Tag archives for Credit Select Series

Elusive Steve Dewsnip now formally indicted by Denia Court

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Ever since Mr. Dewsnip turned up at a Marbella Court -15 days ago- to help his former company bash equity release pensioners seeking justice, his fortunes have been reversed. Tipped by lawyers acting for ERVA, the Marbella Judge ordered Mr. Dewsnip -who had been issued with a search warrant- to provide an address in Guernsey for notifications and further remitted the findings to the Denia Court.

The Judge presiding over this case in Denia has lost no time and ordered claimants’ solicitors to submit a list of questions that he will have to respond at the appropriate Guernsey Court. This deposition will be made via “letter rogatory”, as with Baron David de Rothschild.

Stephen Dewsnip and Mark Coutanche Avoid Denia Court

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Stephen Dewsnip and Mark Coutanche, once at the forefront of N.M. Rothschild & Sons in Guernsey, were responsible for selling over 100 tax-evading schemes to mostly British pensioners.

Alerted by the scam, and not the least the loss of their investments, victims of the Credit Select Series sham product filed a criminal complaint in Denia in 2011.

Shortly after, Stephen Dewsnip and Mark Coutanche were requested to attend the Courts; they were to be interrogated by lawyers representing the claimants, the State Prosecutor and the Judge.

What did they do? Avoid receiving service at all costs, even after knowing they were being sought in connection to the Rothschild Equity Release fraud.

3 weeks ago, Stephen Dewsnip attended a hearing in Marbella Courts, as a witness proposed by N.M. Rothschild & Sons in case relating to a civil action brought by a victim. Mr. Dewsnip was very accomodating and happy to assist on this ocassion and help his former employer.

But, as it happens, the Denia Courts are still in the search for an address where Mr. Dewsnip, and his pal Coutanche, can be properly summoned. 

So far, the ‘missing individuals’ have been issued with two “Address and Whereabouts Search Warrants”, failing to turn up.

The above orders could be soon replaced by the more annoying “Arrest Warrant” which, as one knows, implies spending time in the nick  if and when identified.

Rothschild Denies Responsibility Over Equity Release

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Claire Whittet

Attempts by MP Huw Irranca-Davies to seek a plausible explanation as to the purpose of the Credit Select tax-evasion facility, and the effects it has had on purchasers of this mortgage/financial scheme, has been met with indifference by an ubiquitous Claire Whittet, from Rothschild. The below email was sent to ERVA from the office of MP Huw Irranca-Davies, together with Rothschild`s formal answer:

Further to a recent meeting between representatives of Rothschild and Huw Irranca-Davies MP, the following letter was received. (attached)

Rothschild have agreed that this can be publicly circulated, so I have posted this on the ERVA site and Huw hopes it may be useful.(hopefully tomorrow/Friday)

Huw Irranca-Davies reiterates that he cannot – for reasons of parliamentary protocol and resources – enter into individual correspondence with individuals other than his own constituents. Where individuals have a direct or clear familial link with a UK parliamentary constituency you may want to approach the relevant Member of Parliament for that constituency. Huw is happy to discuss the issues with any other M.P’s and to collaborate where appropriate.

Thanking N.M. Rothschild & Sons

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At ERVA, we wish to thank N.M. Rothschild & Sons. Yes, we are sincerely grateful for allowing our members full access to ‘live’ advertising I (and II) that, introduced in a timely manner as evidence in Court, will dramatically increase the chances of succeeding in declaring the CreditSelect Series 4 sham mortage void.

The advertising, which is being used as the core evidence in support of the victims’ claims that they were ripped off by the Guernsey-based bank, does not talk about investments (and needs not) but it does, an extensively so, about Inheritance Tax mitigation benefits that would come as a result of their ‘specially designed’ CreditSelect Series loans.

The advertising also confirms that Rothschild sells this product “through a handful of selected IFAs”, even if now they claim that the IFAs were selected by their customers.

The only advantage for Rothschild is that they are being tried in Spain, where they can lie as much as they wish!

“ROTHSCHILD PRESENTS a TAILOR-MADE PRODUCT TO SUIT YOUR NEEDS” goes to COURT

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Below is an informative letter sent to Rothschild potential claimants.

 

Dear Sir/Madam,

 

 

We hope this email finds you well.

 

 

The purpose of this email is to confirm that we will be lodging our claim against N.M. ROTHSCHILD & SONS for misleading and illicit advertising with the Courts in Malaga (Juzgados de lo Mercantil) next Friday 7th of June 2013.

 

 

We have experienced some delays due to not having documentary evidence which we consider to be relevant, as well as an unexpected Court filing fee that came into force shortly after our decision to file which meant that the case would have cost an additional 15k Euros to proceed with.

 

 

However, we can now confirm that we are now in a position to proceed as we have gathered a compelling amount of misleading advertising that constitutes the backbone of the case that is being filed with the Courts (to be posted at the ERVA -www.erva.es site over the weekend).

 

 

The referred to advertising was produced by Rothschild and also, by the IFA companies that were selected by Rothschild to sell the product. This advertising is false, untrue and encourages tax evasion by suggesting that Spanish Inheritance Taxes are so onerous that is nothing is done, inheritors of Spanish unencumbered property owners would be prevented from inheriting and the property would be lost to the Spanish State.

 

 

Other fallacious arguments include stating that the Rothschild mortgage is different from a normal mortgage, that the clients “…will not be exposed to unnecessary risks”, that the product “…is designed in such a way that it will potentially produce enough income to service the loan and also, leave a bit of money for the borrower”, that it is a “…responsible product” or “…similar to the Spanish reverse mortgage”, that Rothschild had “…restricted the availability of this product to handful of selected intermediaries” (Hamiltons and Henry Woods), that a “…Mrs. Smith (fictitious person) would have discovered following the death of her husband, to her horror, that IHT in Spain could reach 81.60% in Spain” (when the maximum liability of a spouse is limited to just over 34%) and many more.

 

 

Similarly, deliberate omission of the risks involved in the product are considered to be misleading and therefore, illicit. As an example, Rothschild deliberately concealed the consequence of the very obvious and unavoidable scenario where the investment does not cover the cost of the loan: you lose your home.

 

 

The writ includes several petitions to the Courts: that the advertising is declared illicit, that Rothschild runs at least 4 ads on the Essential Magazine rectifying the misleading publicity (at their cost) and that all contracts signed as a result of such publicity are set aside, restoring customers to their original position prior to signing of the Credit Select mortgage loan, insofar as is practicable.

 

 

Finally, we would like to stress that some IFAs are currently advising against going to Court and are recommending what is called as a “Standstill Agreement”. We would like to advise that such document is a legally useless agreement that does not deal with the fraudulent nature of the CreditSelect loan and is designed to buy time for Rothschild, who prefer to deal with the less belligerent children of their victims as they pass away. In other words, it is a cynical money-making ruse designed at the expense of perpetuating the suffering that N.M. Rothschild & Sons is inflicting on innocent property owners.

 

 

If you have not yet joined this case and you wish to, kindly reply to this email so that we can provide you with the necessary instructions.

 

 

With best regards

Sincerely

Misleading Publicity Legal Suit to be Filed Against Rothschild

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The DGT (General Directorate of Tax) has confirmed that mortgage loans for any other purpose than buying the property on which they are registered, are not deductible for Spanish Inheritance Tax Purposes.

Binding consultation 04423-13 received by Lawbird lawyers today (28th May), refers also to loans granted abroad (such as those by Rothschild, SLM, Nykredit etc.) that are guaranteed by mortgages on Spanish property and is adamant: only real debts can be used to mitigate taxes.

Nobody questions that N.M. Rothschild & Sons could and should have ensured that the product they were selling was legitimate, just like any diligent person carrying out any commecial activity in Spain would do (and indeed any where in the world).

Instead, they chose to make their clients accomplices of tax fraud because some inept lawyer at Gomez Acebo & Pombo decided that it was legal, at the insistence of clowns Mark Coutanche and Steve Dewsnip, to run this circus.

Claimants will demonstrate that all the publicity issued by Rothschild, and the companies they used to sell the product CreditSelect Series (as confirmed by honest and helpful former employees) is false, fraudulent, encouraged tax evasion and has caused untold grief on victims.

The legal suit against Rothschild is to be lodged with the Malaga Mercantil Courts on the 7th of June 2013.

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