Surely lawyers representing the claimants in the criminal complaint against Landsbanki would have had this workflow diagram explaining how the Equity Release scheme was perpetrated.
Conversely, if the scam was so obvious, we wonder why lawyers acting for Landsbanki, if we consider them professionally able to resist the appeal of abundant legal fees, did not take exception to this aberrant product sold tranquil risk-averse retirees who had achieved in life a dreamed aim: having no mortgage.
How come did they no spot a clear deception marked by such a noticeable violation of the laws and the morals?
More and more questions to the participants who still today…observe a total yet suspicious silence.
I wonder if I am reading this correctly. Surely Landsbanki Luxembourg SA cannot have produced such a document. Then again their name is clearly there for all to see. The way I read this is for the Process & Timing Overview. The average processing time is 45-90 days. However if you want this to be legal it will take longer. The truth is if you want this Scheme to be legal you could wait forever. Second point you will receive personal visits from brokers and professional introducers (whoever they are) for certain none of these people are registered to sell such products (correct me if I am wrong) Thirdly you will have your property valued by two valuers if over two million euro only one if lower. Non of the valuers mentioned ie Cluttons (don’t know the other one) certainly Cluttons are not licenced by the Spanish Government to carry out such valuations, as has been reported on this site in the past. Fourthly, Lex Life Capital Assurance and Asset Management. Are they not aware that under the Spanish Life Insurance Regulations, I presume it is a Life Insurance Policy, that for this to be classified as a life insurance policy with reverse motgages the funds must be placed in a dedicated fund outside the control of the policy holder. Perhaps these people should check if they are complying with these regulations.
It is rather a strange document. I certainly does seem that they were not sure if the product they were selling was legal. If what you say is correct, how can it be legal if Cluttons was not licenced by the government, could this not lead to valuations that may have been inflated thereby making them fraudulent. There seems little doubt now that the French & Spanish group will instigate criminal proceedings in Luxembourg. It has also been reported that one Lansbanki victim has won their case in the civil court in Spain the contract was made null and void and an award of some 25,000 euro was made and more importantly Landsbanki had to pay the costs.
From reading the post on the Luxembourg criminal proceedings it perhaps won’t be long before the Landsbanki issued will be resolved. That will be one out of the way. It looks like there has been an epidemic of criminal activity on the costas. It seems to me that this will not go away until all these banks either settle or end up in court, either criminal or civil.