19/04/2013 | by Alex Dick-Read
Swellnet journalist Stu Nettle has been closely monitoring Kelly Slater’s controversial Wavepool scheme since it began to take off a couple of years ago.
Last week Nettle came out with this ugly nugget of news about the 11-time world champion’s plans for a circular surfing wavepool in the heart of a major Gold Coast property development named Madison Gardens … :
KELLY SLATER WAVE COMPANY DEALT BLOW AS INVESTMENT FALTERS
Kelly Slater dealt blow as investment company falters
The Kelly Slater Wave Company has been dealt a blow with today’s announcement that LM Investments has been placed into voluntary administration. LM Investments is being investigated by the Australian Securities and Investments Commission for multiple breaches of corporation law.
LM Investments is a fund manager that reportedly holds $3 billion worth of investors funds and operates in 70 countries. In a recent ABC investigation LM Investments were found to be making misleading claims about its operations and were involved in a dubious property development called Maddison Gardens at Pimpana, north of the Gold Coast. 62.5% of LM Investments entire portfolio is invested in Maddison Estate.