Following an application by ASIC, the Supreme Court of Queensland has ordered the surrender of the passport of LM Investment Management founder Peter Drake, restrained his travel out of Australia and frozen his assets as ASIC's investifation into the collapsed Gold Coast-based fund manager continues. LM Investment Management went into administration in March 2013, with the company responsible for managing at least $750 million on behalf of almost 12,000 investors in Australia and overseas. Following an application by ASIC, the Supreme Court of Queensland has ordered the surrender of the passport of LM Investment Management founder Peter Drake, restrained his travel out of Australia and frozen his assets as ASIC's investifation into the collapsed Gold Coast-based fund manager continues.