Tag archives for Finansbanken

Bankia Employee Had No Knowledge of What He Sold

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An employee of a Bankia bank branch has confirmed to the Judge that he had no understanding of the financial product he was selling to a pensioner. What he did tell his client though was that Bankia would soon be topping the lists of the most important banks in Spain: as it happened, it went bust and was bailed out.

Pernille Bering, pictured below, was responsible of signing off the largest ever Equity Release tax-evading product to a Spanish property owner (circa ‚ā¨3 mm) when she worked for Finansbanken. Unlike the Bankia simpleton above, we resist cynicism and continue to¬†believe that she was just not a pretty face sent overseas to charge unencumbered homes owned by pensioners with huge mortgages, but a discernibly intelligent person with a conscience.

Pernille Bering

 

But Pernille let everyone down: desperate to get ahead in her carreer but unwilling to get her hands dirty, she employed a locally based housewife, Maria Tremurici-Falter, to sell to unwarned Costa del Sol pensioners millions of Euros worth of Finansbanken Strategic Asset Allocation Revolving Credit Agreements to purchase investment grade bonds (with a rating not lower than BBB- By Standard & Poor), with a special taste for participations or constributions in non-leveraged hedge funds.

Busy with appointments with her local beauty salon to have her toenails done, Maria could still spare some time to loyally fulfil the Finansbanken Equity Release Sales Programme that consisted on the following:

– Maria would advertise on locals papers on a miraculous way to avoid the horrific consequences of Spanish IHT (thankfully, we now know that the correct word is evade).

РMaría would explain to panic-stricken pensioners that, with her recipe, they would be alright.

– Pernille would review potential customers’ income documentation (provided she could find any that is) and, the day before signing millions of Euros worth of fraudulent Strategic Asset Allocation at the Notary Office, she would fly down from Denmark for a quick afternoon sum-up meeting with the client at the NH Hotel, or Guadalpin, meetings that generally lasted 45 minutes.

– Next morning, execution-day, the client would be led to the Notary Office to crystalize the fraud.

It is believed that Finansbanken, later called SparLolland and later taken over by Jyske Bank, sold a total of 20 million worth of Equity Release in Spain.

 

Expert Witness Reports on Equity Release Concluded

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The first 2 reports drawn up by the compay Muntaudit (http://muntaudit.es/) have now been received.

One refers to Nykredit/Sydbank and the second one to Finansbanken/Sparekassen Lolland Equity Release products.

The first point that the independent firm of financial auditors has highlighted is that the product was taken out for the purpose of obtaining a tax advantage and securing an income stream. The report then notes the following:

  • The contract of Equity Release was offered to pensioners as a way to improve their quality of living by providing an additional income stream (in addition to the false tax advantages).
  • The contract does not clearly warn of the risks involved in the transaction¬†-interest rate risk, exchange rate risk, price risk, market risk, operational risk, lack of liquidity risk, early redemption risk (on the side of the bank)-
  • It is considered to be a high-risk complex instrument.
  • The contract does not include the TAE clause (in English, APR or Annual Percentage Rate)
  • The ability of ever producing a result as advertised by the bank and agents, irrespective of the investor profile, is very low.
  • For a low risk investor, the product has an almost 100% probability of producing a negative result from the very moment it is signed.
  • The product is classified as “high-risk” and not suitable for a low risk investor.
  • The client profile, highly conservative retail investor, had specific and concrete requirements and as such, had they known the type of investment they were getting into, these contracts¬†would have not been taken out.¬†
The reports will be used in the legal claims that are being filed against banks who marketed, offered and mis-sold Equity Release products to a very large contingent of pensioners residing in Spain.

Sparlolland/Finansbanken on Equity Release Sales Techniques

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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.

Meet Sparekassen Lolland’s Agent for Spain

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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.

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

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