Tag archives for ROthshcild Bank Spain

Rothschild Loses Equity Release Case in Spanish Courts

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International Property Finance Spain Limited (“IPFSL”), an unregulated corporate ramification of sinister N.M. Rothschild & Sons, is the next entity on the long list of Equity Release providers whose contracts have been declared null and void by Spanish Courts.

In a very elaborate recent ruling, the Courts have found in respect to Rothschild and IPFSL that their allegations cannot be upheld, for the following reasons:

  • The Credit Select Series 4 loan is a leveraged product classified as complex, for it is always used to invest in the financial markets. The loan is always linked to an investment that is pledged on behalf of the lender.
  • This product was presented as a means to avoid the devastating effects of the Spanish Inheritance Tax, presented as a voracious levy, by mitigating or even neutralizing its consequences.
  • The Credit Select Series 4 loan, sold through Hamiltons Financial Services, was offered by Rothschild -presenting itself as originating in a family of prestigious aristocratic lineage and noble descent- and meant the remedy for the very concerning issue of the Spanish Inheritance Tax.
  • Hamiltons Financial Services intervened as intermediary and advisor, always on behalf of International Property Finance Spain Limited who in turn, operated as an Investment Services Company (ESI) on behalf of Rothschild. This conclusion is arrived at -despite not being any contract linking both companies- because whether contractually linked or being a free agent, the actions of Hamiltons fully benefited IPFSL, who also did not oppose such actions.
  • The Credit Select Series 4 loan is declared null and void as a result of the customers not being properly informed of the risks, the product not being suitable on the basis of their age, financial expertise and objectives and more importantly, being misrepresented in respect to the confiscatory nature of the Spanish IHT and the “antidote” offered by this product in addition to the empty promise that the investment would generate enough to pay for the loan.

Concluding, the Court orders the cancellation of the mortgage loan signed with the defendant IPFLS and orders the claimants to return the advance payment received.

(acting for the claimants in this case was solicitor Salvador Martinez Echeverría).

Rothschild Directors Sought by Denia Court

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Mark Coutanche and Stephen Dewsnip have been requested to turn up at the Denia Court to be notified of criminal charges being bought against them.

The General Directorate of Police and the Guardia Civil in Madrid have been issued “with Code 1” requests (current address and/or whereabout search warrant) so that they can be notified of ongoing criminal proceedings in Spain.

According to the warrant, the last known address was Paseo de la Castella N 35, 3rd floor, in Madrid, an address that coincides with that of their Madrid offices; it appears that an attempt to deliver a copy of the summons bore no fruits.

The warrant was issued on the 26th November 2013 and ends on the 26th November 2018.

Making service of process difficult has become a useful tool for any lawyer acting for Equity Release banks and NM Rothschild & Sons, a bank known for redifining the meaning of the term “double-standards”, is not going to miss an opportunity to make the lives of their clients-turned-victims a tad more miserable.

N.M. Rothschild & Sons is accused of selling mortgages to Spanish-based pensioners as a tool to defraud the Spanish Tax Office, albeit as a legal product, alongside deliberately concealing crucial data that would prove that their Equity Release product was impractical, from an investment point of view.

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