Tag archives for Equity Release

Rothschild’s Awful Banking Practices Exposed on French Television

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It was about time the “Baron’s” infamous banking antics were exposed in his motherland, France.¬†“Envoye Special”, a weekly prime-time show presented from the “Champs Elysses” with the Eiffel Tower as a background, has succeeded in telling the horror inflicted by this man and his company to foreign expats with property in Spain.

Minutes 7.30 and 50.30 refer to the Credit Select mortgages miss-sold in Spain.

 

 

SLM and PREMIER GROUP in Court on 14 July 2016

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SLM (Surrenda Link Mortgages) and Premier Group will attend trial at the Bilbao Courts on the 14/07/2016. Lawyers for all parties have objected to at least three trial date appointments as they had other cases to attend.

According to the claimants’ writ, SLM and the Premier Group, both lacking permission to operate in Spain, orchestrated the marketing and sale of a financial product for inheritance tax mitigation purposes.

SLM has argued that they were just the lenders, having no participation in the investment side of the product. For its part, The Premier Group argued that they had never operated in Spain and that they are not the same company as The Premier Group that operated prior to 2009, which was domiciled in the BVI.

Lawyers for claimants proved that both companies are the same, having shares offices, telephone and fax numbers and even today, email and website addresses. The document proving this has been recently admitted by the Court as evidence in support of claimats’ allegations.

 

 

Marbella Court Stops Landsbanki Foreclosure

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A Marbella Court has ordered a stay of foreclosure proceedings following a ‘null and void’ petition submitted by lawyers acting for the defendant.

The application to the Court is based on fundamental breaches of civil procedure laws, namely failure to identify the correct sum that Landsbanki is demanding from the borrower.

Landsbanki has so far only foreclosed on company-owned property, that we are aware of.

Should the Court set aside the foreclosure procedure, Landsbanki would have to pursue the debt via a laborious ordinary case where parties get equal opportunities, as opposed to foreclosure proceedings.

Landsbanki has 5 days to challenge this decision.

 

 

Day in Court Against Nordea

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The Malaga Mercantile Court yesterday held a hearing on ocassion of a misleading advertising case against Nordea Bank Luxembourg S.A. and its Swiss branch.

An overweight Jesper Hertz, for the defendants, lied to the Court shamelessly. He confirmed that the bank had never offered any tax or fiscal advertising, information or otherwise to clients and that all they did was offer investment advice. Jesper’s dishonest intervention depicted a scenario of deceipt and will be remembered as the worst example of the hypocrisy and underhandedness of today’s bankers.

Nordea’s legal advisor questioned the quality of “advertising” of the promotional literature, stating that it made it clear that such information was not advice, but a mere guidance.

They also referred to the date on the main booklet (2008), arguing that it would have been impossible for claimants to have relied on it.

Finally, they dismissed the information provided to customers as mere investment guidance, arguing that it was the loss of such investments that had prompted the Nordea’s clients to sue the bank, and nothing else.

Claimants were able to prove that Nordea extensive tax advertising was misleading, confusing and inaccurate with the aid of 2¬†Tax Office binding rulings, the expert witness opinion brought in by the claimants (Carlos Jimenez Dengra) and an abscence of any proof to the contrary by Nordea, save for half-hearted attempts to discredit the evidence brought in by the victim’s legal team.

With respect to the booklet date, it was held in Court that previous brochures (2005 and 2006) had inspired the 2008 booklet for identical paragraphs appear on both sets of promotional advertising. It was also held that no where in the advertising did Nordea Bank discuss the product as being an investment proposition but rather, a tax planning tool for the inheritors.

The case is ready for sentencing.

 

 

 

Landsbanki Sacks Cuatrecasas Law Firm

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Following the revelation that the boss of Landsbanki’s legal team¬†in Spain, Emilio Cuatrecasas, had¬†come under fire from the Spanish Tax Office,¬†Yvette Hamilius decided to pull the plug on them and appoint Plazas Abogados, based in Marbella and Sotogrande.

This move comes as a surprise since Plazas Abogados was one of the legal firms that actively participated, in the years 2005-2008, in the perpetration of this widespread scam.

Plazas Abogados have since confirmed that Landsbanki’s product did not aim to avoid IHT, adding that the bank did not offer the Equity Release product to avoid IHT.

Sadly for Plazas, two different lawyers for Cuatrecasas have argued quite the contrary: that the Equity Release was a popular product to minimize IHT and that this was the main reason why they bought into it (sic).

Read¬†Landsbanki’s Torben¬†Bjerregaard explaining all that needs to be known about IHT (translation required): http://www.sydspanien.dk/article.170.html

 

 

Lunch with Stephen Dewsnip, former “Rothschild” Director

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The statement below was made by a RV (Rothschild Victim). Names  have been ommited to preserve confidentiality.

This statement fully validates Mr. Nott’s honest and truthful affidavit, and exposes the lies of the “Rothschild” brand.

Mr. Dewsnip, let your conscience be your guide and sever ties with your former utterly dishonest employers. You were economical with the truth on stand once, don’t dig a deeper hole for yourself.

Mr. Donald Nott of Henry Woods, a company trading as financial advisors previously known to us, telephoned to say that he was arranging a seminar in the Javea, Parador hotel and that a Mr. Stephen Dewsnip, a senior director of Rothschild Bank, would be giving a talk on a Rothschild financial product known as the ‚ÄúRothschild Credit Select Series 4 Equity Release Plan‚ÄĚ.

Due to a previous commitment we were unable to attend the seminar and instead asked Mr. Nott to come to lunch at our house, an occasion which would provide him with an opportunity to explain the ‚ÄúRothschild Credit Select Series 4 Equity Release Plan‚ÄĚ in greater detail.

Mr. Nott agreed to this arrangement and then asked if he could bring Mr. Dewsnip, the Rothschild Bank director, with him.  We agreed to this and felt quite honoured to have a director from a prestigious bank in our home.   Both men arrived at 12.30pm and we enjoyed some convivial, pre-lunch drinks together.

The smartly dressed Mr. Dewsnip appeared to be on extremely good terms with Mr. Nott.

Both were very courteous and once lunch started Mr. Dewsnip began to explain the Rothschild Credit Select Series 4 Equity Release Plan.¬†¬† Mr. Dewsnip advised us that, in view of our well-defined financial circumstances, the Rothschild scheme would be an ideal ‚Äúinvestment‚ÄĚ as it would release equity locked-up in our home, provide another source of income and reduce inheritance tax. ¬†The entire scheme, he assured us, was underwritten by a Rothschild Bank loan that would be guaranteed for 10 years.

Mr. Dewsnip was aware that my husband John John, a retired Army officer, had a small pension and Mr. Dewsnip also fully understood that the only accessible capital we had was tied up in our home. ¬†He advised both my husband and I that Rothschild Credit Select Series 4 Plan would be financially beneficial to us as the equity released in our home would provide us with an initial lump sum of up to 5% of the value of the house, and the ‚Äúincome‚ÄĚ following on from investing the remaining money in a ‚Äúfinancial product‚ÄĚ would provide an annual net income of up to 3%.

Mr. Dewsnip wholeheartedly assured us that the Rothschild Credit Select Series 4 Equity Release Plan was guaranteed by Rothschild Bank and was particularly appropriate for elderly people not wishing to move house again.  And that Rothschild Bank would not involve anyone, particularly pensioners, in a hazardous financial product that would expose them to unexpected risks.

We are inherently adverse to taking financial risks of any kind but the assurances we received from Mr. Dewsnip, director of Rothschild Bank who was actually sitting in our house and eating our food, was sufficient to convince us that the Rothschild Credit Select Series 4 plan was a safe and appropriate plan consistent to our financial circumstances.  And it was the advice received from Mr. Dewsnip, a director of Rothschild Bank, that finally persuaded us to enrol in the Rothschild Credit Select Series 4 Equity Release Plan.

At no time during our lengthy conversation with Mr. Dewsnip did he draw any distinction between the names ‚ÄúNM Rothschild & Sons‚ÄĚ and ‚ÄúRothschild Bank International‚ÄĚ.

¬†At all times Mr. Dewsnip referred to his employees as ‚ÄúRothschild Bank‚ÄĚ and if there is a legal distinction between the two entities then Mr. Dewsnip failed in his fiduciary duty to disclose this information and in doing so misled us into entering into a contract.

Baron David de Rothschild to Appear in Court

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DENIA COURT ORDERS SPANISH POLICE TO CONFIRM ADDRESS FOR HIS SUMMONS

The writ dated 14th of October 2014 -received by lawyers acting for a Rothschild victim yesterday- has ordered the following:

  1. Reopening of the criminal investigation (preliminary inquiries) that was provisionally set aside (the latter status was not made aware to us as we had thought it was ‚Äėalive‚Äô; as it happens, it makes little difference from a practical point of view).
  2. Informing the Spanish Prosecutor of the Court’s decision.
  3. Ordering the claimants‚Äô counsel to submit a criminal complaint, making it extensive to Baron David de Rothschild (the POA did not include him as he was initially not listed as a potential defendant) with a view to ‚Äúguarantee his right to a legal defense‚ÄĚ.
  4. Ordering the Police Forces in Madrid and Barcelona to verify whether Rothschild’s addresses in those cities are suitable for summoning Baron David de Rothschild and Stephen Dewsnip, with a view to being interrogated following an official indictment.

It remains to be seen how will the bank tackle this setback; so far, the Rothschild camp have stood firmly by their IHT mitigation CreditSelect loan product, deriding clients’ claims and being dismissive of the authority and capacity of Spanish Courts.¬†

BaronDavidDeRothschildSummons

BBVA found guilty of misleading publicity

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Second-largest Spanish bank, BBVA, in what has been described as a landmark ruling, has been found guilty of misleading advertising when offering customers foreclosed properties through printed publicity material.

The specific illegality refers to inserting a disclaimer at the bottom of the ads where it read as follows:

The information contained in this publicity is not of a contractual nature as it merely has informative purposes, being the promoter able to freely modify the characteristics of the offer at any time.

According to the Mercantile Court Number 2 in Madrid, this advertising is illegal and has to be removed.

Also, the bank will have to post rectifying publicity in all BBVA branch windows throughout the country.

Source: http://www.ausbanc.com/web/Condena_ejemplar_a_BBVA_por_enga√Īar_a_los_consumid_2014911113339.asp

ABN AMRO N.V. (Gibraltar), SG Hambros and Claudia Rolf-Urnieta

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Claudia Rolf-Urnieta

You could just not make this stuff up.

A Gibraltar-based banker approaches the owners of a Malaga countryside boutique rural hotel, both originally from the north of Europe, and shares with them this appalling and fatalistic story that involves an expat, a Spanish unencumbered property (or with a small-ish mortgage), the inevitable life factor other tan taxes (death) and punitive inheritance levies on the designated inheritors that meant they were unable to inherit the family home and consequently, lost it to the Spanish Government.

Imagine then that this banker says that ABN AMRO N.V. (Gibraltar) has a remedy to legally avoid Spanish IHT that involves the following:

  • An offshore company, domiciled in¬†Belize, New¬†Zealand¬†or any other tax haven, incorporated¬†by Gibraltar-lawyers recommended by¬†ABN AMRO N.V. (Gibraltar).
  • A loan to the offshore company, for up to almost 3 million Euros, documented¬†under the laws of Gibraltar and guaranteed with a mortgage¬†on the boutique hotel.
  • An investment porfolio, managed by¬†ABN AMRO N.V. (Gibraltar), where the loan¬†capital is to be¬†invested, away from the prying eyes of the Spanish “Hacienda”.
  • A declaration of trust or of ultimate beneficiary owner, in a separate document, kept under lock and key to ensure full¬†anonimity of¬†the ultimate owners¬†of the funds comfortably invested in a tax haven.
  • Upon death, a taylor-made¬†Spanish IHT declaration that¬†records the¬†fictitious mortgage as a deductible debt. And of course, no mention of the loan capital sitting with ABN AMRO N.V. (Gibraltar), in the name of an offshore company which incorporation was fully recommended, accepted and endorsed by the bank.

We are sure you don’t need more to establish that this is nothing short of¬†a tax defrauding scheme involving customer¬†deception.

And judging by the looks of the lady in the picture, she has got to be the culprit!

Indeed, Claudia Rolf-Urnieta is the brains behind this¬†“Equity Release” artifice, craft or stratagem devised to wilfully defraud¬†her clients and the Tax Office in Spain, in a single act, in a country where she probably lives and¬†enjoys most of her non-working time,¬†and, most fascinating, borrows a surname from: Urnieta.

 

Rothschild Case: Malaga Court Demands Spanish Address for Summons

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Rothschild Wealth Management & Trust

The Mercantile Courts in Malaga have made a request for lawyers -acting for claimants over the misselling of CreditSelect loans as a means to avoid IHT- to provide a Spanish address for notification purposes.

It is the case that NM Rothschild & Sons, commonly known as Rothschild according to Wikipedia, has a website that boasts offices all over the world, including Madrid and Barcelona.

Should the Court accept any of the above addresses service of process will be duly carried out and Rothschild will have 20 days to respond to the allegations that their company, in their capacity as lenders, a specifically envisaged, designed, marketed and sold a product, the Credit Select Loan Series 4, to defraud the Spanish Taxman.

We must remember that Rothschild has vehemently denied ever providing any type of financial/investment advice. Quite so, the claim has nothing to do with this but with the fact that, in their own words, with the “Rothschild mortgage inheritance taxes would be reduced from a whopping 81,6% to nil”: no more and yet no less.

Rothschild need to be aware that advertising a service or a product is a serious matter because, as you would expect, the public reacts to such offer and acts on it. More so when people rely on Rothschild core principles.

This is exactly what happened with the Credit Select Series 4 Loan: Rothschild, or all companies, offered it as a legal means to avoid crippling Spanish IHT and people bought, because they trusted them.

Now we know different, but so do they…

 

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