Monday, August 25, 2014

Monday, August 25, 2014
2
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

2 comments:

  1. http://www.theaustralian.com.au/business/property/regrets-maybe-but-i-took-no-money-peter-drake/story-fn9656lz-1226731836361

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


    From all reports Drake is just another very short man from New Zealand who became another Gold Coast shit talker. Millions from this fund were paid to him in fees and loans whilst investors got nothing but lies and excuses. He claims he took no money from the fund in one of the articles above. One of the comments claims he lives a life of luxury with luxury cars, fine dining and first class travel. Pretty hard to stomach if you've lost your life savings.

    ReplyDelete
  2. I've often found that bullshitters and liars surround themselves with other bullshitters and liars. They feed of each other - obviously the same with your three stooges.
    That megalomaniac Peter Drake did the same with his staff and they became part of a cult is no surprise. They even lied and kept on lying to their own IFAs.
    All IFAs are well known bushitters and liars, which is the predominant trait of most salesmen. When there's extra commissions to be made the levels of bullshit and lies go into overdrive, which is what conned most of the victims here.
    It was not even a get-rich-quick scheme (except for IFAs) - just a few % better than bank rate and "...just like a bank...safe as houses & mortgages in fair dinkum Aus..."

    ReplyDelete