Tag archives for Jesper Hertz

ERVA reports Tax Fraud to the Spanish Tax Office

Having been made aware that NORDEA BANK LUXEMBOURG may be assisting inheritors on the delicate issue of filing IHT returns in respect of deceased subscribers of the tax-evading Nordea Mortgage + Unit Linked Policy package, it was deemed convenient to report this to the Spanish Tax Office.

The “denuncia” informs the authorities that NORDEA Bank Luxembourg S.A. could be advising inheritors on how to fraudulently register the mortgage loan in the tax form, as a real debt, also fraudulently leaving out the value of the unit-linked policy altogether, even though the sums obtained by the inheritors are fully taxable in Spain whether the inheritor is a resident, or not, contrary to Nordea’s publicity.

Tax Fraud is a crime prosecutable in Spain where the sums defrauded exceed €120,000.

A unit-Linked policy worth €500,000 inherited “abroad” and not declared in Spain, that is, with the assistance of Nordea’s Jesper Hertz (Marbella) and Jhon Mortensen (Luxembourg), would defraud the Spanish Tax Office €125,805.34…


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.

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.

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