Scoring a second hit in two days the unstoppable Lindell Lucy of ‘TheRapeofHongKong’ has come up with some more news for investors in the LM Managed Performance Fund who have lost their life savings.
The LM MPF should not have been sold to them at all, says Lindell on his website ‘TheRapeofHongKong.com’.
According to their own documents there is an advisory issued to them not to tell to the public in Hong Kong – perhaps because Hong Kong has a Securities and Futures Commission.
their blurb to Independent Financial Advisors stated: “Not for distribution to the Hong Kong public’.
The fund should have been available only to professional investors, not the middle-class families whose lives have been wrecked.
“Local brokerages such as Financial Partners, and insurance companies such as the one formerly known as Royal Skandia, have no moral defense—and probably no legal defense—for distributing the LM MPF fund to families in Hong Kong.”
Of course the material sent by LM-MPF to Thailand would have been different. But elsewhere in the literature LM MPF state that LM MPF is not registered with that its LM MPF UK is not registered with the Financial Services Authority (Now the Financial Conduct Authority) but adds: “It can be offered by FSA authorized intermediaries”.
Victims in Thailand of course know that the Thai Securities and Exchange Commission is as dysfunctional as every other government department. FSA authorized intermediaries? That’s gobbledygook I suspect.
Anybody know any? Of course all these Brit guys say they were trained ‘in the city’. Why didn’t they stay there.
Essentially, the rule of thumb for any Brit in Bangkok with some dosh is to avoid doing any business with a British man, aged between 23 – 45, wearing a long sleeved white shirt, dark trousers and clutching a pint in a British type bar on a Friday night who insists on giving you his card and telling you that he can help. Treat him as if he had Ebola and always remember, if he is such a good adviser why is he working?