CyprusLiving

For anyone who has purchased the Axiom Legal Financing Fund, the fund has been suspended from trading and the Chief Executive Officer has resigned. details can be found here:

http://www.international-adviser.com/ne ... -suspended

There are also serious concerns about the viability of the LM range of funds which have been widely marketed in Cyprus as 'term deposits' for info see here:

http://www.theage.com.au/business/a-man ... 28b4k.html

As a CySEC registered investment adviser, it's my opinion that these funds should not have been marketed to retail clients as they are both professional investor funds.

I should add that the Axiom Fund IS suspended, the LM fund is not but the rumblings are there. It's just my opinion that there is trouble ahead based on the news article.

http://www.international-adviser.com/ne ... ceivership

The Axiom Fund has now been put into receivership. For anyone invested in this fund it will be a long wait to get cash (if any) from this scheme.

This investment Group has been placed into Administration. Bad news for investors in it

http://www.international-adviser.com/ne ... nt-mgmt-in

Not at all sure why you started another thread on the very same topic, please keep them altogether!! admin

Admin. Apologies. The previous thread was about a different fund going into administration. This fund was mentioned in the post but it has just been placed into administration hence the new thread.

LM Australian Income Fund, LM Managed Futures Fund have been marketed in Cyprus, often as an alternative to a bank investment and sometimes as an Australian Fixed Term Deposit.

It is very likely that investors into these funds will suffer significant losses. I'd be interested to hear from anyone who holds these funds either through an Insurance Bond, through an Investment Platform or direct. Similarly for Axiom Legal Financing Fund which was suspended in 2012.

gazzaga....this is in Greece from todays paper.
Just look at the amount of debt this company owes!
http://www.ekathimerini.com/4dcgi/_w_ar ... 013_495410

Wow! A 5.5 Billlion Euro fine! That's huge. No wonder they couldn't pay it. It has no link with the LM & Axiom funds as far as I can see from the article but it does show that a little internet search on any company you plan to use to invest through / in can save a lot of pain. I would bet that the company named in this report were still taking in new business through silver tongued salesmen.

would it be best if this thread was moved over to the Financial section?
Just a thought.

http://www.international-adviser.com/ne ... management

It seems that the Malta Financial Services Authority are investigating mis-selling of the LM products by advisers licensed in Malta. If you were unlucky enough to have bought this fund through a Maltese Licensed company in Cyprus, it may be an idea to make contact with the Maltese FSA.

I would also suggest that the Maltese enquiry should cover a Malta Based financial advisor who visits Cyprus quite often, and also writes a financial column in one of the local free papers.

This same fellow was promoting these Axion funds.

Other funds that he was promoting and selling are now 60% behind what he forecast was their annual target, and this is after almost two years .

About three years ago my wife was advised to invest in LM by her Malta-based FA.
The LM website stopped being updated after a few months, which seemed suspicious, so she got out of the investment ASAP.
The Malta FSA appear to be looking into LM, which is more than they were prepared to do for the substantial number of investors who alleged miss-selling of a certain traded endowment fund. It seems that Malta has financial regulation of about the same standard as Cyprus, and the last I heard was that these unfortunate investors had been well and truly hung out to dry…

Mr Patient. I can only comment on how tthe Cyprus regulators work. One regulator for insurance companies and another for investment firms. If these (often professional investor) funds were bought through an insurance 'wrapper' it becomes complicated. The insurance regulator will often direct the complaint to the investment regulator because it is an investment within the insurance wrap that is causing the problem. The investment firm regulator will then refer back to the insurance regulator because the fund is in an insurence wrap or (and i have been quited this) 'because the insurance company is not regulated by us' . This obviously cancels out the poossibility of any of these 'public servants' actually doing any work. In my opinion, if a Professional Investor Fund is marketed to a Retail client, CySEC (the investment regulator) should deal with the issue.

Good Afternoon Gazzaga. Thank you for your professional opinion on the matter of allegedly miss-sold “professional” investor funds, and how the regulatory bodies can wriggle out of their obligations.
In your experience, are allegedly miss-sold “experienced” investor funds (in insurance wrapper) treated by the Cyprus regulators in a similar manner?

http://www.international-adviser.com/ne ... stors-face

Further bad news on the LM Fund range I'm afraid. I have received the latest from Axiom also but cannnot load the docs here

Mansion Student Accommodation Fund was also suspended from 1 October, press release last night.

the LM & Axiom funds are both stuck in legal proceedings with one report stating that LM investors are looking at a loss of 95% of their investment

Here's a link
http://www.investmentweek.co.uk/investm ... dium=Email

In fairness to one of 'CyprusLiving's' main sponsors and as a client of theirs I feel that it should be made clear that the IFA mentioned previously, based in Malta and who sometimes wrote in the local free press, is nothing to do with Blevins Franks who have never offered these products to their clients because they failed their own 'due diligence' tests.

Alex

Fair comment dadio, I'm with Blevins Franks and have nothing but praise for them.