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?
A few posts ago we wrote about a complaint filed by no less than 180 victims of the Equity Release scam; now we have a video, partly in French, where some victims and their lawyers explain to the Luxembourg press the reasons for bringing theLandsbanki Criminal Complaint.
Legal grounds for bringing such an action seem clear and undisputed:
Fraudulent misrepresentation of tax benefits associated with¬†the scheme.
Fraudulent misrepresentation of the income benefits associated with the scheme.
Allan Graydon is yet again mentioned here and yet again, he is refusing to come forward to confirm that indeed, he sold the products, knowingly or not, on the above 2 spurious premises.