Tag archives for Sparekassen Lolland

Expert Witness Reports on Equity Release Concluded

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The first 2 reports drawn up by the compay Muntaudit (http://muntaudit.es/) have now been received.

One refers to Nykredit/Sydbank and the second one to Finansbanken/Sparekassen Lolland Equity Release products.

The first point that the independent firm of financial auditors has highlighted is that the product was taken out for the purpose of obtaining a tax advantage and securing an income stream. The report then notes the following:

  • The contract of Equity Release was offered to pensioners as a way to improve their quality of living by providing an additional income stream (in addition to the false tax advantages).
  • The contract does not clearly warn of the risks involved in the transaction -interest rate risk, exchange rate risk, price risk, market risk, operational risk, lack of liquidity risk, early redemption risk (on the side of the bank)-
  • It is considered to be a high-risk complex instrument.
  • The contract does not include the TAE clause (in English, APR or Annual Percentage Rate)
  • The ability of ever producing a result as advertised by the bank and agents, irrespective of the investor profile, is very low.
  • For a low risk investor, the product has an almost 100% probability of producing a negative result from the very moment it is signed.
  • The product is classified as “high-risk” and not suitable for a low risk investor.
  • The client profile, highly conservative retail investor, had specific and concrete requirements and as such, had they known the type of investment they were getting into, these contracts would have not been taken out. 
The reports will be used in the legal claims that are being filed against banks who marketed, offered and mis-sold Equity Release products to a very large contingent of pensioners residing in Spain.

Sparlolland/Finansbanken on Equity Release Sales Techniques

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For Sparlolland, previously Finansbanken A/S, selling a 2,5 million Euros Equity Release product to a Marbella-based artistic painter was a matter of discussion over a cofee, or two, at the Guadalpin Hotel.

We cannot even imagine what sort of bullshit was the poor man fed by Maria Tremurici-Falter, Marbella-based retiree that occupies her time doing anything from advising people on how to multiply their money by making the right decisions to organizing charity dinners, Michael “Mich” Weisz, a man that ran The Mortgage Company and is now awol,  and Pernille Bering, from the bank.

The unfortunate life-changing meeting lasted, according to the bank, between 1.5 hours and 2 hours, time enough for a painter devoted to German expressionism to digest a course on Danish-bond historic performances, Luxembourg-based Lex Life insurance wrappers taxation and the real meaning of Security Coverage Ratios.

Next morning, he was sitting in front of a Notary Public, these useless social parasites who actually do manage to do their work correctly: check that your face matches that of your passport.

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.

 

 

Meet Sparekassen Lolland’s Agent for Spain

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Maria Tremurici- Falter

Her name is Maria Tremurici-Falter and she has written millions of Euros worth of tax-evading equity release.

But we believe she must have resorted to other means to lure unsuspecting property owners to the Equity Release trap because the infantile sales-pitch below, surely, would have put anyone off straight away.

http://www.cyg-consulting.com/

CYG -CONSULTING GRUPPE (Specialized in Equity release) as a result of knowledge

Many years in contact with clients and financial institutions has taught me that there could be some problems – because of age, income…

What makes CYG -CONSULTING GRUPPE different: We are no magicians, but we try to find solutions – and sometimes it works.

Equity release: problems with the bank? Call us
Lifetime mortgage: you get monthly income and can not lose the property
Our experts in properties with “below market value” help investors to find the right investment (developments, plots, villas, hotels, commerce)

Special for English / Irish people: We offer QROPS / EURBS

In any case: Contact us. We will do our best, to help you!

Sparekassen Lolland and “Strategic Asset Allocation”

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Strategic Asset Allocation was the pompous description coined by FINANSBANKEN A/S, taken over by Sparekassen Lolloland, to encapsulate a deceitful equity release product.

The sale of this financial sham was entrusted to a lady called Maria Tremurici-Falter, a Marbella socialite that does anything from complex financial products to charity expensive dinners or “knowing people”, and Michael (Mitch) Weisz, a mortgage broker who we cannot trace. They were both given a nice kick back of 1% of the value of the contract (at a minimum contract value of €1,000,000, not a bad day’s work!).

The below points give an idea of the monstrous set up Sparekassen Lolland came up with:

  • Sold to unsophisticated foreign pensioners mostly that had no need to prove an income to qualify.
  • Used the services of Costa financial pirates to market and sell the product.
  • Offered the generosity of 1,5 hours of advice at the Guadalpin Hotel, by Danish-based staff who flew in the day before closing; the contracts being all ready to be signed off at the local Notary office.
  • Used the services of valuers that were not regulated by the Bank of Spain, in spite of which they declared, on a public deed, that “…the valuers used are fully regulated by the Spanish authorities to carry out valuations for the lending market”.
  • Flouted the laws applicable to investment products: lack of compliance with regulations pertaining to obligatory registration of prospectuses, informative triptych and contract with the CNMV.
  • Indicated that 8% return was not an unreasonable return…when the product was taken out.
  • And of course, were cleverer than the rest of Spanish banks by offering an “original” tax-dodging financial product that would alleviate the burden of horrible Spanish Inheritance Taxes.

Article 27 of the Unfair Competition Act (Ley 3/1991 de Competencia Desleal) states that:

 “…practices that convey inexact or false information in respect of the nature or size of the danger that a user or consumer or his/her family would be faced with, should he not take out the service or product, are equally deceitful, and will be deemed illicit”

Is this not what all these banks came up with?

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