Tag archives for Jesper Hertz

Finland YLE television channel to expose Activities of Danske and Nordea Luxembourg Branches

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Finnish TV channel have been recently following the activities of Danske Bank International S.A and Nordea Bank S.A. (as well as the Swiss branch) in Spain and to this extent, they traveled to Marbella to film some victims of these highly dishonest individuals.

One of these cowboys is the man on the picture, Jesper Hertz, an expert in cheating customers by advising to take out loans against Spanish properties owned outright by expats so that they can avoid Spanish Inheritance Tax.

The Finnish TV wants to know how come these bank operate with such wildly diverse standards depending on where they are based i.e. Finland, where they preach the highest values of morality, integrity, honesty, compliance with the laws and, on the other hand, Luxembourg and Spain, which are truly tax evasion laboratories.

More to follow.

 

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.

 

 

 

Marbella Courts Accept Criminal Complaint Filed Against Nordea Bank

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Marbella Courts have accepted a claim against Nordea Bank S.A., and former Danish Army Sergeant turned Managing Director, Claus Jorgensen, for misleading publicity and swindle.

The claim comes as a result of new revelations that would prove that Nordea Bank S.A. ran a tax-evasion scheme in Spain, targeting¬†hundreds of owners of unencumbered homes,¬†¬†whereby a fictitious loan would be officially registered with the main purpose, according to a letter signed by Mr. Jorgensen himself and addressed to the CSSF (Luxembourg regulator), of reducing the value of the property for Inheritance Tax purposes. The loan was then invested in a¬†Nordea-backed¬†“Bancassurance” product, capable of protecting and safeguarding your wealth in order to secure an optimal financial existence for you and your family.

According to Nordea’s advertising, the safety of the product was almost guaranteed when¬†admitting that¬†“it is improbable that the Spanish Tax Office will come knocking on your door…”.

Caught with their pants down, Nordea’s alibi now¬†is not unfamiliar: “it’s not what you think, we just gave general tax advice but you were urged to seek your own private advisors…”.

One has serious doubts about the sanity of the people running this bank: they first issue a booklet called “Guide to Wealth and¬†Tax Planning in Spain”, they then state that it was “merely general advice not amounting to tax advice and certainly not to be relied upon”¬†and finally, they withdraw the booklet from internet 15 days before a pre-trial hearing that was specifically targeting the advertising¬†of the booklet.

Mr. Jorgensen, aware or not that this constituted tax fraud, would have been responsible for loan sign-ups totalling 45 million Euros, only in the Malaga province.

If this degree of moral corruption is surely intolerable in the Danish Army, why would it be acceptable for a bank? Claus, did you not learn anything in the Army?

 

Letter to Regulator: http://erva.es/wp-content/uploads/2014/02/NordeaLetter28July2010.pdf

Nordea Tax Booklet: http://belegal.com/equity-release/files/2011/11/Nordea-Brochure.pdf

Letter from Spanish Tax Office: http://erva.es/wp-content/uploads/2013/06/2013-05-27-Tax-Office-On-Equity-Release-Binding-Enquiry.pdf

Bancassurance Product: http://www.nordea.lu/Home/Individual%2bapproach/978032.html

 

 

A Company Owned by the Mayoress of Marbella Took Out a Nordea Equity Release

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alcaldesa

The Spanish Land Registry has confirmed that¬†a company owned by¬†Mar√≠a Angeles Mu√Īoz and husband Lars Broberg, Crasel Panoramica S.L., ¬†took out an Equity Release mortgage loan¬†with Nordea Bank S.A., based¬†in Centro Plaza, Marbella.

The mortgage loan capital was ‚ā¨3,100,000 against a property -used as collateral- valued at over 4,5 million Euros.

We cannot confirm whether Lars or María Angeles are keen golfers, the prototypical victims of Jesper Hertz, Nordea Representation Office Manager, but what we do know is that the property was purchased in 2001, and the mortgage loan signed in 2010 (maturing in 2020).

We also know that¬†Nordea Bank S.A. has accurately explained, in a promotional brochure no longer available online¬†since 15 days before the interim hearing in a case against them -for misleading publicity- ¬†(although cached by Google without Nordea IT ‘expert’ expecting it), how to go about the business of cheating the Spanish Tax Office.

These are some of the conclusions that must have convinced the Mayoress to buy this product:

Today’s investor is more likely to have amassed a fortune through personal effort.

 

This booklet has been devised as a basic guide for this new breed of investor and in particular for investors affected by Spanish tax and inheritance legislation.

 

Failure to take sufficient action of Spanish Inheritance Tax (which may be as high as 34%, or even above 80% in certain situations) in the wealth-planning process, may lead to an unexpected and financially unpleasant surprise for the heirs.

 

Fortunately, there are ways of mitigating both the wealth tax and the inheritance tax at the same time, one of which is to take up a mortgage.

 

Borrowers may take up a mortgage loan either at the time of the purchase of a Spanish property or after having owned the property for some time.

 

Clients appreciate our Nordic values – they differentiate us from our competitors.

 

Our Nordic values: integrity, impartiality, honesty, directness, flexibility, commitment, treating clients as individuals, we can make the difference.

 

(We are informed that the Somalian Bankers’ Association has announced a job vacancy for an expert on Nordea values…Jesper can you help?!)

It is suspected that they took out the Nordea flagship ‘international wealth and tax planning’ product , the Capital Managed Plan (CPM).

The Spanish Tax Office warned against using this product to reduce Wealth Tax and more significantly, Inheritance Tax.

The question is thereby one: victims or accomplices of a tax fraud scheme?

If the former, they should report the bank to the authorities and where not, we must conclude that they are suspects of a potential tax fraud situation.

Icelandic Bank Bosses Jailed

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It was a matter of time before someone high up in the banking sector was sent down.

Kaupthing bosses have the dishonour of being the first -surely not the last- top bankers to go to prison for defrauding their company, their clients, their country and presumably too, the Tax Office.

But whilst this case may not be directly connected to Equity Release, it is clear that if someone at the bank came up with the brilliant idea of giving out a massive loan to a Middle East-based wealthy Arab to buy stock from the company, why not give smallish loans to owners of Spanish unencumbered property to invest, for instance, with Lex Life, the company Landsbanki owned?

 

 

Nordea Could Lose Danish Banking License over CIBOR Scandal

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Nordea Bank

 

 

The title of this post should make us ask the following question: what would happen in Spain if Nordea lost it’s Danish license? Probably not much in Spain because Jesper Hertz, the insatiable Nordea Bank S.A. Marbella-based employee, has signed over 200 Spanish Tax Office cheating mortgages on Spanish property and he intends that all loans are repaid back and where not, properties are reclaimed through the Courts.

He is a man on a mission!

 

 

 

 

 

 

 

 

Busy Nordea Bank Covered Spain with Equity Release

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According to an envelope received in the offices of ERVA, Nordea Bank S.A. gave out 75 million Euros worth of mortgage loans in Spain.

It is not clear how much of it was used to finance property acquisitions (some of it was actually used correctly) and how much to defraud the Spanish Tax Office via the renowned Equity Release Scheme programme, consisting of a Spanish mortgage loan and a Unit-Linked insurance policy called Capital Managed Plan.

ERVA is aware that at least 6 Equity Release contracts exchanged in the years 2006-2008,  totalling 9 million Euros.

However, the¬†Spanish Land registry tells us that there are far more, many more…

As an ERVA member put it: “My, my, haven’t they been busy…!!”

 

Nordea Bank S.A. Appears in the Malaga Courts

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Nordea Bank S.A. Luxembourg’s (as well as the Swiss Branch) legal representative has today turned up in the Malaga¬†Court¬†for the pre-hearing stage to face the music. Opposing him was the representative of 6 claimants who were sold the¬†tax-defrauding client-cheating highly-toxic Nordea Equity Release Mortgage & Managed Capital Plan¬†and, as it has turned out to be, the presiding Judge.

The Court was sympathetic to the plight of the claimants and has admitted the following evidence in the case:

  • 2 Tax Office resolutions¬†that categorically define Equity Release for tax purposes as tax fraud.
  • 1 Notarized document proving that ¬†Nordea¬†removed, maliciously and with premeditation, its fraudulent advertising from its website.
  • Expert Witness¬†testimony by a reputed Malaga-based Tax Advisor.
  • Testimony by the¬†broker that acted for Nordea, in Denia.
  • Request to Nordea¬†to provide the Court with a same document that is on the website that was subsequently removed.

Nordea’s legal representative, on the contrary,¬†did not submit any evidence¬†in support of their position which, considering that the specific law employed in this action (misleading advertising) imposes on them the burden of proving the accuracy of their advertising, might have left them bereft of any legal argument other than an unlikely statute of limitation, particularly considering that they were still advertising…1 month ago.

 

The Court was not impressed with the allegations that Nordea removed crucial information from their website, an allegation that their lawyer was seemingly not aware of (a textbook case of a client being dishonest with his own lawyer!).

 

Also, the presiding Judge challenged the objection raised by Nordea’s defence that contended that Nordea Bank S.A. and Nordea Bank Switzerland Branch were 2 separate entities, arguing that it is not admissible to isolate the activities of both `banks¬īwhen they share common infrastructure, use the same lawyers, the same staff at the Marbella Representation Office (our good friend Jesper Hertz) and moreover, when the Swiss website (www.nordea.ch) directs traffic for private banking to the Luxembourg main branch.

 

Unfortunately, the Court has set the hearing for April 2015 (yes, not 2014) which will regrettably allow Nordea, for at least the next year and half, to carry on with their tax fraud activities in Spain.  

Nasty Nordea Bank S.A. Desperate to Shirk Responsibility

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Nordea Bank S.A. lawyers use the tactics that you would expect to find in what is called a Rambo lawyer. They will try to distract the Courts with various underhanded moves and confuse them, attempting to win at any cost even if it is at the expense of the credibility of their own client.

Let us explain further: Nordea Bank S.A. Luxembourg operates in Spain via its Marbella office, run by podgy¬†Jesper Hertz. Some of the contracts that Nordea Bank S.A. signed with their very unfortunate clients were done so by the Luxembourg based Nordea, which is an S.A. (kind of plc), whereas others were by the company¬†Nordea Bank S.A. Luxembourg, Zweigniederlassung Z√ľrich, which their Swiss branch.

According to Nordea’s¬†clever lawyers, the Swiss branch is a separate company altogether and is to be sued separately, as it has no connection with the Luxembourg parent company from where it has taken its name (we are sure of that, yeah, it was actually us who put them in touch with each other and that is why they now get on famously).

Well, some points to consider here when dealing with those Rambo lawyers’ antics:

– Nordea Bank S.A. Luxembourg, Zweigniederlassung Z√ľrich is not authorized to operate in Spain, according to the Bank of Spain. So if it is not legally authorized, how come they offer banking products here?

–¬†Nordea Bank S.A. Luxembourg, Zweigniederlassung Z√ľrich uses Jesper Hertz to sign all of its contracts, as does its parent company. That surely must be a coincidence!

– Nordea Bank S.A. Luxembourg, Zweigniederlassung Z√ľrich responds to clients’ letters through their Luxembourg office…strange?

– Nordea Bank S.A. Luxembourg, Zweigniederlassung Z√ľrich responds to clients’ angry letters with letterheaded paper from their Luxembourg parent company…they must have run out of corporate stationery.

– Nordea Bank S.A. Luxembourg, Zweigniederlassung Z√ľrich uses the same lawyers as the parent company, and also deals with clients through the Marbella branch, and also shares the website of the parent company in Luxembourg, and perhaps, after all, they are the one and only company…

But realistically, who is surprised by a banking conglomerate that invites people, with properties in Spain, through their prolific advertising offered from their Spanish branch office, to defraud the Spanish Tax Office?

 

 

The “Audiencia Nacional” Charges Branch Manager for Fraud

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For the first time, the National Audience has charged a branch manager criminally for mis-selling banking products.

This is a very near miss for the Nordea Bank S.A. boys whose case was thrown out of Court by the same Judge, Fernando Andreu, because he considered that there was not enough evidence to consider that there was a pre-conceived plan, by Nordea Bank, to cheat customers.

In this other case, the Bankia branch manager of a town in the Alicante area (Alberic) was reluctantly indicted by Fernando Andreu because his superiors in the same Tribunal ordered him to include, as part of a more extensive criminal investigation carried out against the CEOs of this bank, the end users who had been scammed into buying “preferential shares”.

After this gentle kick in the backside, the Magistrate has just requested the bank to provide a copy of the informative prospectus and the promotional literature.

Now that the Magistrate seems “convinced”, would he not want to see a copy of the promotional literature as offered by Nordea Bank Luxembourg S.A., from Luxembourg of course, that devises, encourages, promotes and sells tax evasion products specifically designed to cheat the Spanish Tax system (and which was reported), as well as its customers?

Jesper, we think it’s about time that you report your own bank for tax fraud, before it’s too late…

If you cannot find originals and copies of your own brochures don’t worry, we have plenty.

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