Archives for Legal Action

Bilbao Court Issues Broad Enforcement Proceedings Against Surrenda Link Mortgage Funding

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Iberdrola y ACS se enfrentarán a partir del 18 de enero en un juicio en Bilbao

Court of First Instance 11 in Bilbao has accepted a motion by claimants to enforce proceedings against SLM and ordered the following:

  • The freezing of assets owned by SLM to cover as much as 6,262,574 Euros, plus legal interest.
  • The cancellation of mortgages registered in favour of SLM on the properties owed by the claimants, by ordering the Land Registries of Alora, Mijas, Javea, San Roque, Estepona, Coin, Velez-Malaga and Marbella to remove same.
  • The annotation of the Court ruling in the indicated land registries.

This groundbreaking Equity Release ruling applies in full art. 1306 of the Civil Code (reserved for serious law breaches and violations of public order) and orders the defendant SLM to not only suffer losing the rights of a registered mortgage but, in addition, to pay the claimants the loan that was withheld to invest with Premier Group Isle of Man (now in liquidation).

SLM does not have the right to appeal but can oppose this decision, within 5 days.

The above decisions are adopted provisionally, pending the outcome of the appeal process. As with most rulings, claimants are by law entitled to enjoy the result of a favourable ruling on the understanding that, should the ruling be reversed on appeal, the successful appellant may request a restitution of the gains received.

Currently, only 20% of rulings are overturned by Appeal Courts.

Rothschild Loses Equity Release Case in Spanish Courts

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International Property Finance Spain Limited (“IPFSL”), an unregulated corporate ramification of sinister N.M. Rothschild & Sons, is the next entity on the long list of Equity Release providers whose contracts have been declared null and void by Spanish Courts.

In a very elaborate recent ruling, the Courts have found in respect to Rothschild and IPFSL that their allegations cannot be upheld, for the following reasons:

  • The Credit Select Series 4 loan is a leveraged product classified as complex, for it is always used to invest in the financial markets. The loan is always linked to an investment that is pledged on behalf of the lender.
  • This product was presented as a means to avoid the devastating effects of the Spanish Inheritance Tax, presented as a voracious levy, by mitigating or even neutralizing its consequences.
  • The Credit Select Series 4 loan, sold through Hamiltons Financial Services, was offered by Rothschild -presenting itself as originating in a family of prestigious aristocratic lineage and noble descent- and meant the remedy for the very concerning issue of the Spanish Inheritance Tax.
  • Hamiltons Financial Services intervened as intermediary and advisor, always on behalf of International Property Finance Spain Limited who in turn, operated as an Investment Services Company (ESI) on behalf of Rothschild. This conclusion is arrived at -despite not being any contract linking both companies- because whether contractually linked or being a free agent, the actions of Hamiltons fully benefited IPFSL, who also did not oppose such actions.
  • The Credit Select Series 4 loan is declared null and void as a result of the customers not being properly informed of the risks, the product not being suitable on the basis of their age, financial expertise and objectives and more importantly, being misrepresented in respect to the confiscatory nature of the Spanish IHT and the “antidote” offered by this product in addition to the empty promise that the investment would generate enough to pay for the loan.

Concluding, the Court orders the cancellation of the mortgage loan signed with the defendant IPFLS and orders the claimants to return the advance payment received.

(acting for the claimants in this case was solicitor Salvador Martinez EcheverrĂ­a).

Case Against Landsbanki: Fuengirola Court confirms that Equity Release Lenders Can Never Be “Just the Lender” and Nullifies a Mortgage Loan

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ERVA has had access to a Fuengirola Court ruling won against Landsbanki Luxembourg.

In the case, the Judge states that it is not conceivable that Landsbanki Luxembourg would argue successfully that “they were only the lenders” when borrowers were made to sign disclaimers, pledge agreements were put in place and statements made in respect to the uncertain performance of the underlying investments with Lex Life.

Additionally, the presiding Judge states that he did not need to read the Tax Office binding decision -ruling out the possibility of obtaining any IHT benefits- to infer that such a possibility is manifestly incorrect and against logic/common sense and therefore, misleading.

The sentencing Judge classes OMM -Offshore Money Managers- as deliberately intent on defrauding, at worst, and negligent at best (Colin “McGreedy”) for issuing advertising promising any IHT benefits, stating that it is admitted that this company was the agent of Landsbanki.

Meanwhile, desperately rapacious psychopath (i.e. person devoid of empathy and remorse) Yvette Hamilius continues to ignore any sign that her employers could have made mistakes with the marketing of the “Equity Release” and relentlessly continues in her quest to grab pensioner’s properties.

This ruling sets an interesting precedent in respect to Rothschild’s much-vaunted allegation that they “were only the lenders”, when the loan was inextricably linked to investment portfolio via the pledge agreement and Rothschild did have, no matter what David de Rothschild and Eamon Bermigham say, a vetting procedure for prospective investments vehicles.

LANDSBANKI’s attempt to evict an 85-year old suffering from Alzheimer comes to a halt

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Landsbanki’s Yvette Hamilius could not care less about people. The insensitive, greedy and immoral banker – currently indicted on a criminal case in France- would sooner evict an 85-year old sufferer of Alzheimer than to accept that sometimes, there is a line that you cannot cross over.

But she cares not and will do all that is within her powers to leave elderly people destitute. Unfortunately for her, on this occasion lawyers acting for an octogenarian couple victim of Landsbanki’s predatory banking have managed to persuade the Courts that it is not right to evict ailing elderly people.

The Ronda-based Judge denied Landsbanki’s petition to have the lady summoned once again. As a result of this setback, the lender has resigned to the fact that it may not be possible to just pull her out and thus, have agreed to have the Spanish Prosecutor Service representing the victim, as petitioned by lawyers acting for her.

 

 

NYKREDIT MARBELLA Shocking Banking Practices: A New Modality Of Outrageous Cheating

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Just when we thought that Nykredit in Marbella, along with its mammoth parent Danish company (Nykredit Realkredit A/S), could not stoop any lower on how abhorrently they deal with customers, new events have proved us wrong.

This is the story: 3 families who are having their properties foreclosed on by Nykredit and are about to lose their homes –as a result of being sold an illegal `Spanish Equity Release Package` offered in conjunction with unregulated Sydbank- have just recently received letters from the main Denmark office urging them to make instalment payments to become “core customers” again and have their mortgages reinstated.

Placing due reliance on the representations made on the letters, customers have gone along and paid the sums requested on the letters.

The letters are true and real but have a catch: Nykredit says that they were sent by error and that they are not valid. Still, Nykredit keeps the money and continues with the forced sale.

In this case, foreclosure proceedings commenced back in May 2014 and the letters have been received end of 2016 and beginning of 2017. Incredibly, Nykredit stands by their comments and says it is a computer generated error which means the letters are not valid in law.

If we were to draw a parallel, Spanish banks have not even come close to this level of deceit. It is now time for the authorities to seriously contemplate revoking Nykredit’s authorization to operate in Spain.

Letters will be posted here shortly.

BREAKING NEWS: BILBAO COURT NULLIFIES 12 SLM MORTGAGE LOANS WORTH 6 MILLION EUROS

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Court 11 in Bilbao has invalidated 12 Equity Release IHT mitigation mortgage loans sold to the public by SL MORTGAGE FUNDING NÂş1 LIMITED.

The Court orders the diverse Land Registries to remove the charges with immediate effect and nullifies, alongside, any and all contracts signed by borrowers with the Cheshire-based lender.

In addition, the Court has resolved that borrowers will not have to return any advance payments made by the lender and will be entitled to the return of any disbursements made as a result of these contracts.

The Court found that SL MORTGAGE FUNDING NÂş1 LIMITED operated an illegal lending and investment service and likens it to a “civil fraud”, as it did without clearance from the Spanish banking and financial authorities and concludes that the lender deserves the maximum possible penalty, as per article 1306 of the Civil Code.

More to follow.

Rothschild’s Steve Dewsnip in Court over Alleged Sexual Assault

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Steve Dewsnip, who once dedicated to his professional life to sign up over one hundred property-grabbing Rothschild Credit Select Series Mortgage Loans, is now being tried for bum-grabbing.

Read further on the following links:

Evening Standard

The Sun

And also on International-Adviser.com:

Ex-Providence director in court over alleged sexual assault

By Monira Matin

Added 17th November 2016

Steve Dewsnip, one of the former directors of the collapsed Guernsey-based Providence Investments Funds, has appeared in court in London accused of sexual assault.

The 49-year-old allegedly fondled a young waitress’s bottom in an exclusive Wembley Stadium suite after an England football match, Harrow crown court heard on Thursday reported The Evening Standard.

Dewsnip, of Castel, Guernsey, pulled the woman towards him, put one arm around her and groped her as she collected glasses following the match in September last year, the jury was told.

“He reached an arm out behind me, pulled me towards him and fondled my bum.

“He pulled me right up next to him and continued with the conversation and did not acknowledge what was happening.

“I felt unable to protest. I was working and we have to be polite and I tried not to make contact with him. It’s very hard to know how to react,” the alleged victim, a full-time student from London, told the jury.

Dewsnip, the founder and ex-chairman of Guernsey FC, was arrested when he returned to the same suite for an England v France friendly international a month later.

He pleaded not guilty and denied the allegation, adding that he had no recollection of touching anyone’s bottom, even accidentally.

The trial continues.

Collapsed Providence funds

Dewsnip resigned from his position as director at Providence in early August just weeks before Guernsey Financial Services Commission (GFSC) ordered the stricken fund to be wound up, deeming it insolvent.

In a further twist, Jersey’s financial services regulator shut down local IFA firm Lumiere Wealth,after an investigation into the sale of Providence Investment Funds to its clients.

As a result, Lumiere Wealth’s founder and managing director, Christopher Byrne was arrested in October, charged with a ÂŁ1m ($1.2m, €1.1m) fraud linked to the funds.

In September, Providence Global, a majority owner of Lumiere, also came under fire for its links with Miami-based Providence Financial Investments for defrauding investors out of $64m.

In the same month, a group of British expats named Dewsnip in a lawsuit against NM Rothschild over a Spanish property scheme which allowed them to take out mortgage worth up to 75% of the value of their homes. 

 

Pretrial hearing vs. Rothschild held in Malaga

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PalacioJusticiaClaimants in the equity release CreditSelect 4-Series loan case against N.M. Rothschild & Sons and their respective lawyers held a case management hearing, or pre-trial hearing, at the Mercantile Courts in Malaga.

The hearing lasted for a about 1 hour, inclusive of a short recess demanded by the Judge to consult case law on a specific point of law.

The purpose of this meeting was to narrow the issues involved in the case, set deadlines for providing clarification documents, conducting discovery and listing the witnesses who will be attending the hearing.

Rothschild lawyers unsuccessfully attempted to adjourn the hearing on grounds that one of the claimants had passed away, a petition outright rejected by the Judge. They also tried to file the following objections:

  1. Wrong identification of the companies offering the advertising and the mortgage loans, which they claim are different (Rothschild Bank International and NM Rothschild & Sons Ltd.) The court rejected this as being a matter to be decided on passing judgement, given that she had read the merits of the case and she did not in principle agree with Rothschild’s lawyers.
  2. Claim filed out of time, which they claim had had to be filed at the very latest in 2010. This was also swiftly not attended by the Court on grounds that it would be dealt with on passing judgement.

On the part of the claimants, lawyers submitted a list of proposed witnesses for the hearing that were all accepted, inclusive of the Baron David Rothschild.

On the whole, the prevalent feeling was the Judge was sympathetic to the claimant’s arguments which is positive.

The negative note relates to the date of the trial which lawyers for claimants find totally shocking yet, unfortunately, cannot be altered: 12th of November 2019.

Claimants not part of this case are not bound by this incredibly protracted timeline and are able to file legal separate actions for miselling/misrepresentation in the -hopefully- quicker Courts of First Instance.

On a different note, a crew from France2 television were present at the event and interviewed some of the victims. They were unsuccessful in getting any responses from Rothschild’s unfriendly lawyers who do not forgive the audacious ‘ambush’ on Mr. Steve Dewsnip who, in spite of being sought after a Criminal Court in Denia, had managed to stay ‘at large’ for years, even travelling freely to Spain to assist Rothschild in their cases against victims.

 

 

San Roque Court Dismisses Criminal Complaint in a Bizarre Ruling

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San Roque Court has dismissed the criminal complaint brought by no less than 80 claimants against Landsbanki & others. The disappointing ruling lacks legal depth and factual understanding, mistakenly inserting copy-pasted excerpts of other rulings (which refer to a complaint over an unfinished car paint job) and ignoring Tax Office binding opinion.

ERVA lawyers, who’ve had access to the content of the ruling, have been left baffled as to the level of comprehension of the essence of the dispute by the presiding Judge after years of alleged “investigations”.

For instance, the Judge still today believes (September 2016) that it is legal to use a mortgage to reduce the value of a property for Tax reasons, notwithstanding several writs submitted by this party pointing to a binding tax ruling from the Spanish “Hacienda” that states that is actually tax fraud (not even current Landsbanki lawyer’s believe in this scam any longer).

In 2013, following an extensive press release by firm Lawbird Legal Services, Sur in English published this article.

A year later, 2014, The Olive Press ran a similar article.

On a positive note, the ruling confirms that the ultimate aim of the Landsbanki Equity Release publicity (as confirmed by their lawyers -subsequently sacked) was the reduction of the IHT element

According to the ruling:

the ultimate aim of the marketed product was the reduction of the tax burden that inheritors would eventually have to face, when they received the property after the demise of the subscribers.

And throughout these years, what was the Judge doing? Several options come to mind: Cloud Cuckoo Land, kitesurfing in Tarifa, learning Korean language, studying hard for his copy-pasting exams…which he clearly failed.

On reflection, we should ask ourselves a crucial question: how many of the copious claimants’  lawyers writs -submitted between 2009 and 2016- did the Judge examine when, as has been revealed, he would not even bother proof-read his own 16-page ruling?

Lawyers for claimants have already announced they will be appealing this preposterous ruling.

Day In Court Against SLM and Premier Isle of Man

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On Thursday 14th July, Bilbao Courts heard the case of a number of the SITIRS (Spanish Inheritance Tax and Income Release Scheme) product against Surrenda Link and Premier Isle of Man companies.

From the victims’ part, lawyers insisted –and proved beyond doubt- on the crucial lack of regulatory clearance on not only the product, but the financial entities and the IFAs. Lawyers also proved that the inheritance tax reduction proposition was fraudulent. Our lawyers alleged that the product, called SITIRS (Spanish Inheritance Tax and Income Scheme), was a sham in every aspect. They also evidenced that lawyers appointed to act for victims were for the most part on the list of SLM appointed lawyers.

A witness who had worked for Hamilton’s attended as the hearing and confirmed that clients were approached by telephone cold-calling. The witness also advised that IHT was the main reason why this product ever existed, in the first place. When asked by the Judge if her company was registered, the witness stated that it had applied for a license but never received a reply from the CNMV.

For the part of SLM and Premier, the former argued that all risks were properly presented to the customer by signing the relevant forms. Insofar as Premier is concerned, their main allegation was that they were a different company from the one that sold the product during the 2005-2007 period.

The presiding Judge took an interest in the case beyond what is normal and tried, whether successfully or not, to understand the mechanics of this product. At one point, she argued that if this whole financial proposition was so difficult for legal people to understand, what chances did pensioners have (?).

The trial took six hours and the parties presented their oral conclusions.

The ruling will be issued any time now although, as August is a Court holiday month, it may be that we do not hear any more until September.

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