Archives for Legal Action

Nordea Bank Luxembourg Offering Tax Advice

26th May 2010: Luxembourg’s Jhon Mortensen says:

We have always encouraged clients to do wealth planning and save tax if they could, but always in a legal manner. Now we demand that you can convince us that you are paying tax, if you want to open an account here. It is now purely an onshore model.

26th may 2006: Nordea Luxembourg Jhon Mortensen says:

Borrowers may take up a mortgage loan either at the time of purchase of a Spanish property or after having owned the property for some time. While both possibilities exist, the latter case is more aggresive from a tax point of view and therefore, more uncertain.

 

According to the information the authors had at the time of writing, taking up a mortgage at a later stage was still expected to be accepted by the Spanish authorities in future.

 

Generally speaking, the risk of receiving unwelcome enquiries from the Spanish taxman should only exist in situations where the owner is a non-resident who takes up a mortgage loan with the aim of trying to minimize his/her net wealth tax liability.

Message to Mr. Mortensen: you just don’t have a clue on taxes, let alone Spanish. Taking up mortgages to make people, and the Tax Office, think that your property is worth less is like drawing cash from your current account and hiding it under your matress. If we know it and Mr. Thor Möger Pedersen knows it too, then you should know it, don´t  you think?

Your publicity is fraudulent and encourages tax evasion, but you have chosen to cruelly perpetuate this deceipt on mostly vulnerable British expats who trusted your company, Nordea Bank Luxembourg.

Offshore Money Managers and Jyske Bank

Colin McCready, Equity Release travelling salesman and author of the scaremongering piece, was adamant of the risks of not taking up the

Jyske Bank Gibraltar product and set out to help his clients avoid the horrors of Spain’s tax system.

It is interesting to note that the most of those involved, save for one or two, will always resort to the fallacious “risks were fully disclosed“. Yes, they were obviously disclosed, as one can read on the attached document…

You just cannot find an ounce of honour, loyalty or pride in these cowboys.

 

 

 

Claim Against Nordea Bank S.A. Luxembourg

Six Erva.es associates have just launched a claim against Nordea Bank Luxembourg for misleading advertising, pursuant to the 2009 Unfair Competition and Publicity Act.

Anyone interested what the Act says can access a summary of it offered by a top UK law firm, or the contents of it, as published by the number 1 law firm in Spain (and who incidentally happens to represent one of the Equity Release banks, one which is willing to negotiate though).

And anyone curious to know which advertising is considered misleading can go to the Exhibits section of the writ, where a coloured full-copy of the law-infringing brochures are displayed.

The message Nordea put out to people was clear: if you have property in Spain and don’t have a mortgage registered against it, you are endangering the future of the generations to come. On the contrary, if you take out a mortgage loan and invest it with Nordea Luxembourg, you will enjoy the life of Riley, just as the Nordea satisfied family placidly enjoying a catch up and a picnic day out.

So much for the Nordic Values…that differentiate Nordea from their competitors.

Nordea Bank Luxembourg Equity Release Solution for Those Affected by Spanish Tax…

Nordea Bank Luxembourg has persistently excused itself from any wrongdoing by stating that, although they do not confirm nor deny that abundant Equity Release advertising misrepresents the truth, “…ultimately, it was the choice of the consumer to rely on the representations made, or not, having been previously warned that they should seek independent advice.”

This is like British Airways or P&O Ferries saying that, although they promise that they will carry a British family safely from Spain to England, the ultimate choice of travelling with them lies with the consumer and therefore, if the plane falls out of the sky over San Sebastian or the ferry sinks in the Gulf of Biscay, there is no such thing as compensable lack of air or seaworthiness because you should have brought in your mechanic to look out for faulty turbines or pistons, rusty rivets, low oil levels etc.

Or that if go to McDonalds and the meat tucked into your burger you thought was beef just happens to belong to a rodent, there is clearly no responsibility on their part because “ultimately it was your decision to attend the fast-food chain, or not”.

So it is the ever-widening gap between who they really are and who they wished they were that is forcing Nordea Luxembourg to resort to self-deceptive excuses to carry on.

And baffling as it may be, whilst they avidly foreclose on victims’ properties throughout the Spanish geography with Nordic efficiency after cheating them, Nordea Office Luxembourg is still offering a second to none tax-evasion booklet to British expats.

You are now warned: don’t leave it till the last minute and order your Nordea Luxembourg Inheritance Tax Manual for Spain today!

 

Allan Graydon, Danske Bank, KPMG and PriceWaterHouseCoopers

Allan Graydon, the Chartered Accountant that was not, established fruitful relationships with reputable entitiesto sell Equity Release schemes.

Danske Bank did share offices with Graydon, and they have admitted to this, so no troubles here. Allan Graydon was also partners with Norman Steele who, according to the South African financial regulators, had an arrest warrant out for illegaly conducting financial investments on behalf of customers.
PriceWaterHouseCoopers name was prominently displayed as a collaborating partner, but there are no further news from them.
KPMG’s name is also mentioned but then vehemently deny any involvement in the scheme. Their name is however mentioned on the Danske Bank promotional literature.

JYSKE BANK GIBRALTAR ACCUMULATES ADVERSE COURT RULINGS IN SPAIN

Jyske Bank Gibraltar is one of those financial entities that we can say has been, for some time now, sailing a little too close to the wind.

The latest scandal in the making is the proposed eviction of a Spanish resident lady, called Anne (pictured), who somehow managed to become eligible for a loan of €550,000 after presenting her credentials to the bank: survivor of several cancer operations (the last one 2 months prior), jobless, resident of Spain, never registered with the Social Security and with a meager €150/week pension from Belgium.

This form of predatory lending is certainly unknown in Spain where mortgage scandals generally relate to 120% loan-to-value mortgages, abnormal assessment of debt-to-income ratios of borrowers and other similar excesses.

Jyske has done that and more: they have lent where there was absolutely no physical possibility to repay (so much so that the Anne could not even cover the first repayment), have used an illegal company in Spain to assess its value (i.e. not registered with the bank of Spain) and moreover, have been happy with a valuation on the property next door because they could not find keys to the one transacted! Such a display of Nordic efficiency so that they could give out €550,000, seemingly in desperation to lend, to a convalescing jobless 62-year old lady (66 now) who already owned her little apartment outright -mortgage free-, and who thanks to Jyske would enjoy the benefits of a 35 year repayment plan (last repayment when she reached 97).

When Anne’s ex-husband found out what Jyske, and his ex too (!), were up to, he tried to prevent the mortgage loan from being signed by addressing a letter to Mr. Christian Bjorlow, Jyske’s Managing Director at the time of  the infamous event, who rhetorically (or rather sarcastically we would add) responded by manifesting, in obvious incoherence with the financial status of the borrower, that:

“No responsible lender should grant a loan unless it reasonably believes the borrower has the ability to repay it…after carefully considering the facts along with the supporting documentation available to me, I am of the opinion that the bank has acted with due care and attention to this matter and consequently, I am unable to withhold your claim.”

Luckily, the Spanish Government yesterday passed a law stopping dangerously immoral people like Bjorlow from evicting vulnerable people like Anne.

Jyske’s historic relationship with Spain has traditionally been bumpy, to say the least. In 1994, they closed their Spanish branch for reasons we do not know. In 1999, they re-opened the branch with a view to serve the diverse expat communities investing heavily in Spanish property only to order its closure again in 2007, so that they could operate from the safety of Gibraltar it appears (cross-border service), and on the 26th of April 2010 they were fined by the Bank of Spain with 1, 7 million Euros for failing to comply with Spanish anti-money laundering provisions.

A while before, in 2004, the Supreme Court ruled against them by upholding a Court of Appeal ruling that ordered Jyske to pay an ex-employee compensation (€70,000), whose loan had been wrongly foreclosed because, even though it was agreed that whilst he worked for bank he would enjoy special terms and conditions, failing to pay higher interest when he left was not agreed as a “foreclosureable” default. As it happened, he had opted for a job with another bank which, clearly, was not of the liking of the bank. According to the Court, Jyske was found “…lacking good faith when exercising its rights under the mortgage loan contract”.

And not that long ago either, the Malaga Court of Appeal ruled that Jyske was not the owner of a company, Valiant Holdings, whose shares were pledged in guarantee of a loan repayment on a Spanish property. In spite of this, they chose to flatten the gardens, cut out the windows and close them up with wooden planks.

Last year, the Olive Press stepped in to help a victim of rogue trading and as recently as the 4th of October 2012, the Advocate General issued an opinion to the European Court of Justice, as requested by the Supreme Court on occasion of the appeal filed by Jyske Bank Gibraltar to the imposition of the 1, 7 million fine, to the extent that Spain has the right to exercise its right to supervise any bank operating in Spain, in respect of anti-money laundering provisions and any other matters of public interest, regardless of whether they are, or not, operating via a branch.

And we would not like to finish this post without a reference to what is going to be the very latest scandal to soon hit the headlines: the Equity Release tax-evasion fraud perpetrated by Jyske Bank Gibraltar.

 

 

Meet Sparekassen Lolland’s Agent for Spain

Maria Tremurici- Falter

Her name is Maria Tremurici-Falter and she has written millions of Euros worth of tax-evading equity release.

But we believe she must have resorted to other means to lure unsuspecting property owners to the Equity Release trap because the infantile sales-pitch below, surely, would have put anyone off straight away.

http://www.cyg-consulting.com/

CYG -CONSULTING GRUPPE (Specialized in Equity release) as a result of knowledge

Many years in contact with clients and financial institutions has taught me that there could be some problems – because of age, income…

What makes CYG -CONSULTING GRUPPE different: We are no magicians, but we try to find solutions – and sometimes it works.

Equity release: problems with the bank? Call us
Lifetime mortgage: you get monthly income and can not lose the property
Our experts in properties with “below market value” help investors to find the right investment (developments, plots, villas, hotels, commerce)

Special for English / Irish people: We offer QROPS / EURBS

In any case: Contact us. We will do our best, to help you!

Bank of Spain Says Nordea and Nykredit Break the Law

 

The Bank of Spain has confirmed that Nordea Bank S.A. and Nykredit Realkredit A/S are abusing the Spanish legal system by selling mortgages and other bank products from their Representation Offices (Oficina de Representación) in Spain.

Because whilst both entities are registered with the Bank of Spain to carry out most of the banking activities throughout the UE via cross-border transactions, they are illegally selling banking products using their representation offices, for which article 10 of the Decree 1245/1995 provides that:

Offices of representation will not be able to carry out credit operations, accept clients funds or offer financial intermediation, nor any other type of banking services, limiting the scope of their work to informative or commercial activities in respect of banking, financial or economic matters.”

Jesper Hertz, the man fronting Nordea Representation Office in Marbella and whose picture features on this site, has probably lost count of how many fraudulent equity release mortgages he has personally sold, through his Marbella office, and signed, via Spanish Notary Publics throughout Spain, despite this being strictly forbidden to him.

The reason they would do this is that it was cheaper for obedient Jesper to run around hunting potential victims and signing them up at the Notary offices, than to have Claus Jorgensen or Anders Woideman fly out to Spain to do the dirty job. They have been operating in this manner since 13/03/2002.

Christel Mark Hansen, working from the Nykredit Realkredit A/S Representation Office in Marbella, should have not lost count of the number of British clients she has personally advised on in respect of fraudulent equity release product as she personally visited their homes, would have a glass or two of wine and then sell them, with voracious appetite, very large non-status mortgages despite this being strictly forbidden to her.

The reason for this is that sweet-looking Christel would have hardly come across as someone selling a life-destructing financial product, in contrast to the Sydbank-tax-evading-thirsty-Swiss-based co-conspirators. They have been operating in this manner since the 14/09/2004.

And Danske Bank International, also running their activities supposedly from Luxembourg, chose to set up a bogus “Representation Office” in Fuengirola to, as with competitors Nykredit and Nordea, sell and execute Equity Release Mortgage loans via the servile services of Henrick Hjerrild Hansen and John Lundskov Larsen. They have closed their office on the 15/01/2009.

So much for the Nordic Values…

Q&A About Jesper Hertz and Nordea Luxembourg “Oficina de Representación en España”

Can you trust this man? Definitely not, if he is trying to sell you a mortgage + life insurance/capital assurance product.

Can you trust his company? As above.

Why? Because he will be lying through his teeth, as he has done in countless occasions in the past, and will tell you that this product is a fantastic opportunity for expats that have no mortgage on their properties as it will give them access to cash and also, eliminate taxes, none of which is true. Additionally, he will tell you that your property will never be at risk and that you should trust them because of their Nordic values, which he claims other bankers don’t enjoy. So far a few people have had their homes repossessed.

What do you mean by Nordic values? Nordea says that their company and staff are imbued of certain principles (integrity, impartiality, honesty, directness, flexibility and the ability to understand and treat clients like human beings), and that this differentiates them their competitors. If we interpret this literally, it would mean that bankers from say Afghanistan, Chile, Somalia or Spain lack integrity, are dishonest, biased and treat clients like animals…

What was this man’s role in the selling of Equity Release? Jesper Hertz was in charge of selling and signing off Equity Release products for Nordea Luxembourg in Spain. Wherever his company was not present, like in the Alicante/Murcia areas, he would reach out to potential customers through an agency network of rogue financial advisers, imposters who had easy access to the British expat community through years of presence on the Spanish Costas.

Did Jesper Hertz tell his customers that they would never lose their homes? Absolutely. Had he been transparent and honest, not one of his customers’ homes would have been at risk because not one would have signed the product, as simple as this.  It was the obligation of Nordea, and Hertz, to specifically indicate their customers that this was a fraudulent product. On the contrary, Nordea’s mission was to come across as an elegant, sophisticated and trusted bank that would look after you to and, as they repeatedly insisted, preserve your wealth and look after your loved ones.

Their literature makes ludicrous and false statements such as : home sweet home…your most precious asset…keeping it in the family…our in-house specialists possess a deep and extensive knowledge of these virtues…we ensure that our advice is always open-minded, direct and honest so that we never promise you any more or any less that what is realistic…trust us…let us be your confidant.

You are talking about fraud, now that is a serious allegation! Jesper Hertz, from his office in Marbella, marketed, promoted and sold the virtues of a tax evasion cross-border service, similar in concept to the one UBS set in the US that cost them a criminal indictment (PDF). Although far modestly in means and resources compared to the Swiss bank, Nordea has still managed to create a refined set of promotional brochures that minutely explains how legal it is to register an artificial mortgage on your home, take the proceeds to a tax haven and have your inheritors receive the money abroad, without paying taxes, whenever you pop your clogs.

Why is it all wrong then? The problem is that you cannot register an artificial mortgage to make the tax authorities think that you have a real one, it is just illegal. And yet, Nordea Luxembourg organized a marketing campaign based on this premise. Secondly, it is wrong to tell your customers that you can inherit the proceeds of a life insurance/assurance product without paying taxes, quite simply because the law says that you pay IHT in Spain, whether you are a resident or a non-resident (and irrespective of the policy-holder being a resident or not).

How would you summarize Nordea Luxembourg Equity Release product? Tax cheating, customer deception and lack of values, all in one.

Nordea Marbella Office Refuses to Provide Clients With Complaints Book

Jesper Hertz, Danish Chief Representative of Nordea’s one-man band Marbella office, did not allow 2 long-standing customers of the bank enter the office and equally, refused to provide them with the complaints book, which is obligatory.

No sooner had he opened the door and saw the former Golf club friends than he was quick to give them the cold shoulder and ban them from accessing, what is -in short-, a public establishment. He then refused again to provide us with the complaints book on grounds that, being a Representation Office, they were not under such obligation and directed us to…Luxembourg. We obviously didn’t bother with the coffees.

Interestingly Nykredit Representation Office, just round the corner, did have the complaint book at the disposal of their cheated clients…

So the complainants had no option but to call the Local Police to report another token of Nordea’s legendary lack of compliance with Spanish laws.

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