Spanish online journal El Confidencial has today published an article on Nordea Strategic Asset Allocation, under the following heading:
PRESERVATION OF CAPITAL AND SUSTAINABLE RETURNS, WITH NORDEA
Sadly, little does the author know about the real predatory nature of this product, the careless and incompetent people that run it and the devious lawyers that protect it. Not to mention that, once you have been ripped-off, you will be told that Spanish regulators have no jurisdiction over Nordea activities in the country.
At ERVA, we think it is time to rename this product and have proposed the following:
- Sourcing Assets Abroad
- Stealing Abodes Abroad
- Strategic Abode Allocation
- Strategic Apartment Appropriation
Let us have your comments!
Very clever ERVA. I just pity anybody who is smoothed talked into investing anything with these con merchants. As usual they will wine and dine you, invite you to golf competitions, promise you fantastic returns, tax savings, tell you about clients who are very happy and made a lot of money, etc etc and then, when they have you hooked and steal your money ,….. nobody is around when their so called investment managers cock everything up and loose it all!!. They have a bl**dy cheek to even still be trying to get business down here! – they should be thrown out!!!
I am not sure where Paula Mercado of El Confidencial, gets her information from, perhaps Nordea themselves, the master creative bankers and manipulator of figures, I have ever come across. She talks about a 19.8% return. She needs to check out her figures before reporting such nonsense. If she cares to get in touch ERVA they can give her some real human misery stories of Nordea’s Wealth Preservation programme. I know of several of their clients who became involved in their equity release scheme in Spain both on the Costa Blanca and Costa del Sol. These victims were also promised that by taking out an illegal tax defrauding mortgage loan on their unencumbered properties, that they would also preserve their wealth. It just so happens that without exception losses of between 40% – 50% were achieved by Nordea. This was in a period of several months in 2008. It may be that the markets took a bit of a hammering at this time, however if she asked the same people today what returns Nordea Banbk SA were making for them, they would tell her that they barely cover the interest charged on the mortgage. Probably 2.5% – 3%. A far cry from the supposedly 19.8%. What is more Paula Mercado should interview one of Nordea’s clients who now no longer has a home as Nordea foreclosed on him. Great Asset Management or what!! Give ERVA a call Paula and get the real story on NORDEA. Now I would go for NORDEA STRATEGIC APARTMENT APPROPRIATION. Any comments all you ERVA members. Lets hear your story about Nordea Bank
Nordea Bank SA (Luxembourg and their office Spain) are nothing but liars, cheats and fraudsters, these are not words simply thrown out but can be backed up by hard evidence. Nordea Bank and their sister company Nordea Life & Pensions both operating out of that well known secret tax haven called Luxembourg. They conspired together with the blessing of Nordea Group to develop and sell their Equity Release scheme, although they call it by other names when it suits them. Other names used are “bancassurance, equity release program, mortgage wrapper, mortgage loan” as well as many others. As we all know this was devised purely and simply to cheat the Spanish Tax Office out of much needed taxes, both wealth and inheritance taxes. The other reason was to convince their victims that this was on the pretext of preserving their wealth and providing a rate of return on their investments to not only pay the interest back, but would also provide some extra cash in their retirement. This is nothing more that predatory lending as we have seen from the Expert Witness document presented by Professor Briys published on this web site. The scheme was fraudulent, Nordea know it and so does their lawyers who are trying to protect them in the courts. Paula Mercado this is the story you should be reporting, also if Paula does pick up this post, she should ask them how many properties Nordea Bank have foreclosed on in Spain and how many are in the pipeline. They will probably lie as usual. I would call it “STEALING ABODES ABROAD”
I don’t know so much as washing their face, they need to bathe in cleansing fluid, was their mouth out with soap and find some liquid to was out their soul. I have heard some horrendous horror stories from friends of mine who became involved in their equity release scheme and the way that Nordea are treating them. This bank is one “class act” They should be tried in The Hague for war crimes. I like “NORDEA’S STRATEGIC APARTMENT APPROPRIATION” Perhaps they should be nominated for a NOBEL PREDATORY LENDING PRIZE.
http://www.international-adviser.com/mobile/articleview?apath=/News/UK/axa-fined-1-8m-for-serious-investment
The link below, describes how AXA (Insurance) has been fined by the UK Regulator for mis-selling “bancassurance” products. The main reason was for failing to inform their customers of the intricacies of the product, also selling to senior citizens products that were not suitable for them. Axa of course have realised the errors of their ways and have agreed to contact all their victims and cancel the contracts and pay them compensation. This of course is what is required under English Law. A pity the Spanish Authorities don’t feel the same way. Be assured all you victims. If you want to win and be compensated, get yourself a good lawyer, the banks will not try to find you and offer you the same deal. Alternatively find yourself a good lawyer in the UK.
Thanks erva for keeping us up to date. This is exactly what we are fighting against our banks in Spain. Why do the Regulatory Authorities and courts in Spain don’t see it. All our members should read this article and comment accordingly. Get involved and fight your corner, don’t leave it for everyone else to do it. We need more interaction from our members.
Great ruling in the UK against AXA, we now just have to make sure that this sort of judgment is somehow transferred across to Europe. Why is it that the English courts are capable of judging obvious serious misconduct on the part of banks and bankers and yet Europe seems totally blind to these misdemeanors.
At least the UK Financial Watchdog are on top of the situation. As Tom says lets hope it rubs off on to the Continent. They do seem to be light years behind the UK. As a matter of interest is anyone aware if any erva members are suing their bank in the UK. If so I think the banks will lose. It seems to me that whenever you log on to the Internet, some bank has been fined for mis-selling.