Tag archives for Jyske Bank

Current Landsbanki (and Jyske Bank) Lawyers’ Offices Raided by Customs and Excise

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Plazas Abogados’ offices in Sotogrande have been raided by 12 Customs and Excise Task Force officers a few hours ago, in connection to the arrest of former Spain’s Vicepresident Rodrigo Rato.

The Spanish Prosecutor ordered members of the Customs and Excise and National Police Forces, with the collaboration of San Roque Court Number 1, to search the offices for any sensitive information as part of a probe into allegations of potential money laundering and embezzlement.

The Spanish Prosecutor accuses Mr. Rato of regularising an unjustified and dubious money flow in 2012.

Plazas Abogados also advises Jyske Bank. 

 Judging by events sorrounding her choice of law firms, its been a pretty weekus horribilis for Yvette Hamilius. Then again, she’s never shied away from her bank’s tax evasion practices.

http://politica.elpais.com/politica/2015/04/16/actualidad/1429202807_685875.html 

http://www.20minutos.es/noticia/2434520/0/registran-bufete-abogados-sotogrande-cadiz-marco-investigacion-sobre-rato/

According to the CNMV, Offshore Money Managers is a Cowboy Operation

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OMM, or Offshore Money Managers, has been living very well for far too long on the back of a lie: that it is registered to conduct investment business.

But they are not, and dishonest Mr. Colin McCready knows it far too well in spite of which he has managed to get away with his insurance broker “DGT license” -which he is fully credited with having allowing him to sell car/house/life insurance policies- to conduct investment business, which he holds no license for.

That said, Mr. McCready has also been an exceptionally efficient tax-evading Equity Release travelling salesman (Jyske Bank, Landsbanki…), and that has placed him in the spotlight. Unfortunately for him, he has left a trail of incriminating obnoxious publicity that is causing anguish to countless pensioners.

According to the law under which he is regulated, the following needs to be observed:

Insurance brokers will provide truthful and sufficient information in the promotion, offer and subscription of insurance contracts and, in general, in all its advisory activities.

In the next posts we will publish part of Offshore Money Managers publicity to see if it at all, it does in fact comply with the above.

 

Jyske Bank Targeted for Tax Evasion

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Jyske Bank has been targeted by a Danish TV company in respect to advice on how to defraud the Danish Tax Office.

The programme, largely filmed with a hidden camera, shows how Jyske uses the Gibraltar and Swiss branches to conduct illegal activities, described as “disgusting” by the Danish Tax Minister.

El Confidencial newspaper, who a while ago published an article that was inspired partly on an ERVA posting, is again sniping at Jyske Bank.

Great job by Niels Fastrup!

Rothschild: we never provided financial advice

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One of the many excuses Rothschild put forward to excuse themselves of any wrongoing (and they have a case ready of excuses, just in case!) was that, when shamefully selling the nefarious CreditSelect loan (the mortgage loan which should not be seen as one thanks to “Rothschild conservative approach”), they never provided financial advice. 

The reality is different: Rothschild not only provided tons of financial advice (abundancy of literature proves this), they actually selected the funds where the monies were to be invested in and there was no compromising in this.

For the pensioners, there was no reason to distrust their set up, as they put it:

Thanks to Rothschild’s conservative approach, clients will not be exposed to unnecesary risks

Mike Atherton has a very interesting column in the Money Section of The Times and very much line with the above, wrote an article yesterday (2/2/2013) titled When advice is not advice.

 

One of my Times Money colleagues recently sat in on a consultation her mother had with a mortgage expert. Strictly speaking, the expert was not offering advice but “information” about mortgages. However, as the conversation ranged over different mortgage products and her mother’s available options, my colleague could not help feeling that, whatever the official label, this felt more like advice than simple information.

 

This blurring of the distinction between information and advice is not confined to the mortgage market. The entire financial services industry is full of grey areas where consumers may think they are receiving one thing, when in fact what they are officially being given is something rather different.

 

The problem is especially acute in the investment world. Over the past 20 years a range of execution-only intermediaries, including discount brokers and investment platforms, has sprung up to offer investors a vast amount of information and research, but not advice.

 

They are competing for business with financial advisers, who, as the name implies, do give advice, as well as offering access to research and financial data.

 

So you have advisers on the one hand and intermediaries on the other, both helping investors with their investment choices and both offering them the benefits of their research and analysis. Investors could be forgiven for failing to spot the difference.

 

But the distinction is important because investors should be crystal clear about whether they are receiving financial advice or not. If they mistakenly think they are, they could be lulled into a false sense of security about the appropriateness of the product they are buying.

 

Some financial advisers suspect that their execution-only only rivals have not exactly been unhappy about the blurring of distinctions. The more cynical point to the many cases where intermediaries have drawn up lists of their preferred funds, or produced glossy booklets highlighting a small number of carefully selected funds, while making no mention of the rest.

 

What, the cynics ask, does this represent, if not a recommendation to buy certain funds and ignore others? The intermediaries would respond that they always issue a clear disclaimer that none of the information they provide should be construed as amounting to a recommendation or advice. But the cynics say that if it looks like advice, sounds like advice and feels like advice, investors are going to consider that it is advice.

Does anyone still believe today that Rothschild did not provided financial advice?

How much longer can they persist in pursuing this grand larceny?

 

Petition Filed With Courts to Declare Jyske Bank Valuations Illegal

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Lawyers acting for a Jyske customer have filed a petition against Jyske Bank to declare foreclosure proceedings null and void,on grounds that the valuation was carried out by an unlicensed valuation company, Gibsons Chartered Surveyors.

And whilst the company’s legality was not put under question, their ability to legally provide valid valuations for mortgage loan purposes in Spain was and therefore, acting lawyers have requested, initially, that foreclure proceedings are halted and annulled and will, at a second stage, apply for the mortgage loan contract to be set aside. 

Lawyers acting for the bank have contested the petition by claiming rather confusingly that Jyske Bank A/S London Branch is not Jyske Bank A/S Denmark nor Jyske Bank Gibraltar, and that as a result, they do not come under Spanish laws. This has proven to be a lie.

Also, they have not however contested the fact that only companies authorized by the Bank of Spain can provide valid valuations and insist that, as the loan was “granted” in London, Uk laws apply to the loan.

The repercussions of this could be enourmous for Gibson Chartered Surveyors have worked for Barclays Bank Plc, Newcastle Building Society, Norwich and Peterborough Building Society, Credit Suisse (Gibraltar) Ltd, and ABM Amro Bank when giving out, presumably, hundreds of mortgage loans in Spain.

JYSKE BANK GIBRALTAR ACCUMULATES ADVERSE COURT RULINGS IN SPAIN

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Jyske Bank Gibraltar is one of those financial entities that we can say has been, for some time now, sailing a little too close to the wind.

The latest scandal in the making is the proposed eviction of a Spanish resident lady, called Anne (pictured), who somehow managed to become eligible for a loan of €550,000 after presenting her credentials to the bank: survivor of several cancer operations (the last one 2 months prior), jobless, resident of Spain, never registered with the Social Security and with a meager €150/week pension from Belgium.

This form of predatory lending is certainly unknown in Spain where mortgage scandals generally relate to 120% loan-to-value mortgages, abnormal assessment of debt-to-income ratios of borrowers and other similar excesses.

Jyske has done that and more: they have lent where there was absolutely no physical possibility to repay (so much so that the Anne could not even cover the first repayment), have used an illegal company in Spain to assess its value (i.e. not registered with the bank of Spain) and moreover, have been happy with a valuation on the property next door because they could not find keys to the one transacted! Such a display of Nordic efficiency so that they could give out €550,000, seemingly in desperation to lend, to a convalescing jobless 62-year old lady (66 now) who already owned her little apartment outright -mortgage free-, and who thanks to Jyske would enjoy the benefits of a 35 year repayment plan (last repayment when she reached 97).

When Anne’s ex-husband found out what Jyske, and his ex too (!), were up to, he tried to prevent the mortgage loan from being signed by addressing a letter to Mr. Christian Bjorlow, Jyske’s Managing Director at the time of  the infamous event, who rhetorically (or rather sarcastically we would add) responded by manifesting, in obvious incoherence with the financial status of the borrower, that:

“No responsible lender should grant a loan unless it reasonably believes the borrower has the ability to repay it…after carefully considering the facts along with the supporting documentation available to me, I am of the opinion that the bank has acted with due care and attention to this matter and consequently, I am unable to withhold your claim.”

Luckily, the Spanish Government yesterday passed a law stopping dangerously immoral people like Bjorlow from evicting vulnerable people like Anne.

Jyske’s historic relationship with Spain has traditionally been bumpy, to say the least. In 1994, they closed their Spanish branch for reasons we do not know. In 1999, they re-opened the branch with a view to serve the diverse expat communities investing heavily in Spanish property only to order its closure again in 2007, so that they could operate from the safety of Gibraltar it appears (cross-border service), and on the 26th of April 2010 they were fined by the Bank of Spain with 1, 7 million Euros for failing to comply with Spanish anti-money laundering provisions.

A while before, in 2004, the Supreme Court ruled against them by upholding a Court of Appeal ruling that ordered Jyske to pay an ex-employee compensation (€70,000), whose loan had been wrongly foreclosed because, even though it was agreed that whilst he worked for bank he would enjoy special terms and conditions, failing to pay higher interest when he left was not agreed as a “foreclosureable” default. As it happened, he had opted for a job with another bank which, clearly, was not of the liking of the bank. According to the Court, Jyske was found “…lacking good faith when exercising its rights under the mortgage loan contract”.

And not that long ago either, the Malaga Court of Appeal ruled that Jyske was not the owner of a company, Valiant Holdings, whose shares were pledged in guarantee of a loan repayment on a Spanish property. In spite of this, they chose to flatten the gardens, cut out the windows and close them up with wooden planks.

Last year, the Olive Press stepped in to help a victim of rogue trading and as recently as the 4th of October 2012, the Advocate General issued an opinion to the European Court of Justice, as requested by the Supreme Court on occasion of the appeal filed by Jyske Bank Gibraltar to the imposition of the 1, 7 million fine, to the extent that Spain has the right to exercise its right to supervise any bank operating in Spain, in respect of anti-money laundering provisions and any other matters of public interest, regardless of whether they are, or not, operating via a branch.

And we would not like to finish this post without a reference to what is going to be the very latest scandal to soon hit the headlines: the Equity Release tax-evasion fraud perpetrated by Jyske Bank Gibraltar.

 

 

Jyske Bank’s Officer and Gentleman

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Exceptional advertising article of Nicholas Wright, Head of Business Development at Jyske Bank Gibraltar.

 

 

In it, we can read things like:

 The Jyske Bank is renowned for being the cream of the crop; indeed, it includes people who have worked at highly prestigious institutions such as the Bank for International Settlements in Switzerland

Does that include bad crop such as unregulated (now disappeared) partners OMM, who extensively sold equity release to British pensioners and disabled retirees with –obviously-  limited income, on fraudulent tax evasion proposals and deceitful regular income promises?

Now Nicholas, why don’t you pull rank and pull your spade out to rip apart equity release contracts that your employer sold largely to British people in Spain?

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