Original article by Ben Butler, Roseanne Barrett
The Australian – Page: 19 : 21-Nov-14

The Australian Securities & Investments Commission (ASIC) is bringing a civil action against real estate investor Peter Drake, but it will not pursue criminal charges. His LM fund management firm raised $A800m-plus from small retail shareholders before failing in 2013. The watchdog alleges that Drake channelled $A26m to personal spending, and that director’s duties were breached in approving the loans by LM’s Francene Mulder, Eghard van der Hoven, Simon Jeremy Tickner and Lisa Maree Darcy

CORPORATES
LM INVESTMENT MANAGEMENT LIMITED, LM ADMINISTRATION PTY LTD, LM MANAGED PERFORMANCE FUND, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, MADDISON ESTATE PTY LTD, FEDERAL COURT OF AUSTRALIA, AUSTRALIA. DIRECTOR OF PUBLIC PROSECUTIONS, ERNST AND YOUNG