LM Investment’s Peter Drake has assets frozen
Gold Coast-based fund manager Peter Drake has had his passport seized and assets frozen as the Australian Securities and Investments Commission (ASIC) continues to investigate the fall of his multi-million dollar business.
LM Investment Management, which was handling $750 million for 12,000 Australian and international investors, went into administration in March this year.
Its directors and their conduct in the lead-up to the collapse have since been the subject of an ASIC investigation.
After an application from ASIC, the Supreme Court of Queensland made interim orders to stop the sale of Drake's assets, excluding his Mermaid Beach home, which reportedly sold for $7.35 million at the weekend — less than half the $20 million asking price.
Drake's receivers, William Fletcher and Tracy Knight of Bentleys, have been ordered to report all remaining assets to the court.
The Supreme Court will review the matter on October 9.
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