Tag archives for SLMB

Málaga Appeal Court slams SLM for illegal mortgage selling.

Ver las imágenes de origen

The Málaga Appeal Court has rejected all grounds for appeal brought by SLM (Surrenda Link Mortgages) against the primary ruling by a Court of Instance in Fuengirola.

In the extensive ruling, the Courts bases its decision on 3 main arguments:

a) SLM had no authorization to sell what the judges deemed as a complex financial product made up of a mortgage loan, and a speculative investment vehicle. Not having a license to operate in Spain renders this proposition unlawful, and as such null and void ab initio.

b) The “lender” misrepresented material facts pertaining to the associated investment risks, labelling the product a safe choice to avoid inheritance tax (IHT) but also, a safe (again) bet to achieve an income. This turned out to be false.

c) SLM sold the product through a network of unqualified financial advisors, and a “selected” group of lawyers who, naturally, had zero financial investment capacitation or knowledge.

The high provincial Court rejects SLM’s attemp to fragment the product into a benign mortgage loan and the investment “arm” of the product, confirming that they could no exist without each other in the open market.

The ruling can be appealed by SLM at the Supreme Court, an appeal that would be seen as cruel, unecessary and a mere delay tactic to prevent the inevitable from happening: the invalidation of the mortgage loans on the claimants´ properties and their right to move on with their lives.

The Premier Group Isle of Man Files Response to Equity Release Action

The Premier Group (Isle of Man) Limited has formally responded to Court papers filed by Equity Release Victims against this company and SLMB, their lenders.

The main allegations contained in the writ reveal a great deal of anxiety and worry, consistent with a very significant claim value of circa 6 million Euros.

In their defense, The Premier Group has avoided alluding to inheritance tax, lack of regulatory authorization to operate in Spain and financial miselling. Their main argument, aided by a partisan “independent” report drafted by their Isle of Man lawyers, CAINS, is that The Premier Group (Isle of Man) Limited was incorporated in July 2007 and therefore, could have never had anything to do with the SITIRS (Spanish Inheritance Tax and Income Release Scheme) which, according to their independent lawyers, was devised and promoted by ‘another’ company called “Premier Balanced Distribution Inc”, based in British Virgin Islands, a revelation that logically exonerates them from any responsibility and thus…case closed!

Such is the confidence of The Premier Group’s Spanish counsel that they liberally dub lawyers acting for the claimants as clumsy and inept, considering the magnitude and implications of this gross oversight.

What these lawyers have not realized is that Mr. Michael Richardson (photo), the mastermind of this illicit tax-evasion mechanism, boasts the following on his website:

In 2001 founded the forerunner fund group that became Premier and has been actively engaged in the design and management of many offshore funds.

The extent of this legal bungle is corroborated by yet further admission that they are, in essence, the same company:

The Premier Group (Isle of Man) Limited (“Premier”) is the successor of a fund group established in 2001 and is responsible for designing, distributing and managing a range of investment funds to investment intermediaries and financial institutions throughout the UK and international markets.

Further evidence that supports that both companies are the same will be produced in Court and, where appropriate, divulged in this website.

As for SLMH, they have not yet filed their defense papers that we are aware of.

Peter Male: Another Rothschild Costa Cowboy

Prolific activity by Rothschild and Surrenderlink (SLMB) back in the days of cheap money translated into more and more victims.

Peter Male Financial Advisors had its pros and cons:

  • Pros: offered top advice on 2 fronts, financial and tax, to unencumbered property owners so that they could deal with taxes more efficiently and get an income via a Capital Guaranteed deposit.
  • Cons: it was all a con.

Peter Male Financial Cowboys offered just that, trash advice.

Skip to toolbar