Save your friends from financial ruin

On a recent trip through South Africa, I met an Australian expat whose entire family nest egg, absent their home, is threatened by the collapse of Gold Coast-based LM First Mortgage Income Fund. She’d been put into the fund by a (non-Australian, offshore-based) financial planner, who encouraged them to move their money (all of it) from several balanced funds into this mortgage fund because of ‘higher, safe returns’. It worked well for a while, until the unexpected happened. The financial planner collected significant fees from LM. Admirably stoic about the whole experience, this poor lady nonetheless had quite a few...

On a recent trip through South Africa, I met an Australian expat whose entire family nest egg, absent their home, is threatened by the collapse of Gold Coast-based LM First Mortgage Income Fund.

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