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THE LM INVESTMENT SCANDAL promoted by TV Identities caused millions of dollars in losses around the globe including Hong Kong, Thailand, Britain, Canada. ASIC has permitted our bandit creating wealth spruikers to spread the word and run seminars on how to be better at financial management. The Banks were funding the developments of course they were!!! Only ones making obscene money were the Ponzi Directors of LM Investments of course.
The Gold Coast company collapsed five years ago and what has ASIC done about this additional Scandal in the Land of Scandals and Crooked Bankers? Take action against the usual suspects and THE DIRECTORS? The usual ZIP, ZERO, De Rien and Niente. ASIC toss the thousands of Global complaints into their ASIC GLOBAL BIN!
The Australian Securities and Investment Commission is not the consumer protector its professes to be. ASIC Complaint Bins have been full since 1998.
Many of the "investors had superannuation monies" and the usual spiel being: "make your money work for you" from the expert crooks funded by bankers. LM Investments victims need a break. Social Media is their only weapon and support BFCSA work.
Mr Medcraft. There is a case going on but not as the investors expected. Expect one of my letters on this matter very soon. You are supposed to be the Global Guru and a UK regulator wannabee....now is your chance to simply tell these victims what you are going to do about their myriad of complaint letters and why not start by reporting these activities to the Police? They have a habit of putting handcuffs on the wrists of the BIG PONZI Directors and demonstrating the powers you seem to be sitting on.
Greggie, you obviously have more time on your hands than me and your substantial budget of $450m should see you do something significant other than "READ OUR WEBSITE."
Oh and just a thought bubble here: Banks paid you an extra $127 million to take a few rogues to court. Your enforcement levels are at record lows. So please satisfy the Australian ex pat victims and take LM Investment Directors to court. Now there's a good lad. I can help you of course as I am constantly doing your job on a mousy budget.
Your years of delays and nonsense have left these people in a precarious financial position and under extreme stress across the Globe. Everyone of these people could have been spared this agony had you stopped the spruikers thirteen years ago....and you have always had the power to do so since 2011. Read Mary Good's Report from 2003 which came about after my lobbying Parliament to have spruiker businesses curtailed. You have simply ran your own free market nonsense to the detriment of retirees and pensioners caught in mortgage fraud. This blatant REGULATORY NEGLECT of Consumer Interests has to STOP.
What about all the Chinese Mums and Dad modest home owners in SHANGHAI after ASIC PERMITTED THE BANKERS to deliberately spruik them for mortgage loans and then allow the banks to demonise consumers as it always does by saying LIAR LOANS???!!!
From the latest LM Investor email to ASIC: THEY HAVE THEIR SAY to Medcraft in a Muddle.
"Like all of us, I've spent many hours asking similar questions to ASIC, all they keep repeating is please keep looking at there web-site, this I should point out has not changed or had any updates not for weeks but months.
Quite astonishing that this country wants the world to see Australia as a safe haven for investors. That's a BIG JOKE
As this is one of the biggest Ponzi Schemes that Australia has had to deal with, just allowing LM Directors to target people that are either already in retirement or approaching it, dealing with unlicensed or unregulated IFA's is something that you would surely think was very easy to determine it was a scam.
You've allowed these Directors to hide OUR monies by taking 3.5 years to bring it to court. Australia wake up if this was in America these crooks would be locked up, you are the very people who investors look to for protection.
Maybe there are to many skeleton's in your legal cupboards, let's not forget the truth will come out in the end, but unfortunately many more of the investors will have passed away waiting for you to act correctly."