LM BOSS – ‘FED UP WITH THE IGNORANCE’
LM boss Peter Drake says he has decided to remove the internet blog he set up to justify his actions prior to the collapse of his funds which has left hundreds of people throughout Southeast asia improverished. He claims that he can no longer put up with the ignorance and abuse.
This last statement “Last Post’ has attracted reams of more abuse – possibly because he has avoided questions put to him.
Drake says:
“The ignorance and abuse is not worth it. I am not sure that I can continue to write or say the way it was so many times.
The commission was 2% on the Currency Protected Mortgage fund and 3% on the MPF. By world standards – very conservative commissions as was repeatedly to LM by the global IFA market.
There was no lending to friends, no funds taken other than business profit. Over six years I have shared my profit with my de facto like other couples.
LM was an extremely compliant business with a very flat structure. Every function was carried out by various committees, boards and groups acting in unanimous consent.
No one person had the power to move anything (including funds), lend anything or sell anything. The escalation of the Australian dollar was the catalyst for the end game.”
Perhaps its time to bow out when people say:
“You know why ? Because you never seem able to use the word ‘Sorry’. Is that because your lawyers say that is an admission of guilt?”
Or
“Peter, how about a photo of you in rags? You know, with your pockets opened out to show you have nothing and a look on your face that say ‘Me ? Look, I’ve got nothing too’. That might help us visualise your plight.
“I have used vodka, cigarettes and medication to cope with what has happened. Without wanting to be melodramatic, you have changed my life. I am a different person to the one who first heard of LM from some prick in Bangkok. I will be haunted, forever, by you, so please, give us a new photo with the aforementioned pose. Something I can take with me into the future.”
Or
“You and your IFA and Insurance accomplices deserve long terms of imprisonment. Your appalling lack of remorse is disgusting when you have ruined the lives of so many.”
But one person wrote into say:
“Maybe all these people who are threatening Peter Drake should actually go back to their adviser and ask for an explanation why the adviser recommended to invest ALL of one’s life savings into one fund?
‘Diversifying is the key, so no one else to blame than yourself and/or your adviser.”
The question is must be how many clients found out that of their previously diversified funds more than half or all were all put into LM MPF!
Thr question above was swiftly answered by Martin Terpilowski:
Yes advisers are guilty and 90% are scumbags but Drake indemnified their commission to 9% (+ I am now discovering – maybe 15%) to feed their greed… This suddenly became one of the biggest selling funds in Asia and Drake and his sales guy in HK Martin Venier ran around the region taking ‘so called’ Advisers out for nice dinners… The funds grew 300% in the last few years, purely due to commission levels. Since 2009 I have been trying to get my clients money out of these funds as I did not like the changes I was seeing at LM….My clients redemption requests were held in a ‘queue’ for 4 yrs before implosion… I predicted what would happen in many mails to Drake and advisers.. It is illegal in most countries to take money in and when there is a freeze on redemptions – It is also very clear at that stage, what the end result will be. Your adviser should have probably mentioned this to you.”
Terpilowski, who has been representing corporate level clients from offices in Japan and Hong Kong, has decided to take on Peter Drake and has started publishing correspondence with Drake on www.rapeofhongkong.com and here. It looks like we are going to see a conspiracy. We shall be following this historical confrontation.
Links: Peter Drake’s blog
I am a very busy person……but I'd love an appointment with Mr Drake to….put his version of events to the interested parties……would you Mr a Drake…….? Would you meet me and clear the fould stench of what is following you? I wonder……
Martin Terpilowski sounds like the person who is really telling the truth. Drake is just another thief in a suit.
Right on Weapon. I said some time back and say it again fund managers are no different than your house maid. Only difference being one has a skirt the other a suit and tie yet you never know either too well. The only bank I trust is my own bank and lets face it so many investment fund companies have gone belly up as they, like share market stocks are all a game of chance. These fund managers don’t have a clue if they are going to make a bundle –they just think they can. Well I don’t even trust my accountant or my lawyer but if someone bets their life savings thinking they will make 20% or more on their investment theyre mad!! Those who have been bitten by LM should join ranks as its not up to AD to do your work for you. You all took the bait so blame yourselves and by teaming up perhaps you have a better chance to recoup some losses instead of hiding, cause you made a big mistake.
I don't know about anybody else, but I get sick and tired of these types who are just absolute shit talking shysters. I bet Drake never ever forgot to take out his own fees. I bet he made sure his own money was invested elsewhere safely out of reach of the creditors. When their house of cards falls it is never their own fault.
Has there ever been a fund manager come out and say "I was wrong" or "I got too greedy" no, all we ever get is pathetic excuses. The victims usually get two choices, just shut and accept they've been stupid, or take their chances with another group of sharks- the lawyers.
Families are destroyed, friendships are ruined and trust between people is forever destroyed. These people ruin lives with their unending personal greed and callous disregard for other people's savings.
Martin Terpilowski it seems was the only person with a moral conscious who tried warn people and call Drake out. If what Martin says is true, Drake should be put away for a long time like Madoff was.