ASIC looks at LM
The Australian Securities and Investments Commission is looking at claims the embattled LM Investment Management is making potentially false and misleading statements.
Monday, March 4th 2013, 7:50PM
It follows an investigation by Australian current affairs programme Four Corners, airing tonight.
LM Investment has reportedly made claims that one of its key funds is a "bank-like" facility and that it operates in Australia as a "conservative and highly-rated private bank".
It is a fund manager without any bank safeguards. About 1300 New Zealanders have more than $100 million invested in the frozen LM First Income Mortgage Fund.
It says it has not misled investors and withdrew the claims when the confusion became apparent.
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