LM’s founder Peter Drake faces his seventh examination by ASIC

Peter Drake, the founder of LM Investment Management, a Gold Coast mortgage fund promoter that damaged a number of retirement village operators in the GFC, is being ‘examined’ by ASIC for an unprecedented seventh time since LM collapsed in March last year. This time they have co-opted the auditor to the $250M LM Managed Performance Fund to work exclusively with ASIC.
LM at its height boasted it controlled $3B in funds and developments. Its major Gold Coast development was Maddison Estate which it said had an end value of $1B. The developer Sunland acquired the first mortgage and control of it last August for $24.75M.
The fund investors were mainly mums and dads in Australia and Canada.