A source has given me a copy of a document that is sure to outrage the many LM victims based in Hong Kong. I have drawn a red arrow pointing to the key sentence:
The LM Managed Performance Fund was not for distribution to the Hong Kong public because it was not authorized by the Securities and Futures Commission. The fund should have been available only to professional investors, not the middle-class families whose lives have been wrecked.
Local brokerages such as Financial Partners, and insurance companies such as the one formerly known as Royal Skandia, have no moral defense—and probably no legal defense—for distributing the LM MPF fund to families in Hong Kong.