of LM, but my client’s treatment has been appalling and I am 100% sure it is morally wrong, if not illegal.

Rgds


Martyn

Martyn Terpilowski

On 29 Apr, 2012, at 11:38 AM, “Martyn Terpilowski” wrote:

Hello Martin

Forget Australia – are u regulated in HK by SFC? Simple question, I know you don’t take direct business but I need to know this as this has gone on too long and as you selling in HK and Japan – it does matter what the rules in Australia. I have had legal opinion on that, so please just let me know Martin. This has gone on too long unfortunately, and the only thing we ever know is things will change and we will never get a straight answer, so please confirm or deny my question. Of course – I could to the SFC to find out but this is easier, so please oblige.

Rgds

Martyn

Martin Venier

From: Martin Venier [mvenier@lmaustralia.com]
Sent: Sunday, April 29, 2012 2:18 PM
To: Martyn Terpilowski
Subject: Re: simple question

Dear Martyn, please refer to www.lmaustralia.com and www.asic.gov.au, plus previous emails, including ones that have the links, numbers and email addresses for complaints with the relevant authorities. If you can’t find the emails I can resend tomorrow  kr, Martin

Sent from my iPhone

Martyn Terpilowski

From: Martyn Terpilowski
Sent: Sunday, April 29, 2012 2:31 PM
To: ’Martin Venier’
Subject: RE: simple question

It is the sales of unregulated funds here and Japan I am interested in Martin. If you are selling to domestic overseas, you go by the law in that country. I am sure you are aware of that. There are special rules on non registered funds here and certainly Japan, which I am getting an opinion on, because as far as I can you can do what you want in Australia and you all seem to understand this perfectly, but this is just a massively missold product which takes money in with no indication whatever when it might come out again. That is illegal in many places and I am looking into whether it is here. Even though you are selling through PB’s [portfolio bonds], the marketing etc of these funds is covered by the legislation and it appears LM have got no intention of giving my client his money back or even a time frame, whilst they market for more money and that has to be stopped. The people who have this fund and who are in the know, all expect a unit write down also at some point like MIF. It is criminal.

Rgds

Martyn

May 2012

Martyn Terpilowski

From: Martyn Terpilowski
Sent: 30 May 2012 13:07
To: ’Martin Venier’
Cc: ’Peter Drake’
Subject: well you have finally made the SMH and it is not just me anymore outraged
Importance: High

http://www.smh.com.au/business/the-scarlet-pimpernel-of-funds-management-20120517-1ysnv.html

I talked to a guy this mng (very senior in RE business) who said there is no way that the MPF will not have had large losses mark to market.

You guy have big problems and should have admitted it a long time ago. The last few yrs we have been fed lies – time and time again and the funds have continued to be sold by unscrupulous brokers for high commission.

I fear for all the money in all these funds. Truly disgusting.

Martin – you told me that you had good news on [Client 1] this week, but looking at this – it is probably just more delaying tactics.

I look fwd to hearing from you very soon.

Rgds

Martyn

↧

Murders, stabbings, 'bad foreigners', and a man loose with a Taser

August 25, 2014, 3:47 pm
$
0
0
IT'S GOT IT ALL -  KOH SAMUI'S INFAMOUS SOI GREEN MANGO


It's got it all apparently. Youngsters on their holidays have been known to spend almost every night in Soi Green Mango in perfect safety. It has the last closing dance spot, partially owned by police, lots of bars and even the island's 'Dream Girls' a go-go.

But actually this small U bend of a Soi has a more notorious reputation. Here foreigners get involved in drunken brawls with each other. Thais attack foreigners in packs - and sometimes there is little sign much 'entente cordiale' between the host country and its visitors.

This may sound normal for a very busy nightlife area but a quick Google search will instantly display a series of murders in this narrow lane. Most nights appear to pass by peacefully, but then little of the other incidents which happen here seems to be reported.

If some reports are true there are indications when foreigners are in fights they are left to themselves due to a non-interference policy.

But that seems to happen too even  if they are seriously injured. Stragglers and drunks appear to be picked off by locals. 

At this site we have seen a vicious 'pack attack' in Soi Green Mango but were unable to determine the cause. Nor are we experts on Soi Green Mango

Following the publicised incident involving two students of the Shanghai American School on Samui and a former student of NIST (New International School of Thailand) Jack Hansen-Bartel the following letter has been received from a group of friends who tried to get Jack medical care. 

“Although this has made media headlines in Thailand and Australia, there is an entirely different aspect to this story that is still to be told. The reality is that the attack was only the beginning of the ordeal that night for Jack.  
“Although this has nothing to do with the criminal case against the two attackers, and witnesses were advised by the police that it was completely unnecessary to mention what happened next in any statements,  we feel that it is important to get the entire story out in order to illustrate  what Jack actually had to contend with that night and the obstacles of presumptions and racial profiling that ensured he did not receive medical help. 
 “After the attack on the stage dance floor area of Green Mango,  friends and bystanders attempted to obtain assistance from security staff situated at the front of the Green Mango foyer area. There is a security check point operating where one enters the club only.  
“Official Green Mango policy (we were later advised in a meeting with the Head of Security) is that security is only to be located at the front entrance and that they are forbidden to go into the dance area, where all the revelers are located as, he advised,  foreigners like to take the opportunity to visit the Green Mango' to fight'. 
“Initially Jack was not moved from the spot that he had fallen as it was feared that he may have had serious spinal injuries. Jacks  brother (who is currently studying bio-medicine at Monash University in order to one day be a surgeon) checked on Jack and proceeded to find out from the people in the immediate vicinity who had seen the incident and what had happened.  
Simultaneously people had moved to the front of house to ask for assistance that someone on stage had been seriously hurt. There was no communication difficulty as the people in this role all spoke fluent Thai. 

'Staff ignored pleas for help' 
“Not only did all staff refuse to help or to check on the area the staff simply ignored pleas for help.

“It was then that the decision was made that Jack had to be moved, regardless of a spinal injury, as he was still unconscious and hemorrhaging badly. This movement of Jack brought with it some degree of consciousness for him. He was now hyperventilating and panicked.  
“What everyone was unaware of at this time was that not only were his teeth missing but, as he was lying down and the people attending to him were holding him down at times to keep him calm, this act was in reality was suffocating him.  
“He was swallowing a lot of blood, we believe he swallowed some of his own gum tissue and bone from his jaw but the gum flap that had been jaggedly torn from his gum, had by now slid away from the shattered bone and was flapping down into his airway, occluding his breathing. One punch was to the eye and this blood of course was going directly into his eyes occluding his field of vision.

After zero help and even less concern from security staff to assist, it was decided by the people assisting him that Jack needed to be walked out from the stage area and down the soi in order to get him closer to some actual medical help.  
“As Jack was making his way out of the Green Mango he barely able to walk, his legs were giving way,  he was ataxic and covered in blood. Coming up to the security guards and feeling that finally help was at hand, the attending group was told by security to "keep it moving" and to "leave the club" that Jack was "creating a scene" and was a "public nuisance". 

'Get out!' 
“One of Jack’s attendees who was begging for help, implored the Head Security Guard on that night to assist. He was literally begging for help, but security simply  responded by saying that he didn't like the young man’s tone that he was taking with him and began in turn to threaten the young man pleading for help on Jacks behalf. Security told the group that they "had better leave ". 
“Now frantic and crying, the group managed to keep Jack walking and on his feet,  talking to him constantly whilst all the while still sobbing. They moved Jack out of Green Mango and further down the Soi in order to avoid further abuse from the security. After managing to leave the brutality and coldness of the Green Mango Jacks ordeal was still not over by any means. 
“Jack was now frantic. He was stumbling and started to push all his helpers off him trying to tell them to get away from him as he couldn't breathe and the tight feeling of claustrophobia was also setting in. He later described a feeling that the world was closing in on him and that he was unable to get any oxygen and thought he was dying.   
“He happened to see whom he recognised as one of his attackers on the way out of G.M and literally with his last ounce of strength tried to lunge at the man and to speak- both these attempts were unsuccessful as with no strength and no ability to stand straight or keep his balance, he merely stumbled again and regained a relatively upright stance for a moment with help from a bystander.  
 “Soi Green Mango is actually not a terribly long Soi by any means.  
“It is a walking soi and looks fairly innocuous. But that night to Jack it was one obstacle path after another, a series of gauntlets to be overcome in a desperate bid to get medical attention.  

'We're sick of badly behaved foreigners' 
“In the Soi , a gentleman who identified himself as the "owner of the street", approached the group who were all still sobbing and trying to manage Jacks constant maneuvering between walking and collapsing, directing him to the end of the Soi and the main road.  
“This self-proclaimed ‘owner of the Soi’ rushed at the group , verbally threatened the group, all whilst brandishing a Taser in an extremely menacing way. Jack was unaware of this confrontation taking place as they tried to walk him to safety. The group he was with was literally trying to assist Jack whilst now also acting as protectors and keeping him out of harm’s way of this  outraged man. 
“The group tried to move Jack out of the man’s menacing range of reach as it was evident that he clearly had his sights set on that Tazer hitting Jack. The ‘owner of the Soi’ kept moving in closer, constantly yelling that the group was a public nuisance. He was sick of foreigners in this Soi acting this way. 
“One of the group said to this gentleman - you are not helping us, we need help. Please help us. This seemed to make the 'owner of the street'  even angrier to the point where he was attempting to reach over people now to target his Tazer at Jack. By this time, Jack was now exhibiting signs of shock and transcended into a seizure-like state.  

Friend took the brunt of a Tazer attack on injured Aussie 
 “After one last reach that looked as though it would connect with Jack, a  friend of Jacks  jumped in the way to protect Jack from the inevitable Tazer hit. His friend took the electric current of the taser hit himself, rather than have this hit Jack.  An electrical charge may have actually caused Jack at this point to have a  cardiac arrest. We will forever be in debt to this person for taking this tazer charge for Jack in this split second decision he had to make. 
 “Jack was moved to the front gutter of an establishment called Dream Girls.
He ended here as it was at this point that his legs simply were so unsteady that he could no longer walk at all.  
“Rather aptly named really for Jack, as Dream Girls was the point where Jack lost all touch with reality and interchanged between moments of consciousness with unconsciousness. 
“Again his helpers lay Jack down on his back. Again the blood was blocking his breathing and the flap of gum was occluding his airway. When Jack was conscious at this point he believed he was actually being attacked by the good Samaritans that were trying to hold him down, so he would attempt to fend them off whilst trying to scream and to breathe.  
“He would then travel again into unconsciousness and so it went. At this point in time it is advised (an ambulance was called approx. 40 minutes prior to arriving into the gutter outside of Dream Girls) the first responders arrived. 
"Reaching here and with Jack unable to take another step, Jack felt he was going to die and  the group felt that as the first responders were there, they were home free , that the ambulance would have a clear view of the group and be immediately at their side ready to take over.  Jack was covered in blood and it was a very visible part of the soi to the main road, easy for any ambulance to spot as they would drive in search of the victim. 
 “Bystanders, passersby and random people who thought they were being helpful were walking past  pouring water on Jack, trying to wake him up, perhaps thinking if he were awake then he was clearly fine. This was a shock to Jacks system each time and the feeling to him was a jolting and again he would try and resist his friends who were holding him down. 
“A barmaid from the Henry Africa Bar who had actually been our waitress whilst there earlier in the night, remembered the group from a few hours earlier. She came out from Henry Africa Bar (directly across the road from Dream Girls gutter), and kindly brought out toilet paper in an attempt to help Jack and stem the bleeding. She was extremely kind and asked the group what had happened and that she remembered Jack as being such a lovely young man to her.   
“Jack  was still  bleeding profusely and was now lying in a large  puddle of his congealing blood.  The entire group with Jack was very emotional still and in fact with this kind assistance and the ear of someone who would actually listen to them were now more emotional than before. One of the group started to hit at the adjacent metal sliding door of Dream Girls as he was screaming and crying.  

Balding Englishman branding a bottle 'I'm sick of people like you'
 “It was at this point that the next obstacle showed itself in the form of a  balding Englishman who also  had come out from the Henry Africa bar, only, unlike with the barmaid, this person they had never actually seen before. Instead of tissues and kindness coming out of the Henry Africa Bar, this time they were now faced with a threat from a man brandishing a bottle saying that he was going to 'sort them out'. That he was 'sick of people like you' in 'his' soi.  
“The barmaid who was still attending to Jack jumped to her feet and intervened before he could bottle anyone. She implored him to listen, and told him what had happened to Jack before he was able to bottle anyone. He seemed to retreat. 
“Not to be beaten, the self-proclaimed ‘owner of the soi’ who had earlier attempted to  Taser Jack popped back up again! 
“The metal door that was facing the gutter area from Dream Girls was indented, he now pointed out. He was oblivious to Jack and his injuries yet managed at night to point out this small indent and demanded money. 
“Thankfully and to everyone’s relief, by this time the police had arrived and the group felt the night was finally coming to its rightful conclusion where help was at hand and Jack would receive urgent medical treatment. However, the police also showed no concern for Jack at all.  

“Ignoring the group’s plea for medical assistance telling him in Thai Jack had been attacked,  the police officer would only converse with the 'owner of the soi' and the officer then told the group to pay for the small indentation that was made in the metal door. They paid immediately. The police then left Jack in the gutter with a group still trying to give medical attention that they were in no way equipped to give. 
“It was approximately another 30 minutes until an ambulance arrived. They arrived, heard the Thais say Jack was a 'public nuisance' and they were' sick of foreigners like this' in the soi.  

Ambulance refused to take injured 
“ Jack was again going through an episode of consciousness/unconsciousness, struggling to breathe and whilst conscious thinking that his friends in all this who were  holding him down, were strangers attacking him. The medical staff stayed a short time to observe. And decided that they would not take Jack for essential medical care.  
“One of the group had run down the main road off Soi Green Mango where his van was parked. The group all carefully placed Jack in the back of the 8 seater, at which time the van proceeded to follow the ambulance. It appeared to the driver of the van that the ambulance was attempting to lose them. The ambulance was clearly going around in circles. Eventually the group found a local Thai hospital." 


↧

HOW COLUMNIST'S SEX WITH A LEPER LED TO TRIPPING OUT ON THAI HOLIDAY ISLAND

August 26, 2014, 11:31 pm
$
0
0

AT WHAT PRICE? DRUGGIES HEAD FOR KOH PHANGAN FOR MIRACLE CURE

Flying Sporran’s Midweek Diary

Picture - Coconuts - Woolsey with Trink
I was slightly intrigued by the interview by young Canadian ‘video journalist’ Barbara Woolsey on ‘Coconuts’ of the Bangkok Post’s legendary former entertainment columnist Bernard Trink that I decided to dig a little bit further.

Anyone who can lead on the story that Trink in his rounds of the Bangkok a-go-go bars slept with a leper has got to be worth watching.

Trink for those not here ran the Post’s ‘Nite Owl’ column which gave reviews of go-go bars.  He was formerly on ‘Bangkok World’ where he even gave the girls a ‘rating’. At 83 years old, we are told, he is still watching porn.

Naturally he had to go.

Babs on Facebook
Anyway Barbara Woolsey, who appears to flip between Berlin and Bangkok, is something of a video star and had recently been down on Koh Phangan where she had filmed the treatment of former methadone and heroin addicts.

Yes. I know you may be thinking why would anyone want to set up such a treatment centre on Koh Phangan?

Would it be possible that the owners like the lifestyle and the Full Moon parties in the centre of tourist Thailand’s drug universe? (Walter ‘Whacky’ Douglas had set up businesses here before he was accompanied back to Britain late last year).

Or is there a captive market?

Coconuts chart - This is not a scientific study


Anyway here on Koh Phangnan, reveals Canadian Barbara, two guys who look like they have had a background in drugs have started a programme administering doses of the root bark of an African tree which they say cures 80 per cent of addicts who come to them for treatment.


Ibogaine, we are told, can be fatal (and there have been deaths) so Mike and Victor closely monitor what goes on. This seems to be watching their patients’ blood pressure while the patients are tripping on the African hallucinogenic, meanwhile taking copious notes.


‘It reprogrammes your subconscious,’ says Mike. ‘It’s like having your hard drive de-fragmented and then having a completely new operating system installed,’ adds Victor.

It appears that Ibogaine-Thailand, as these guys call themselves, do not have premises, and seem to treat ‘patients’ at a resort hotel.



There is no doctor around so I am guessing that ‘one of the only ibogaine treatment centres in south east asia’ is not registered anyway. But wait, above they claim they are licensed although they do not say what licence they have. They certainly cannot be licensed to treat patients with a drug which is not approved by the Ministry of Health.

Not having a doctor may be because it adds to the expense, raises the profile of the operation to the wrong people, or simply because society has not formally accepted the benefits of ibogaine which is banned in the United States, France and Denmark, Sweden, Belgium….  Thailand has made no decision. If not properly monitored ibogaine can be fatal we are told.


Actually Koh Phangan is an ideal location for other reasons. So many people die there that one more death of a foreigners overdosing would not even merit a second glance.

But let’s not be cynical here. The two patients filmed Broc and John announced later they had been cured. It was nothing short of a miracle.


Broc - space cadet
‘It’s a gift from god’ announces Victor.

Broc, who has ‘Amabilis Insania’ (A fine frenzy) tattooed on a forearm. and who is an absolute space cadet having overdosed on heroin  20 times describes his 24 hour trip as scary.

‘But I popped out of there. Every issue is clear. I do not know how but I don’t care.’ And later’What a beautiful day'. The birds are singing.’

John, not his real name, who the programme states was a doctor in London, is even more euphoric.

'John' Doctor?
In an interview recorded from Coconuts’ Bangkok headquarters he says:

“I’ve been given a second chance in life. I’m just very grateful.”   

John, who said he had been sexually abused as a kid by three adults had found a ‘new me’.  And he liked it.

Brocs treatment was ‘sponsored’ by Ibogaine-Thailand.

What Ibogaine-Thailand does not have on the net is a permanent address or a price list. But traditionally rehabilitation treatments for drug addicts do not come cheap in Thailand – usually tens of thousands of dollars in spas, converted from resorts which have not been doing so well.

Often the treatment is supplied by former drugs addicts, but one guy exposed on this site, was not so much a former drug addict but an active user of ‘ice’. He claimed a 90 per cent success rate at his Channah Clinic which moved from Kanchanaburi to Koh Chang.

I am not pretending to be an authority on ibogaine. Those curious might wish to search the internet by googling ibogaine works or ibogaine - it does not work! Then search 'colloidal-nano-minerals'.



COMMENT:
As for Barbara and 'Coconuts' I can only say this. When reporting on miracle cure drug programmes please adopt an attitude of more healthy cynicism. I am making no accusations.

But this video was an open plug for an unregistered and uncontrolled treatment programme by people administering drugs which are not approved and in some countries banned on an island known for its lack of medical facilities . 

If somebody dies where will you be? I am no friend of avaricious pharmaceutical companies who appear to be the enemies here, or are they? Is the real enemy common sense?

ALL PICTURES EXCEPT VIDEO ABOVE  - COCONUTS TV - AND COCONUTS.COM

EXPOSED! HIGH ON ICE -

THE ICEMAN COMETH
↧

FAKE LAWYER TO HAVE HIS DAY IN COURT OVER BOTTOMLESS PANTS PICTURE

August 27, 2014, 4:08 am
$
0
0
BRITISH JOURNALIST ADMITS 'FRUSTRATION' WITH THAI LEGAL SYSTEM

Samui Provincial Court today accepted a charge from fake lawyer Brian Goudie claiming that British journalist Andrew Drummond had committed libel under the Computer Crime Act by publishing a photo-shopped picture of him in a gay parade.

Andrew Drummond will have to attend Samui Court on October 13th to pay Bt50,000 baht bail.

Drummond said in Bangkok that he was disappointed by the court’s decision but it was a fault in the Thai legal system that was now creating a back log of Computer Crime Act cases.


“I have called Mr. Brian Goudie a fake lawyer, a swindler, a convicted criminal. 
He himself stars in a television series and has an episode to himself ‘Brian Goldie –Swindler Scot’ which was aired in Singapore this week. 
‘But Brian Goudie or Goldie is not suing over one single word I have written about him. 
On the occasion he did when I made all these allegations his case was dismissed. He is suing over a photo-shopped picture. 
The picture shows him in a gay parade in a bottomless pair of leather pants. 
“Quite clearly the intention of this picture is to describe Goudie as ‘all mouth and no trousers’ or as he might say in Scotland ‘all fur coat and nae knickers’. It is no more than any cartoonist would do under the circumstances. And the words in the story make this clear.” 
Fake Thai lawyer Aran Boonmark arrested cheating
“In Thailand impersonation of police officers, officers of the court, lawyers etc., is a serious offence. Thais go to jail for it. Goudie has already been jailed for six years in Australia. 
"Fake foreign lawyers it seems can have a field day, with neither Thai police nor their respective Embassies doing anything to stop them defrauding expatriates and tourists.
“I will of course fight the case and win.
But it is frustrating that in the Thai legal system in pre-trials, the accused cannot state his case to the court. It is a denial of justice. Goudie is not that dumb that he does not know it.
"This is identical to a case being brought against me by another fake lawyer in Pattaya, American Drew Walter Noyes. These men know that they cannot win a normal libel suit, but they can bring a case using the Computer Crime Act.  The Act was not designed to help foreign criminals but it does. 
Fake monks
“So far I have won all cases thrown at me, bar one, which is being appealed. The final case against me has been brought, at Noyes insistence I am sure, by a woman called Nam who previously worked at the Buffalo bar and whom I claimed was his girlfriend. She has denied any relationship with Mr. Noyes.” 
Brian Goudie is on trial for posing as a lawyer and cheating American woman Barbara Fannelli Miller, 76, out of 7.9 million baht.

Drew Noyes - Naam
But she had to take the case privately. Two cases have also been passed on to Pattaya Police by Crime Suppression Division against Goudie, one for cheating foreigners, one for posting pornographic pictures on the internet of a former girlfriend.

No action has been taken by Pattaya Police so these will also have to be taken privately. In the first case he is on bail of Bt400,000 with Sukanya Worakam his partner in Alba Laws.

Drew Noyes is also on trial in Pattaya for the attempted extortion of the Thonglor Clinic in Jomtien. He is on bail of 200,000 Thai baht together with Wanrapa Boonsu.

The Bangkok Criminal Court has accepted libel and computer crime act libel cases against Drew Noyes and Wanrapa Boonsu.  Next Monday September lst lawyers for Drew Noyes, David Hanks, and Drew Noyes, are due to cross examine witnesses for Andrew Drummond, and Alastair Cooper, who have brought further charges against them.

A complaint will also be lodged against them and David Hanks and Jan Jansen of Phuketnewsonline for contempt of court. This relates to an incident at the court in which Hanks, Noyes and Goudie were warned not to take photos with their mobile phones in the court room. A picture was subsequently used in Jansen's phuketnewsonline amd both Noyes and Goudie made links to it.
.
↧
↧

THREE, NO, FOUR STRIKES AND NOT OUT FOR THE BANGKOK POST'S FINANCIAL ADVISER

August 28, 2014, 4:22 am
$
0
0
GOOD NEWS FOR EXPAT INVESTORS WITH IFA'S IN THAILAND. THEIR RATINGS ARE STABLE - THEY ARE STILL AS BAD AS EVER!

There’s nothing like living a dream and the top spot in my nominations for people who are doing so in Thailand must go to the Bangkok Post’s financial advice columnist Andrew Wood who has survived three financial scandals and continues to be retained by the newspaper.

I don’t think they pay him anything because he gets a free plug for the company he works for PFS – Platinum Financial Services – one of Bangkok’s many financial advice companies not registered with the Thai Securities Exchange Commission.

My attention was brought to him today when I was caught by the headline in the Post’s Spectrum (I usually read this Sunday section days later) the ‘Underlying Costs of Having Children’.  It was billed as an Investigative Report so I read on.

But having got to the eighth paragraph ( I am raising kids aged 2,4 and 6)  and learned nothing I scrolled down to the end and saw this. I had missed Wood’s name at the top.

“Andrew Wood has been an expat in Asia for 35 years and is executive director with PFS International. He has been writing Net Worth articles for seven years and has made a significant contribution to the PFS library of financial service articles dating back over 10 years. These articles, which cover the complete A-Z of financial planning, are available to readers on request. Questions to the author can be directed to PFS International etc. etc.”

Oh dear. He we go again.  Andrew Wood is on his third strike and not out.

The first strike was when, through Barclay Spencer , he sold unfortunate clients shares of London Nominees CTA in the ‘Football Fund’.  



This fund crashed disastrously and was exposed in a documentary aired on Britain’s Channel 4. Andrew Leppard who ran London Nominees and got his colleagues at Barcley Spencer to sell the fund to its clients ended up running a launderette in Pattaya - but he's now back in the Expat financial field running courses for people to protect themselves from people like him.

The second strike came when Wood sold his clients shares in Axiom Legal Financing.

Once again clients lost thousands and Axiom was exposed on Offshore Alert as nothing more than a Ponzi scheme in which the financial advisers were pulled in by the lure of very attractive commissions.

From Offshore Alert

The third strike came when he sold clients shares in Centaur Litigation another Ponzi which went into liquidation earlier this year along with over us $10 million of client assets. Liquidators are looking for the directors Australian Scott Williams and Briton Brendan Terrill.

The fourth and latest strike came of course when he sold clients share in LM Managed Performance Fund which of course readers of this site will know a lot about.

LM similarly offered financial advisers attractive rates – up to 9 per cent of their clients money if they could lock them in for three years – but as it turned out everyone was locked in anyway as they were not giving redemptions. Now they will be lucky to get 5 cents on the dollar.

South China Morning Post financial writer Benjamin Robertson singled out Andrew Wood after he quoted Bangkok expat Charles Baker as saying: ‘I have not a clue [who to complain to] and I don't trust anyone here.”

In July 2011 67-year-old Baker invested all the money £137,168 he had saved for living expenses and his daughter’s education locking it up for 3 years. At that time LM had long since stopped paying redemptions and Wood knew it.

At his age there is no way he can make it up. He was sold the policy by Wood at Barclay Spencer (which also was never registered) the for-runner to PFS.

Wrote Benjamin Robertson:“Baker's adviser at Barclay Spencer, Andrew Wood, says he became aware of fund redemption delays in 2010 and started telling clients in 2011. 
"Baker says Wood did tell him about the delay when they met in person, but he can't recall the exact date. He strongly believes it was after he made the three-year investment. 
"I find it unlikely I would have put my money into something where I would not get it back," says Baker. 
"Wood declined to comment on whether he remembered the date of the meeting and on whether he pitched the fund as low risk. He did say his company had visited LM's Australia offices and conducted a number of due diligence checks. 
"These included a review of LM's accounts and registration details. In the future, Wood says "stricter standard due diligence tests" should be applied to investments by advisers and regulators. 
"In 2009, Wood's firm was acquired by Hong Kong-based Platinum Financial Services. A spokeswoman for Thailand's Securities and Exchange Commission (SEC) says it can find no record of a licence being granted to his firm, under either of its names, or to Wood himself.  
"The spokeswoman says it is an offence to give investment advice without a licence in Thailand. Wood was asked by Post Magazine to provide proof that he and his firm are licensed. He did not do so."
From my memory the South China Morning Post has a 51 per cent stake in the Bangkok Post (Post Publishing) It also appears they have much smarter financial writers.

Wood is not going to queer his own patch - But I might take advice on how to financially take care of my kids by asking the cashier at Mothercare.

No point in remonstrating with the Bangkok Post. But what a great example of 'plus ca change' in Thailand.

With apologies to those straight ifa's out there!


↧

Independent Financial Advisers - Bond Providers in LM Scandal to be sued.

August 27, 2014, 11:09 pm
$
0
0

Expats in Hong Kong are now suing local independent financial advisers, pension fund trustees, and life insurance companies who promoted the LM Managed Performance Fund, and some expats in Thailand have also begun the same process.

A report today in the South China Morning Post by Benjamin Robertson, who has also linked up to ‘whistleblower’ financial adviser Martin Terpilowski, describes the A$400 million LM crash as one of the biggest financial scandals to rock the offshore industry in recent decades.

"Australian-based investors have already won lawsuits because financial advisory firms gave inadequate advice and did limited due diligence, said Fraser Whitehead, head of group litigation at law firm Slater & Gordon. 

The challenge was harder for Asia-based expatriates as many financial advisers have no professional indemnity insurance. That made insurers and trust companies a natural target for litigation, Whitehead said."
The Australian authorities have done little to act on the scandal while bond providers blame, LM and the IFA's and the IFAs blame the bond providers in the usual financial 'it wasne me' merry go around.






For Roberton’s report go here:

Anyone suing in Thailand is welcome to contact this site.
↧
Search

'WHAT CHANCE DO HONEST PEOPLE HAVE?" - HOW FUND PROVIDERS TURNED A BLIND EYE IN LM SCAM

August 28, 2014, 4:24 am
$
0
0
"THIS IS A DODGE - I SWEAR ON MY LIFE"


Fund providers such as Royal Skandia and Friends Provident turned a blind eye to warnings over the dodgy LM Managed Performance Fund despite repeated emails from whistle-blower financial man Martyn Terpilowski - then based in Tokyo.

The fund managers attitude to the well being of people who had had put their pensions into LM by financial advisers was almost flippant with one dismissing the conversation with a remark 'How's business'.

In fact 'business' was all it was to the three groups who had their claws into naive investors who were trusting them to look after their pensions. All claim they did due diligence. But that seems to amount to be being wined and dined by LM executives and agents - IFAs were getting claw backs of 9 per cent or more if they could lock their clients into funds for three years.

-----------------------------------

(Intro by Lindell Lucy of www.therapeofhongkong.com)

Martyn Terpilowski has a knack for spotting dodgy investments. High commissions, high management fees, and unrealistic rates of return are three of the biggest warning signs.

Martyn first noticed something was wrong with LM’s Managed Performance Fund (MPF) in 2009 when LM started lying to investors about liquidity and then kept campaigning for cash while redemption payments were indefinitely “delayed”. A few of Martyn’s clients had invested in the MPF at around 2005-2006, so he had a responsibility to keep a close eye on it.


Several years ago, Martyn also noticed some things he didn’t like about a different fund run by Castlestone Management. He predicted that it would run into problems. In July 2011, when Castlestone’s offices were raided by the Financial Services Authority (the British regulator), he forwarded the news headlines to bond providers Generali International and Royal Skandia, and he warned them that LM Investment Management would be in trouble next. 

Both life companies ignored him.

Six months later, after one of Martyn’s clients had been waiting in the MPF redemption queue for a year and a half, he requested an update on his client’s position. The numbers he received indicated that scores of investors were jumping the queue. For the next several weeks, Martyn pressured LM for an explanation, but no one would tell him the whole truth. He suspected that LM was hiding a serious problem.

Martyn subsequently sent emails to Royal Skandia and Friends Provident International (FPI). He strongly advised them to stop accepting new MPF investments.

In one email to Skandia, Martyn said:

“This is dodge - I swear on my life…I hate to say it but I do not think the money is coming back and I cannot let this continue and more people get duped.” 

He forwarded dozens of suspicious emails that he’d received from LM, and he even offered to speak in front of the investment boards of both companies. 

Most of the emails Martyn forwarded to Skandia and FPI have been published on this blog over the past two weeks. (See here and here.)

Upon seeing the emails, FPI put an immediate block on new investments into MPF and promised to investigate further.

Skandia said they’d consult with FPI and also conduct an investigation.

However, just one week later, Skandia stopped responding to Martyn’s emails. No one ever contacted him again, and Friends Provident swiftly unblocked the MPF.

Stunningly, both Skandia and FPI continued to accept new MPF investments until the moment LM collapsed, one year later in March 2013.

—

Martyn’s emails to Skandia and Friends Provident contained an abundance of alarming information, including proof of MPF’s chronic redemption delays, possible ponzi activity, large commission increases, and LM’s habitual lack of honesty.

Because Skandia and FPI turned a blind eye, they are undoubtedly responsible, at least in part, for the devastating financial losses suffered by those investors who bought the MPF through their platforms after April 2012.

They are also partly responsible for the losses suffered by those who were stuck waiting in the MPF redemption queue indefinitely. According to a recent news article, both Skandia and FPI have admitted that they did not experience major redemption delays. This means they were jumping the queue in front of people like Martyn’s client, and they knew they were doing it. They were therefore undoubtedly complicit in LM’s unfair treatment of certain classes of investors, namely direct investors.

Supposing Skandia and FPI knew about LM’s questionable conduct well before receiving Martyn’s emails—and they should have known, given that Martyn and his colleagues had independently spotted numerous red flags as early as January 2009—then Skandia and FPI could be on the hook for even more blame.


They are already being harshly criticized for allowing unlicensed advisers to sell MPF (a high-risk “sophisticated investor” fund) to inexperienced investors and retirees via their platforms.

When asked why he thought Skandia and Friends Provident had behaved so recklessly, Martyn Terpilowski said, “They were afraid of losing market share.” A Skandia executive once told him, “If we don’t take [the MPF], then someone else will. It is very popular with brokers.”

Four sets of emails are copied below and arranged in roughly chronological order.


------------------------------------------------------------------

Warning to Generali International, July 2011

Martyn Terpilowski

From: Martyn Terpilowski
Sent: Thursday, July 21, 2011 12:16 AM
To: [Generali Employee]
Cc: [Martyn's Colleague]; [Martyn's Colleague]
Subject: Are u reallly sure u want to be taking these guys around with you and having them on your platform – i hate to say it but right again!!!!

http://www.ftadviser.com/InvestmentAdviser/Investments/News/article/20110720/928a9f1c-b2c9-11e0-a7cc-00144f2af8e8/FSA-raids-Castlestone-offices-in-latest-blow-to-group.jsp

Best regards

Martyn

Generali International

From: [Generali Employee]
Sent: Thursday, July 21, 2011 8:59 AM
To: [Martyn Terpilowski]
Cc: [Martyn's Colleague]‘; [Martyn's Colleague]
Subject: Re: Are u reallly sure u want to be taking these guys around with you and having them on your platform – i hate to say it but right again!!!!

Hi Martyn

I believe Castlestone are co-operating with the FSA [Financial Services Authority] as per another headline I saw, but I guess that’s not as sensational and headline grabbing as the [above].

Guess we’ll have to wait and see what the fallout is after the investigation has closed.

In the meantime, how’s business?

Regards

[Generali Employee]

Martyn Terpilowski

From: Martyn Terpilowski
Sent: 21 July 2011 09:07
To: [Generali Employee]
Subject: RE: Are u reallly sure u want to be taking these guys around with you and having them on your platform – i hate to say it but right again!!!!

The thing is it is so obvious it is dodge if u actually watch how they can’t even follow the Gold price – I have known this well before all this started…. But it is just totally unsurprising…

LM next – u heard it here first – very similar meglamaniacs in charge who are dangerous people…

Biz – ok – did a big direct Winton deal yesterday for a referral… apart from that bits and bobs – usual…

MT

Warning to Royal Skandia, July 2011

From: Martyn Terpilowski
Sent: Thursday, July 21, 2011 8:17 AM
To: [Skandia Employee]; [Skandia Employee]; [Skandia Employee]
Subject: LM next – watch this space.. scary…

http://www.ftadviser.com/InvestmentAdviser/Investments/News/article/20110720/928a9f1c-b2c9-11e0-a7cc-00144f2af8e8/FSA-raids-Castlestone-offices-in-latest-blow-to-group.jsp

Best regards

Martyn

Warning to Royal Skandia, April 2012

Martyn Terpilowski

—–Original Message—–
From: Martyn Terpilowski
Sent: 11 April 2012 20:22
To: [Skandia Employee]
Subject: FW: LM

Mate – I have mentioned this before, but I think you guys should seriously look at whether you should be taking LM business. It is going to go very wrong. I can fill you in on the details whenever, but I have clients with a couple of million in there who have been in waiting lists to get there money back a number of years. The information I get from them is also very shady indeed. Please see emails below.

I am very serious. It does not make sense anyway you look at it.

Rgds
Martyn

Royal Skandia

—–Original Message—–
From: [Skandia Employee]
Sent: Thursday, April 12, 2012 10:33 AM
To: Martyn Terpilowski
Subject: RE: LM

Hi

Thanks for the heads up – will feedback comments / info internally and we will investigate further.

Cheers

[Skandia Employee]

Martyn Terpilowski

—–Original Message—–
From: Martyn Terpilowski
Sent: 12 April 2012 09:38
To: [Skandia Employee]
Subject: RE: LM

Mate – I have hundreds of docs where this come from and happy to go infront of your investment board – they cannot get away with this any longer. It is disgusting what they are doing. MT

Royal Skandia

—–Original Message—–
From: [Skandia Employee]
Sent: Thursday, April 12, 2012 10:41 AM
To: Martyn Terpilowski
Subject: RE: LM

Ok will keep you posted from our side

Martyn Terpilowski

—–Original Message—–
From: Martyn Terpilowski
Sent: 12 April 2012 09:46
To: [Skandia Employee]
Subject: RE: LM

This is a huge issue and funnily enough very popular with brokers – what chance do the honest people have??

Royal Skandia



—–Original Message—–
From: [Skandia Employee]
Sent: Thursday, April 12, 2012 6:25 PM
To: Martyn Terpilowski
Subject: RE: LM

Hi

Do you have some additional info that you can pass on for us to review further?

Thanks
[Skandia Employee]

Martyn Terpilowski

—–Original Message—–
From: Martyn Terpilowski
Sent: Thursday, April 12, 2012 6:34 PM
To: [Skandia Employee]
Subject: RE: LM

Mate – I have pages and pages and pages – will send u a few… This is dodge - I swear on my life and I have tried to deal with it internally but there is no way I can do it anyway – I hate to say it but I do not think the money is coming back and I cannot let this continue and more people get duped..

They just keep telling us about selling assets that never happens and my client has waited over 2 yrs (this was a 1yr investment).. There solution to the problem, indemnify commission by 3 yrs and pay brokers 9% upfront – that should shut people up and they cant get their money anyway… I mean mate – the waiting list is at least 2 yrs and they now refuse to give queue numbers, which they used to give… It is ridicoulus – I will send some more stuff. If they are taking so much in, how can they never pay it out? It is like Ponze plus scheme and these guys are scary as speak like this is normal.…I am very serious and worried for the $3m I have in there total.

We all understood the situation with the markets but this is different. Clients would NEVER invest if they knew this and you know that.

Stuff coming over now.
MT

Royal Skandia

—–Original Message—–
From: [Skandia Employee]
Sent: Thursday, April 12, 2012 6:41 PM
To: Martyn Terpilowski
Subject: RE: More LM

Ok thanks – will feed all of this on for further review

Martyn Terpilowski

—–Original Message—–
From: Martyn Terpilowski
Sent: 12 April 2012 17:39
To: [Skandia Employee]
Subject: More LM

And – please think about it. It is very obvious and scary.

Good evening.

MT

Martyn Terpilowski

—–Original Message—–
From: Martyn Terpilowski
Sent: 12 April 2012 17:45
To: [Skandia Employee]
Subject: RE: More LM

Mate – I know it looks like this is personal, but I do not want anyone else to lose their money. I fear for my clients $3m and this biz is all 4yrs old+. I stopped doing LM biz when they carried taking in and just closed to redemptions without telling anyone. They lied and then just increased commissions to get more support. Brandeaux dealt with this completely differently and far more professionally. LM’s attitude scares me. I am happy to meet anyone from RSK and back this up. Enough is enough.

Martyn

Royal Skandia

—–Original Message—–
From: [Skandia Employee]
Sent: Thursday, April 12, 2012 6:50 PM
To: Martyn Terpilowski
Subject: RE: More LM

Ok understand, I know we are following up with FPI as well so will keep you posted.
Cheers

Martyn Terpilowski

—–Original Message—–
From: Martyn Terpilowski
Sent: Thursday, April 12, 2012 6:57 PM
To: [Skandia Employee]
Subject: RE: More LM

Cheers mate – Martin Venier reckons I do not get it because I am not Australian…. Pretty good explanation of why nothing adds up.

There other funds are in an absolute mess also. I used to like them, but I know lies when I see them and there are lots here.

I just want real answers and so should you and FPI. How can a fund that is taking so much in, have people waiting for more than 2 yrs to get their money back from the end of the 1 yr term? How can they be expanding if this is the case? And where is the money? – I thought taking in when not paying out was illegal. They say queue but 2 yrs + to me is closed and they will not even give a queue number for clients anymoreAt best it is being sold by every broker under false pretences – as no one would ever invest if this was highlighted to them – the 1 yr fund that may be 10ys and we have no responsibility to tell u when u might get your money back, but do not worry – trust us we are Australian. Rubbish.

Have a good evening. I am looking fwd to hearing from their lawyer.

MT

Martyn Terpilowski

—–Original Message—–
From: Martyn Terpilowski
Sent: 18 April 2012 12:41
To: [Skandia Employee]
Subject: RE: More LM

You guys found all this out now?

MT

—–Original Message—–
From: Martyn Terpilowski
Sent: 28 April 2012 09:47
To: [Skandia Employee]
Subject: RE: More LM

Any news on LM? I know they reckon they have no list anymore as it was lost in a computer system error and young girls in the office were using the wrong files for the queue numbers for their clients to get their money back, but my client is still no closer after 2 yrs to getting any money back. This is illegal in many countries (Taking money in and not paying out).

Please let me know what you have discovered.

cheers

Martyn

Warning to Friends Provident International, April 2012

Martyn Terpilowski

—–Original Message—–
From: Martyn Terpilowski
Sent: Wednesday, April 11, 2012 8:23 PM
To: [FPI Employee]
Subject: FW: LM

Mate – I think I have mentioned this before, but I think you guys should seriously look at whether you should be taking LM business. It is going to go very wrong. I can fill you in on the details whenever, but I have clients with a couple of million in there who have been in waiting lists to get there money back a number of years. The information I get from them is also very shady indeed. Please see emails below.

I am quite serious. It does not make sense anyway you look at it.

Rgds
Martyn



Friends Provident International

—–Original Message—–
From: [FPI Employee]
Sent: Thursday, April 12, 2012 9:41 AM
To: ‘Martyn Terpilowski’
Subject: RE: LM

Hi Martyn

We’ve put a block on new investment into LM MPF while we look at the answers regarding the delay in redemptions. The life offices talk to each other, so I wouldn’t be surprised if the others have put a block in, too.

You can imagine that IFAs don’t give me much negative feedback about this fund, so thanks very much for sending this.

Let me forward this email to our guys looking at this.

Would love to hear about Melanie using the wrong file! Better still, read the emails from LM about it. Hard evidence required.

Thanks again.

[FPI Employee]

Martyn Terpilowski

—–Original Message—–
From: Martyn Terpilowski
Sent: Thursday, April 12, 2012 10:24 AM
To: [FPI Employee]
Subject: RE: LM

Hi [FPI Employee]

Yes it is true that no IFA will tell u this which is a damning indictment on the industry. I believe they now have a 3 yr term where they indemnify the commission (9%). This keeps the broker happy and also prevents any questions on you getting your money out. We all understand whay happened in the Lehman crisis and clients never saw these as bank deposits as Martin Vennier suggests they were sold. These hold ups have now become unexplainable. When Brandeaux stopped paying out, they stopped taking money in – that is the norm in these cases and I have no issues with that. This after all is a 1 year term and my client has been in over 3 yrs and getting no closer to getting his money back. We have been promised that clients waiting will get there money back through the sale of assets etc, but this has gone on for years and LM are expanding and taking lots of money in!!! I have over $3m of clients money still in there and fear it will never return. When you talk to these guys, they seem to be on a different planet which is very scary. They act as if they do not see the issue and as long as the client is getting the return, why does he need the money so desperately? but it scares me and this stable unit price could just be made up. Look at the MIF unit price that has steadily come down to 0.73 from 1.00. The fact anyone still deals with LM is amazing as there is no way a client would invest if they knew there was a 2yr+ waiting list on the backside and we are no closer to knowing how yr+ long the queue really is or more likley if it exists?. There used to be a queue system, but Martin refuses to give those numbers out now and says they were just a mix up from a file in the office by Melanie as there are host of factors that affect redemptions, but they are taking loads in apparently….Surely I am not the only one who sees this as wrong and my client is now going legal as it has gone on too long. These guys are dangerous meglomaniacs (like Madoff or Stanford) who just talk a game, that makes no sense when looked at – will fwd u some other stuff also as I am going nuclear on them. They have left me with no choice.

Please share this with Skandia, although I have mentioned to [a Skandia employee already].

Rgds
Martyn
↧

'Legend from Llanelli' - 21-year-old Welshman with wanderlust 'took his own life' - Thai Police

August 28, 2014, 4:04 am
$
0
0
Tragedy on paradise island


Twenty-one Jack Davies the young 21-year-old Welshman described as the ‘little legend of Llanelli’ took his own life by hanging himself with a mobile phone charger within sight of the legendary ‘Beach’ made famous by the film starring Leonardo di Caprio.

Jack, known as, Jay, who is reported to have come to Thailand inspired by the film and book, returned to the K House guest house on Phi Phi Don island in the Andaman Sea off southern Thailand on Sunday crying and accompanied by his two friends Alex,30, who had come from the same Welsh village, and George, 20.

Police in Krabi Thailand say at the moment the investigation is now closed but if the parents believe the death is suspicious and they have new information they will re-open inquiries when they travel to Thailand.

Jack, George and Alec were sharing a room on the first floor of the K Guest house, said Police Captain Saksan on Koh Phi Phi. On the night of his death they had all been out together at a bar and returned about midnight.

“Both George and Alex said that Jack was under pressure to go home. But maybe he had other problems,” said the police officer.

“The two witnesses reported that they went to sleep and when George got up in the morning they found Jack hanging in the bathroom. 

"They tried to get help but it was too late to save him.”

“We have conducted an investigation into this sad death to see if there has been any foul play and we can find none.”

Thailand has recently cracked down on tourist visas making it difficult for them to be extended after a maximum period of 90 days.

 Foreigners are then expected to go home and re-apply. The move is to prevent foreigners illegally working under tourist visas which Jack was doing.

The police were also told that his family wanted him to return.  Jack had been lured to Thailand by the film ‘The Beach’ starring Leonardo di Caprio, which was filmed on Phi Phi Ley a short boat ride away. He had ‘Life ain’t chess’ and ‘Wanderlust’ tattooed on his chest.  He was popular in Llanelli where he attended Bryngwyn Comprehensive School

His parents Christina and Jonathan Davies are to fly to Thailand. Jack’s body is currently at Krabi Hospital on the Thai mainland.

Many tributes have been made to Jack at the Llanelli Star newspaper

“Not only have you left footprints in paradise, you've left footprints across everyone's heart. Sleep tight buddy,” wrote one.

"This little legend has touched the heart and soul from every corner. Such an ambassador for our family ..Bless him, " wrote another, a relative.

↧
↧

OUCH - BURMA'S BEAUTY QUEEN BUSTED IN BITCHY BEAUTY PAGEANT

August 28, 2014, 8:47 pm
$
0
0
BUT THIS PAGEANT SHOULD BE SHUT DOWN  SAID BRITAIN'S AMY WILLERTON! 

Burma (Myanmar’s) first ever international beauty queen has been sacked for her ‘lying’ and lack of ‘trustworthiness’ and for trying to get a three months visa out of Burma (Myanmar).

 The decision was announced by the Korean President  of the Miss Asia Pacific Super Talent Organisation which hosted the event in Seoul, Korea in a bitchy announcement placed on the internet yesterday.

The organisation itself does not have a history of trustworthyness - but has been linked to allegations of bribe taking, fixing and even sexual assault of contestants.

Miss That Thet Aung who entered under the name Mae Myat Noe was elected Miss Asia Pacific World in in Seoul in June.

Although there were contestants from Europe and Australia, all six finalists were Asian.

A judges’ interview section of the contest had to be abandoned as few of the judges could speak English and only two of the Asian contestants from the Philippines and India could speak it with any fluency.

The statement issued by the sponsoring organisation said she “has never been qualified enough by her attitude to be winner of such a ‘big pageant’.

From the Mirror


This was apparently due to her "lack of personality, integrity, loyalty to the organisation, and lovely character" and she has no respect of her main organisation, National Director, manager, media, and fans.

One of the main reasons for the decision against the eighteen-year-old beauty queen is her "ungrateful attitude and trustworthiness" so the organisation will not work with her anymore, the statement said.

"Moreover we shocked with her mother’s illegal attempt to get three months visa although we issued Letter of Invitation and Reference letter for her mother until August 29," it said.


"There are a few issues we do not want to mention about these in details. Simply, we have no trust on her and there is no reason to believe that she can carry out her duties as Miss Asia Pacific World 2014 successfully.

“As we dethrone her she will have to surrender her title, crown, and sash back properly to the National Director Hla Nu Tun when she arrives in Myanmar.

"The organisation plans to choose a new winner with qualified beauty standards, professional standards, and personal qualities and right attitudes, according to the statement.

On the website missosology.info critics decried the contest and offered support to Mae Myat Noe who was not available for comment.

Hla Nu Tun, the Myanmar organiser said he could not comment: 'Please contact her first. She left for South Korea without telling us."

and finally....to put the producers of this pageant in another perspective.






In 2011, Amy Willerton caused controversy at the pageant, held in South Korea, while representing Wales. Amy who went on to become Miss Universe 2013 called for the pageant to be banned, and reported fixing, bribery and even sexual assault.

Amy
Along with a number of other representatives, Willerton claimed the pageant had been fixed after the girl representing Venezuela was apparently placed runner-up of the talent round before she had competed.

Led by Willerton, a number of contestants demanded answers from organisers and later made claims that some contestants had been offered automatic top-ranking placements in exchange for sex, by organisers.

The events were filmed by Willerton and other contestants (which were later uploaded to YouTube under the title "Confessions of a Beauty Queen" and spread throughout the pageant industry). Subsequently, she and the representatives from Aletha Shepherd of Guyana and Costa Rica] and Pamela Peralta ... fled their hotel to the airport, claiming the pageant organisers had tried to keep them there against their will and had followed them to the airport to stop them escaping.

The Korean National Police Agency and organizers denied all accusations. (wikipedia)

In the film above the pageant bosses are accused of being mafia who fixed the results. 'Girls for your own safety stay away!' is the message

........ah just like Mecca!

Link to the announcement


↧

ABOUT TURN? ROYAL LONDON 360 FINDS NO PROBLEM WITH LM!

August 29, 2014, 12:06 am
$
0
0
But this gobbledygook of evasion or rather fundspeak says it all. 


Here we go again as another fund provider is tackled by whistleblowing financial adviser Martin Terpilowski - this time its Royal London 360. 

Readers might at this stage wonder what language is spoken in the world of finance. I think its call evasion, others might call it, fibs, or, er, lies.

'What liquidity issues?' asks the guy from RL360. 

Knock me over with a feather. One might be forgiven for thinking that these guys are too busy making money to even consider whether their clients are going down the pan.

(Intro by Lindell Lucy - at www.rapeofhongkong.com)

The LM Emails (#10): When Asked If LM Gave Special Treatment to Bond Investors, Martin Venier Dodged the Question


In February 2013, Martyn Terpilowski asked Royal London 360° why they were still allowing LM’s Managed Performance Fund (MPF) on their platform even though the fund had no liquidity. He pointed out that his own client had been waiting for well over two years to get his money back.

RL360° responded that they were not aware of any liquidity issues. LM always paid them back on time.

Peter Drake of LM has closed his
'I am innocent' website
Martyn was stunned. He’d never heard of anyone getting their money back quickly. If RL360° was telling the truth, it indicated that bond investors were being allowed to jump the queue ahead of direct investors like his client.

Martyn sent an email to LM sales manager Martin Venier to find out what was really happening. He asked Venier:

“are [bond] clients not waiting for their redemption money in the same way as [my client]?…Please advise as I thought all investors had to be treated equally.”

Venier’s response appears to have been a kind of half-truth, or maybe a quarter-truth, or maybe just a lie. Only the bond providers would know for sure.

Instead of answering whether LM was prioritizing bond investors (they clearly were), he implied that bond providers were bypassing LM and making fast-track redemption payments via their own ponzi-like transactions. He said LM had nothing to do with it.

Venier concluded by saying, “Hope the above adds clarity.”

Venier’s answer was most likely pulled out of thin air. If not, then bond providers have some explaining to do. The type of artificial liquidity which Venier described would have concealed MPF’s real liquidity problems, raising questions about whether bond providers knew what was really happening beneath the surface.

Conversation with Royal London 360°

Martyn Terpilowski

From: Martyn Terpilowski
Sent: 25 February 2013 23:46
To: RL360 Investment Accounts; RL360 Dealing
Cc: ’Servicing Centre’; [RL360 Employee]
Subject: FW: [XXXXXXXX]

My question is – how come you accept LM at all? It is totally illiquid (whatever they say). Brandeaux has a 6mth tie up and you will not accept? I do not understand. Please let me know.

Cheers

Royal London 360°

From: RL360 Asset Review [AssetReview@rl360.com]
Sent: Tuesday, February 26, 2013 7:39 PM
To: Martyn Terpilowski
Subject: RE: [XXXXXXXX]

Dear Martyn,

My colleagues have forwarded your e-mail and comment in respect of asset acceptability.

Thank you for your comments, however, this isn’t our experience of either of the funds you’ve mentioned, but we appreciate your feedback.

Kind regards

[RL360 Employee]
Royal London 360°
www.rl360.com

Martyn Terpilowski

From: Martyn Terpilowski
Sent: 27 February 2013 02:41
To: RL360 Asset Review
Cc: [RL360 Employee]; ‘Servicing Centre’
Subject: RE: [XXXXXXXX]

Hi

I was told by [two RL360 employees] that you do not take Brandeaux as liquidity is 6 mths + (that is a fact).

There is a 2 year waiting list on getting money out of LM (fact).

So why do u accept LM and why do u not accept Brandeaux or do u?

Please advise.

Martyn

Royal London 360°

From: RL360 Asset Review [AssetReview@rl360.com]
Sent: Wednesday, February 27, 2013 5:50 PM
To: Martyn Terpilowski
Cc: [RL360 Employee]; Servicing Centre
Subject: RE: [XXXXXXXX]

Dear Martyn,

Which LM fund are you referring to?

Kind regards

[RL360 Employee]

Martyn Terpilowski

From: Martyn Terpilowski
Sent: 27 February 2013 17:55
To: ’RL360 Asset Review’
Cc: [RL360 Employee]; ‘Servicing Centre’
Subject: RE: [XXXXXXXX]

All LM funds are gated – whatever they say – I have clients waiting over 2 yrs for the money back from the MPF.

What about Brandeaux? 6mths liquidity? Do u accept it?

Martyn

Royal London 360°

From: [RL360 Employee]
Sent: Wednesday, February 27, 2013 6:28 PM
To: Martyn Terpilowski
Cc: [RL360 Employee]; [RL360 Employee]
Subject: FW: [XXXXXXXX]

Hi Martyn

[An RL360 Employee] has asked me to respond to you as I am responsible for the area that accepts or rejects assets on our products.

LM as you say do have significant redemption queues on some of their funds however, the funds that we have on our platforms that are open for new investments are paying redemptions in accordance with their funds T & C’s and the parameters we have agreed with them. Where any fund continually fails to adhere to its own terms we remove it from our platforms.

Brandeaux has a standard 6 month liquidity period which exceeds our company set limit of 5 months. However, Brandeaux also have a lot of discretionary powers in their documentation which allows them to continually defer redemptions until such time as they feel it is in the best interests of the fund to pay them. It is this ability to defer (albeit completely legal) which creates difficulties for us and as such we do not accept any funds which have similar provisions.

Regards

[RL360 Employee]
Royal London 360°
www.rl360.com

Martyn Terpilowski

From: Martyn Terpilowski
Sent: Thursday, February 28, 2013 1:26 AM
To: [RL360 Employee]
Cc: [RL360 Employee]
Subject: RE: [XXXXXXXX]

[RL360 Employee]

I think that fund is MPF – it is illiquid whatever they say. They use semantics so they can get on platforms, but has anyone ever redeemed? I bet not. I 100% gtee that fund is effectively ‘gated’. If not, please confirm it is MPF and that you have redeemed. As far as I know everything they have has queues and they lie about it. I can gtee that.

Brandeaux are actually honest and I like that far more.

Rgds

Martyn

Martyn Terpilowski

From: Martyn Terpilowski
Sent: 28 February 2013 01:35
To: [RL360 Employee]
Cc: [RL360 Employee]
Subject: RE: [XXXXXXXX]

Please confirm this as if you have actually redeemed money from MPF I need to know. I am sure you have not, but await your confirmation.

Cheers

Martyn

Royal London 360°

From: [RL360 Emloyee]
Sent: Friday, March 01, 2013 5:52 PM
To: Martyn Terpilowski
Cc: [RL360 Employee]
Subject: RE: [XXXXXXXX]

Hi Martyn

The LM MPF has quite a few different classes and we have had no adverse experiences of this fund. All redemptions are paid to us in accordance with the respective asset classes T & C.

I’m not sure where we are going with this, are you asking us to change our view on Brandeaux and accept it?

Regards

[RL360 Employee]

Martyn Terpilowski

From: Martyn Terpilowski
Sent: 02 March 2013 02:55
To: [RL360 Employee]
Cc: [RL360 Employee]
Subject: RE: [XXXXXXXX]

No not at all – I am just telling you LM lie and it is not liquid and under the legislation governing the fund, they should not be making special agreements with bond providers so that your clients have benefits that my direct clients do not. My clients were told there were no issues with liquidity but 2 yrs on are still waiting for their money back. That is my only point. Not to get Brandeaux in – but just be careful with LM – they may tick your boxes, but is it the truth? They are a dangerous organization and only used by brokers for commission – do some research, they have all kinds of issues.

Rgds

Martyn

Royal London 360°

From: [RL360 Employee]
Sent: Monday, March 04, 2013 7:12 PM
To: Martyn Terpilowski
Cc: [RL360 Employee]
Subject: RE: [XXXXXXXX]

Hi Martyn

Thanks for the note. We do keep a very close eye on all things LM related and have regular meetings/call with them to ensure that any issues that we hear about do not impact on our clients. The whole Trilogy take over issue has been quite detrimental to them and we are not seeing too many brokers using their funds these days.

Regards

[RL360 Employee]

Martyn Terpilowski

From: Martyn Terpilowski
Sent: 05 March 2013 09:02
To: [RL360 Employee]
Cc: [RL360 Employee]
Subject: RE: [XXXXXXXX]

Well in my experience talking to their Directors is a waste of time as they are liars and not fit to be running a company. You would have thought after the absolute mess up with Trilogy that no platform or broker would touch them, but that is not my experience as they seem to be raising loads for MPF still – paying 9% in soft commissions – they paid 3% when it was going well…. Shocking.

Rgds

Martyn

Conversation with LM Sales Manager

Martyn Terpilowski

From: Martyn Terpilowski
Sent: Saturday, 2 March 2013 11:49 AM
To: Martin Venier
Subject: RE: First Mortgage Income Fund and related feeder funds (eg. Currency Protected Australian Income Fund)

Hi Martin

Can I just confirm something – with MPF that you have in portfolio bonds – are those clients not waiting for their redemption money in the same way as [my client]? i.e. are they being advantaged by not holding direct?

Please advise as I thought all investors had to be treated equally.

Rgds

Martyn

Martin Venier

From: Martin Venier
Sent: Monday, March 04, 2013 10:58 AM
To: ’Martyn Terpilowski’
Subject: RE: First Mortgage Income Fund and related feeder funds (eg. Currency Protected Australian Income Fund)

Dear Martyn,

Please see the attached Information Memorandum, which describes the different unit classes, including direct and those for portfolio bond holders.

The investors in a portfolio bond is the bond itself.

There are a whole lot of end investors in our fund that we do not know, as the only way we can find out about the end investor is when an advisor notifies us for the receipt of commission.

Bond portfolio net balances grow over time, and it would include the bond making redemptions and adding money.

For example, if there a net increase in investments from a bond by $1 million, it might be made up of $2 million of inflows and $1 million in redemptions, but since there is legally one client involved, the bond itself, they can do whatever they like with the fund and make the redemptions.

Hope that makes sense.

Kind regards,

Martin

Martin Venier
Regional Manager International | Treasury
T +852 2501 0262 | D +61 2 8268 0100 | M +852 9226 0708 | F +852 2530 1076 | E mvenier@lmaustralia.com | Skype: mvenier.lminvestment
A 16/F Aon China Building 29 Queens Road Central, Central, Hong Kong S.A.R. | P 16/F Aon China Building 29 Queens Road, Central, Hong Kong S.A.R.
www.LMaustralia.com

LM provides a global pathway to Australian investment solutions, and holds under management Australian assets with a gross realisation value in excess of A$3 billion. LM receives new business inflows from a licensed intermediary network spanning more than 75 countries, serviced by 130 LM people across nine global offices. The LM Funds are authorised by the financial regulators of Australia, New Zealand, Luxembourg and Singapore, with further approvals imminent in the jurisdictions of the USA, Canada, the United Kingdom and Pan-European UCITS.  Options include cash; savings; conservative, enhanced and retirement income – debt securities and cash; Luxembourg domiciled SICAV-SIF; Australian equities – protected income and capital protected growth.
Martyn Terpilowski

From: Martyn Terpilowski
Sent: Monday, 4 March 2013 10:11 AM
To: Martin Venier
Subject: RE: First Mortgage Income Fund and related feeder funds (eg. Currency Protected Australian Income Fund)

Mmm – I see.. I guess there is always a way to get new money in, whilst not paying clients their money back… As long as the broker gets the commission and u get on the platforms all is good – except for the ppl who have been waiting for their money back for nearly 3 yrs. Brandeaux can’t get on platforms anymore as are honest about 6 mths liquidity…But they don’t pay com, so far less pressure from brokers to put on the platform. Just shows this industry really is a joke.

Have a good day.

Martyn

Martin Venier

From: Martin Venier [mvenier@lmaustralia.com]
Sent: Monday, March 04, 2013 2:15 PM
To: ’Martyn Terpilowski’
Subject: RE: First Mortgage Income Fund and related feeder funds (eg. Currency Protected Australian Income Fund)

Dear Martyn,

I am not sure if you have a further question, but it is fairly simple, the bond is an individual investor, and in that regard it is no different to any investor pulling out a sum of money from MPF, that’s smaller than the amount they put in.  A husband might put 50,000 in MPF, half is his wife’s and half is his. His wife wants her money back in 6 months, while he wants to add an additional 50,000.  He simply pays his wife 25,000, and 25,000 to MPF – all we see is a net increase.  In effect, that’s what happens with the bonds.  We would not know about the 25,000 redemption to the wife, as the investment is in the husband’s name, but in the case of the bonds, advisors notify us to collect commission, but it makes no difference to us as long as the net balance increases.  The situation does not hold for direct business, as it is made up of a huge amount of smaller balances, with different owners.

Hope the above adds clarity.

Have a good week.

Kind regards, Martin

Martin Venier
Regional Manager International | Treasury
T +852 2501 0262 | D +61 2 8268 0100 | M +852 9226 0708 | F +852 2530 1076 | E mvenier@lmaustralia.com | Skype: mvenier.lminvestment
A 16/F Aon China Building 29 Queens Road Central, Central, Hong Kong S.A.R. | P 16/F Aon China Building 29 Queens Road, Central, Hong Kong S.A.R.
www.LMaustralia.com

LM provides a global pathway to Australian investment solutions, and holds under management Australian assets with a gross realisation value in excess of A$3 billion. LM receives new business inflows from a licensed intermediary network spanning more than 75 countries, serviced by 130 LM people across nine global offices. The LM Funds are authorised by the financial regulators of Australia, New Zealand, Luxembourg and Singapore, with further approvals imminent in the jurisdictions of the USA, Canada, the United Kingdom and Pan-European UCITS.  Options include cash; savings; conservative, enhanced and retirement income – debt securities and cash; Luxembourg domiciled SICAV-SIF; Australian equities – protected income and capital protected growth.
Martyn Terpilowski

From: Martyn Terpilowski
Sent: 04 March 2013 14:17
To: ’Martin Venier’
Subject: RE: First Mortgage Income Fund and related feeder funds (eg. Currency Protected Australian Income Fund)

I understand, just think it is a little strange. Anyway – Have a good day.

MT
↧

HOW THE MEDIA UNKNOWINGLY COLLUDED WITH LM

August 29, 2014, 10:33 pm
$
0
0

THIS IS WHAT YOUR IFA WAS TOLD!


With thanks to COVERFOTO /Bennett
Independent Financial advisers selling the LM Managed Performance Fund were sent glowing references to how well the fund was doing when it was just months away from collapse.

Peter Drake the LM supremo sent them press cuttings showing how people were being paid back and how work was progressing in their investments in their building project on the Gold Coast.

But any sensible IFA should have realized that the newspaper promoting Drake’s business were the local ones covering Australia’s Gold Coast – the Gold Coast Bulletin and the Murdoch owned Brisbane newspaper the Courier-Mail.

And the stories used by these newspapers were clearly PR blurbs for LM and a private housing project which would never be completed.

But most IFAs either swallowed Drakes publicity or were complicit due to greed – and the journalists – well they were filling space their ‘quiet news’ patch.

More and more the international financial industry is looking like child’s play – with the victims being elderly or middle aged foreigners who have put their money in QROPs schemes.



From: LM Investment Management Ltd [mailto:mail@LMaustralia.com]
Sent: Tuesday, March 12, 2013 11:40 AM
To: Martyn Terpilowski
Subject: LM in the Media

 www.LMaustralia.com

Financial Adviser/Intermediary Information Only
12 March 2013

Dear Martyn,

LM in the Media

LM maintains domestic and international media support for its 15 year history of providing investors globally access to Australian investment opportunities.

Should you have missed them, we have provided below some recent media highlights across the LM group.  These include:

Progress we are making with our closed LM First Mortgage Income Fund and asset sales program;
The real Peter Drake;
Completed and upcoming global registrations;
Imminent product launches; and
Significant onsite and behind the scenes works for our A$1bn Maddison Estate, and the continued growth of the LM Managed Performance Fund which now holds more than A$400m funds under management.
Recent media coverage:

Fund investors to receive payments 4 March 2013



“Investors in LM’s First Mortgage Income Fund will this week receive their first capital distribution since the fund was closed due to the global financial crisis, as property assets continue to be sold down.” view entire article

Brighter future as LM shakes off pain 1 March 2013



“LM chief executive Peter Drake likes to think his business concentrates on the “boring bits”.  However, the past few years for the global property and investment manager have been anything but boring, with the company now finding Australia as the buy order for the world.” view entire article

Maddison kicks off civil works stage February 2013



“LM has kicked off civil works at its A$1 billion Maddison Estate at Pimpama, paving the way for a development that will create 3,500 construction jobs for the city.  Civil works comprise 32 hectares of onsite works, external road works and entry into the development which will ultimately house 4,500 residents.” view entire article

Drake steps up to the plate 26 January 2013



“LM’s boss Peter Drake has put hesitation behind him and is convinced to build his profile to better impart positive messages about the business.  As LM expanded its operations further, people would start to realise just how successful the company was.” view entire article

LM boosts global growth 26 January 2013

“LM has announced plans to launch two additional funds and is continuing an aggressive push into new parts of the globe.  It has boosted its reach to more than 73 countries, with the addition of 12 last year.”view entire article

Waterfront milestone; new wave of activity 8 December 2012



“A$75m Gold Coast residential project is now under construction after off the plan sales reached more than A$25m. ‘Edgewater’ has attracted the financial backing from LM.” view entire article

Building begins on A$75m lake estate 1 December 2012

“Work has begun on a A$75 residential project undertaken by Pearls Australasia, with more than A$25m apartment and waterfront home presales confirmed.

LM has approved an A$13.6m facility to fund construction, and says it is a quality asset for the LM Australian Income Fund.” view entire article".























Martyn Terpilowski’s Response

From: Martyn Terpilowski
Sent: 12 March 2013 19:26
To: ’Martin Venier’
Subject: FW: LM in the Media

Sending out stuff like this is absolutely madness and thoughtless when u owe ppl money as u always tend to do – I just can’t believe I am being sent this rubbish about Peter Drake.. I just want my clients money back…. I do not care about your expansions as being part of that would be rather silly based on the number of times we have been let down. I realise that the old big upfront commissions are still convincing some brokers to invest money with a company with so many problems… the questions would have to be – why else would u choose LM? I mean there are other alternatives so why given the mess ups with the fund, with Trilogy, the negative press and the fact your problems with currency hedging constantly leading to failure to pay back clients… I mean why? Why? Why? It is sheer madness… I just want to hear when my clients will get paid and back.. Not the rest of the nonsense.

Rgds

Martyn

PUBLISHED IN CONJUNCTION WITH LINDELL LUCY AT WWW.THERAPEOFHONGKONG.COM

http://therapeofhongkong.com/2014/08/29/the-lm-emails-12-lm-tooted-its-own-horn-just-days-before-it-collapsed/

How to become a financial adviser (But this is advanced stuff for Thailand)
↧
Viewing all 810 articles
Browse latest View live
Search
<script src="https://jsc.adskeeper.com/r/s/rssing.com.1596347.js" async> </script>