Archives for Legal Action

Danske Bank Luxembourg Capital Assurance: Do Away With Spanish Taxes


Klaus Mønsted Pedersen, Managing Director of Danske Bank International (Luxembourg) and the man behind the products developed to provide efficient cross-border tax-planning seemingly ensured that, prior to launching his state-of-the-art Capital Assurance, a thorough compliance job had been carried out.

To that effect he tied up loose ends, dotted the i’s and crossed the t’s, and attended to detail. Because detail mattered.

And to not leave anything to chance, the website conveys a clear message: that tax benefits adapt to local legislation, and to make sure that there is no mistake, such benefits for Spain are confirmed by no less than a Big Four, KPMG.

Spectacular display of Danish efficiency, in case we had any doubts; and not a chance in hell for those who signed up for the Capital Assurance + Spanish Hipoteca, two air-tight contracts drafted by top law firms that are virtually unbreakable.

Such is life.

Or so we thought…

Sparlolland/Finansbanken on Equity Release Sales Techniques

For Sparlolland, previously Finansbanken A/S, selling a 2,5 million Euros Equity Release product to a Marbella-based artistic painter was a matter of discussion over a cofee, or two, at the Guadalpin Hotel.

We cannot even imagine what sort of bullshit was the poor man fed by Maria Tremurici-Falter, Marbella-based retiree that occupies her time doing anything from advising people on how to multiply their money by making the right decisions to organizing charity dinners, Michael “Mich” Weisz, a man that ran The Mortgage Company and is now awol,  and Pernille Bering, from the bank.

The unfortunate life-changing meeting lasted, according to the bank, between 1.5 hours and 2 hours, time enough for a painter devoted to German expressionism to digest a course on Danish-bond historic performances, Luxembourg-based Lex Life insurance wrappers taxation and the real meaning of Security Coverage Ratios.

Next morning, he was sitting in front of a Notary Public, these useless social parasites who actually do manage to do their work correctly: check that your face matches that of your passport.

SPAIRS: Cunning Names and Henry Woods

SPAIRS , the Spanish Property and Income Release Scheme, concocted initially by Charles Walton, from Premier Group, and later adopted by greedy banks and rogue IFAs such as Henry Woods, caused extensive havoc. 

Reading the attached article, it compares well with that of Dewsnip, from Rothschild (published on the post of the 6th December) , from which it has taken full inspiration; in fact, we think that either party should take action for plagiarism.



The Rothschild Mortgage Loan that was not a Mortgage Loan

It is difficult to find a more interesting and profound reflection by financial-guru Stephen Dewsnip.

In his trip to trying to describe a product that is a mortgage loan but then, it isnt’t really one, he has tripped badly.

Firstly he admits that people, naturally, are reluctant to take out a mortgage after a life working hard to rid the property of it. He then says that if a mortgage is required, no worries, innovative Rothschild is going to look after everyone and will not allow anything but careful handling, thanks to their ultra-cautious approach.

A few years later, Claire Whip-ett, who back in the day would review Stephen’s articles to make sure they were accurate, flies out to Spain to give a warning to their one-time customers turned enemies: pay up or we will take your properties.

Where is the limit with these people?

Rothschilds Defective Legal Strategy

ERVA seems to have a fixation with Rothschilds when it comes to exposing the cheek and skullduggery of bankers, but this is not the case; it is rather that this sadistic and innately sinister corporation, intent on perpetuating stress-related ailments on people who were otherwise perfectly healthy -financially too- can hardly raise any sympathies.

Victims of this company’s plan to deceive expats generally express a familiar emotional pattern, when talking about this scheme: their worries quickly dissipate and give way to anger and fury, more so when they find out, to their horror, the pack of lies they were subjected to.

In 2012, Rothschild is saying this:

Hamiltons were your financial adviser and acted as your agent in relation to your application for a CreditSelect loan facility, we are not able to accept responsibility for any advice that may have been given to you by Hamiltons.

But in 2006, Rothschild was saying this:

Our innovative product CreditSelect is available throughout a network of financial advisers around the world, thus giving clients straightforward access to credit for a while range of purposes…”


To Help Support those professional financial advisory firms with whom we have agreed terms of business for the availability of CreditSelect, we have a website dedicated to assisting the promotion and delivery of the service…”

This website is regularly updated to ensure that our introducers have round the clock access to all facility documents for downloading and printing…clients brochures, the latest Funds List…”

Our product CreditSelect has been so successful that we have restricted its availability to a handful of quality introducing intermediaries

Mr. Mark Countanche and Mr. Peter Rose, a piece of advice: your compulsive lying is going to take you nowhere, given the crystal-clear evidence of paper trail you have left behind, not to mention that you actually taught, trained, coached and instructed Hamiltons Financial Services, Henry Woods Investment Managements and others, accordingly.

Change your strategy, change your lawyers and do it fast. Oh, and avoid “unworthy of trust” firms that are just clocking up hours regardless of the quality of the advice they are giving, being with the “largest firm” will just not help you.

Landsbanki Criminal Complaint in Video

A few posts ago we wrote about a complaint filed by no less than 180 victims of the Equity Release scam; now we have a video, partly in French, where some victims and their lawyers explain to the Luxembourg press the reasons for bringing the Landsbanki Criminal Complaint.

Legal grounds for bringing such an action seem clear and undisputed:

  • Fraudulent misrepresentation of tax benefits associated with the scheme.
  • Fraudulent misrepresentation of the income benefits associated with the scheme.
Allan Graydon is yet again mentioned here and yet again, he is refusing to come forward to confirm that indeed, he sold the products, knowingly or not, on the above 2 spurious premises.

And the winner is…Sydbank

Sydbank is the worst Equity Release offender, by far, in terms of lack of regulatory compliance for the laws in Spain.

The list below shows the shocking contempt displayed by Sydbank for the host country’s laws when offering the tax-evading Equity Release to British unencumbered properties owners living in Spain:

  1. Never registered in Spain, at all, to provide any service, banking or otherwise.
  2. Opened office in Fuengirola without authorization.
  3. Used unregulated unqualified agents to capture customers.
  4. Sold tax-cheating products pretending they were fully regulated for Spain, when this was totally untrue.
  5. Offered customers Belize-based companies to conceal the investments from the Spanish authorities, a la Lord Ashcroft, operating from the Sydbank Switzerland base, but made it out to be that it was the customer who was instructing the bank to do so.

All of this has already cost them dearly: the Sydbank branch who signed the attached last page of the risible missive was closed down following the spate of damning articles, openly accusing the entity of tax evasion, published in the Danish press.


180 Victims of Landsbanki File a Criminal Complaint in Luxembourg

Victims of the Landsbanki Equity Release scam have filed a complaint against the bank Landsbanki for criminal swindle.

The lawyers involved in the action, Bernard Maingain and Benjamin Bodig, have presented compelling evidence proving that retirees living in France and Spain, who had small cash requirements to improve their living conditions, were approached by the bank who in turn, offered to mortgage their properties in full and place the proceeds in investments that would generate enough to pay off the costs, and bring an income stream.

Far from it; according to the lawyers, upon examination of the product it would have been clear to the bank that this would have never worked because in fact, the proceeds were placed in highly speculative investments.

Mr. Maingain and Mr. Bodig were categorical: “A product that turned out to be highly speculative was in fact sold as a risk-free diligent-head-of-family-investment product.”

They conclude by calling to the European judiciary to put the means to assist victims and their lawyers in what is a flagrant financial scandal of European proportions.

We know what Nordea Bank Luxembourg will say about the part they played in this scam: “we deny any wrongdoing” and “the client always had the opportunity to seek alternative advice”. Certainly clients had the opportunity to go elsewhere to seek true and accurate advice, but they did not, they trusted their inherent Nordic values that John Mortensen and his foot soldiers boasted as capable of “differentiating them from their competitors”.

Original Story: Luxembourg: Plainte au pénal contre Landsbanki (29-11-2012)

Rothschild Equity Release Claim to be Filed Before End 2012

Members of the ERVA are to file a group action against Rothschild for misleading publicity, in respect of the Equity Release, at the provincial Mercantile Courts of location of the property affected.

Legal grounds for bringing such an action are 2, mainly:

  • Deceiptful message in respect to the promised benefits of “creating a debt” on a property with the purpose of minimizing or eliminating Spanish Inheritance Tax.
  • Deceiptful message in respect to the promised guarantee that the investment, which is said to be held outside of Spain (obviously to cheat the tax authorities) is guaranteed 100%.

The claim, which is to follow the same format as the Nordea Claim, is to be filed on the 20th of December 2012.

Other than that, we would not wish to miss this opportunity to briefly comment on the attached information, one of many examples of abundant tax-evading publicity that Rothschild produced.

A calm and unflustered Steve Dewsnip, a prominent Rothschild figure when the scheme was going strong on the Coasts who is currently doing other things, spoke and wrote like a Spanish Inheritance Tax expert. Far from it, the man was just clueless.

But the worse we think was the use of an unsettling word, “bespoke”, to ill-define the nature of this absolutely commoditized deceiptfully predatory product sold to pensioners, without distinction and without, of course, any semblance to the meaning of it.


Graydon & Associates “Chartered Accountants”

Journalist Caroline Hunter’s comments seem consistent with well-researched factual evidence although she forgot to include Danske Bank, Landsbanki and a few others.

In any event, good to see that prominent journalists got involved in the matter as they are always keen to revisit a story they wrote about previously.

CAG’s (Costa Action Group) imput very valuable indeed.


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