The Australian regulator, ASIC, has started legal action against LM Investment Management and its founder, former Kiwi, Peter Drake.
ASIC Is seeking financial penalties and banning orders against the collapsed fund manager. In a statement, ASIC alleged Drake “used his position to gain an advantage for himself and the former directors breached their director’s duties for failing to act with the proper degree of care and diligence regarding transactions involving the LM Managed Performance Fund (MPF).”
Specifically, ASIC stated the action concerns a series of loans made to Maddison Estate Pty Ltd – which Drake owned – to develop a Gold Coast property development in 2011 and 2012.
ASIC is also seeking to disqualify Drake and the former directors from managing companies and providing financial services.
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