The sale was conducted through commission-driven financial advisors based in Estepona, Marbella and Fuengirola.
Court of First Instance 11 in Bilbao has ruled that twelve mortgage loans valued at 6 million Euros, granted to British families mostly in the Malaga province between 2004 and 2007, should be declared void.
The Court dealt with this case as all loans were granted at a Bilbao Notary Public and the representatives of the lender, SL Mortgage Funding nº1 Limited (SLMF), were also based in the Basque city, according to Lawbird Legal Services S.L.P.
These loans were sold to attain a reduction in potential inheritance tax, inasmuch as the mortgage would reduce the taxable value of the property, but also as a means to supplement the modest pensions received by the owners of the properties.
Chester-based SL Mortgage Funding nº1 Limited (SLMF) had not applied for the necessary regulatory permits to legally raise funds from the public and provide an investment service, activities reserved and regulated by the Bank of Spain and the CNMV (financial regulator).
In spite of not having any of the above authorizations, SLMF would lend but at the same time retain most of the proceeds of the loan, which would then be invested by them.
The ruling declares that “infringing the protocols set by the relevant administrative authority to supervise the disputed product is a regulatory violation that exceeds that of a mere breach of banking laws, such as misselling, so profusely dealt with recently in relation to the massive sale of complex financial products.”
The Judge held that in this case, the breach of public policy “is far more serious for it makes a mockery of a whole system of financial and banking supervision designed to prevent abuses to consumers and protect the stability of the sector”, and likens this behaviour “civil fraud”, which is any proposal that contravenes mandatory regulations or has a false or forbidden reason.
The sale of this product was conducted via commission-earning financial advisory firms (Hamiltons Financial Services, Henry Woods Investment Management and others), based in Estepona, Marbella and Fuengirola.
SLMF also recommended a network of lawyers that created an appearance of seriousness, downplaying the extent of the lack of licensing requirements of the bank and the product.
According to Lawbird Legal Services S.L.P., for the claimants, the ruling confirms that operating in breach of mandatory banking and financial regulations makes the suspect a “boiler room”, -even if the company was legally operating in their own country- and allows the victims to rid themselves of a nightmare lasting for over 10 years.
The Judge concludes that the nullity and voidness should be made applicable to all contracts and agreements executed between the clients and the bank, applying the laws of contractual termination in odd fashion –albeit most favourable- as clients “will be able to claim what consideration they gave under the contract without having to return was given to them.”
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This is a spectacular result in many ways … the fact that the mortgage loans are now declared void is by far the most important, but also the Court appears to circumvented the illegal, third party “agents” and tackled the original product provider directly – SL Mortgage Funding nº1 Limited (SLMF).
In the past financial “investment” products (often illegal ) were imported into Spain by banks and other investment providers and handed to so-called “financial advisors” (who are often unqualified, unregistered “agents” trading illegally) to sell them.
Then once these products go belly-up (as invariably they do) the original suppliers blame the “agents”, claiming that the agents were working for the victims and not for them and the victims must blame the “agents”. In the meantime the “agents” invariably fled leaving no forwarding address, while the original product providers were left smirking, hidden away safely in some tax haven like Luxemburg, Jersey or particularly the Isle of Man, considerably richer and immune from prosecution.
This ruling appears to have changed this – and the banks (and other globalist villains) themselves are now being chased and they can no longer hide behind their “agents”.
is a spectacular result in many ways … the fact that the mortgage loans are now declared void is by far the most important, but also the Court appears to circumvented the illegal, third party “agents” and tackled the original product provider directly – SL Mortgage Funding nº1 Limited (SLMF).
In the past financial “investment” products (often illegal ) were imported into Spain by banks and other investment providers and handed to so-called “financial advisors” (who are often unqualified, unregistered “agents” trading illegally) to sell them.
Then once these products go belly-up (as invariably they do) the original suppliers blame the “agents”, claiming that the agents were working for the victims and not for them and the victims must blame the “agents”. In the meantime the “agents” invariably fled leaving no forwarding address, while the original product providers were left smirking, hidden away safely in some tax haven like Luxemburg, Jersey or particularly the Isle of Man, considerably richer and immune from prosecution.
This ruling appears to have changed this – and the banks (and other globalist villains) themselves are now being chased and they can no longer hide behind their “agents”.
Spectacular in many respects especially as we have seen in the past the bizarre rulings other courts of First Instance in similar cases afainst other perpetrating banks. The criminal case against Landsbanki heard recently in the San Roque court comes to mind. However Landsbanki are due to appear in January in the criminal court in Paris and hopefully will suffer a same fate.
Shortly we will see other banks coming before the courts, such as Rothschild and Nordea and we wait with bared breath at the outcome. Surely the Spanish Court will start to realise how so many people have been conned out of their life savings.
Spectacular is one word, especially in light of recent bizarre rulings handed down by other courts in similar pleadings. The recent Landsbanki ruling in the criminal court in San Roque is a prime example. After some 10 years of purgatory for many ex-pats other banks will surely follow suit. Unfortunately these activities have taken their toll and many victims will not see justice, having sucumed to the pressures.
I would like to hear from other people involved in the Bilbao court case to hear there thoughts,so either e- mails or phone numbers
THE CONTINUING HYPOCRACY OF THE ISLE OF MAN GOVERNMENT
The Isle of Man Financial Services Authority (IoMFSA) has this week advised the island’s residents to be very careful about investing their money in “financial schemes” .
It warns of the danger of “unregulated financial advisers” and those “posing as financial advisors” who publish lies to obtain money from an unsuspecting public with; “well-known scams, including unregulated investment products which may be worthless or sometimes do not even exist.”
It warns Isle of Man residents that if they speak to an adviser who suggests they transfer money or invest in a scheme, by an adviser who is referred to you by either the person who initially contacted you or the firm that you are considering investing with, you are unlikely to receive impartial advice.
And that pension scams are typically initiated by cold calling, sending unsolicited emails representing financial products (and those selling these products) as both credible and legally approved by the government or other official bodies, when in fact the entire set-up is unlawful.
The Isle of Man authorities were fully aware that the Isle of Man registered company, the Premier Group was active in Spain using unregulated, unqualified and unregistered “agents” who the Premier Group represented as “financial advisors” and that the Premier Group furnished these fraudsters with a variety of unregulated and falsified schemes including the Premier SITIRS scam.
In other words it is acceptable for Isle of Man registered companies to rip off the public using illegal advisors selling illegal financial products anywhere in the world – except on the Isle of Man!
Never ever invest or bank a penny on this corrupt island and thank heavens that at last some of these con artists are now being bought to justice – but as yet not the Premier Group.
THE CONTINUING HYPOCRISY OF THE ISLE OF MAN GOVERNMENT
The Isle of Man Financial Services Authority (IoMFSA) has this week advised the island’s residents to be very careful about investing their money in “financial schemes” .
It warns of the danger of “unregulated financial advisers” and those “posing as financial advisors” who publish lies to obtain money from an unsuspecting public with; “well-known scams, including unregulated investment products which may be worthless or sometimes do not even exist.”
It warns Isle of Man residents that if they speak to an adviser who suggests they invest in a scheme referred to them by either the person who initially contacted them or the firm that they are considering investing with, they are unlikely to receive impartial advice.
And that some types of fraud are typically initiated by cold calling and representing financial products (and those selling these products) as both credible and legally approved by the government or other official bodies, when in fact the entire set-up could be illegal.
The Isle of Man authorities were fully aware that the Isle of Man registered company, the Premier Group was active in Spain using unregulated, unqualified and unregistered “agents” who the Premier Group represented as “financial advisors” and that the Premier Group furnished these fraudsters with unregulated and falsified schemes, including the Premier SITIRS scam, which were used to obtain money from innocent members of the public..
In other words it is acceptable for Isle of Man registered companies to rip off the public using illegal advisors selling illegal financial products anywhere in the world – except on the Isle of Man!
Never ever invest or bank a penny on this corrupt island and thank heavens that at last some of these con artists are now being bought to justice – but as yet not the Premier Group.
A Judge nullifies 12 equity release mortgages worth 6 million Euros great news from Lawbird & Co Well Done.
Are you dealing with Caixa Bank who has taken over the former Bank of Valencia in Denia, Javea, Moraira, Calpe, Benidorm Alicante during 2007 Have you been a Victim in the Costa Blanca North, in the selling of this 25% Equity Release Mortgage Scheme the Bank converted your equity into a Swiss francs, Multicurrency Loan Charge against your property. This bond was with Nordkapp Gestion in Dissolution Fondo do Accounts 09/26/2013