SwissChoices is about Swiss Quality. And that is how it will be delivered to SwissChoices clients.
At ERVA, we often visualize Allan Graydon sitting at his kitchen table, in his underpants, thinking about how to drive new business in, and, upon coming up with new brilliant ideas, dialling one of the following numbers:
- Nordea Bank (Luxembourg) S.A. Jhon Mortensen
- Peter and Jane, caught up in the Landsbanki scam, asking for €500 to negotiate with infamous Yvette Hamilius.
- BFI Consulting Frank R. Suess
- Swiss Life Ivo Furrer
- Mercadona Calahonda home delivery service.
- Spririt Hairdressing and Beaty Salon, Nueva Andalucia
- Norman Steele, long-standing pal and former partner, who fell foul of some national authorities for fraud.
- Morten Remo Sorensen, current partner fined by the Spanish financial regulator (CNMV) for illegally offering financial investment services on behalf of consumers.
Another great piece of work from the erva investigation team. They do have a way of getting at the truth and backing this up with facts. I guess this is good evidence that will be submitted to the many court actions currently in the court process and others that have yet to be filed. I would imagine that a lot of IFA’s and banks will be a little more concerned after reading this post, if not they should be. I came across a very interesting article on the Internet this morning. See link below. Briefly it relates to HSBC after very heavy fines have been ordered by the US Financial Regulatory bodies to compensate those people that have had their homes repossessed by HSBC for mortgage irregularities. In my opinion ther seems little doubt now that all these types of schemes coming to fruition. More courts and regulatory bodies are realising that something untoward has being going on. There seems to be more and more media coverage, which can only be good for our cause. Lets hope there will be more fines on the way for unregulated IFA’s and that the Spanish authorities follow the same route as the US regulators.
http://m.nbcnews.com/business/hsbc-pay-249-million-end-foreclosure-reviews-1B8039395
Alan Graydon probably phoned the world to see who would join in the scam. No doubt he phoned someone at NORDEA BANK, perhaps not Jhon Mortensen in Luxembourg, but certainly Jesper Hertz their “top banana” in Nueva Andalucia. Did they not call it a “Representative Office” well that is a joke NORDEA BANK have been conducting business there for years, as some of our members have been reporting. Every so often Hertz used to “hot foot it” to the Alicante region to sign up the unsuspecting victims. Was it not reported somewhere in the depths of this web site that for transactions (mortgage loans)over 1,000,000. euro the funds were invested within their sister company (NORDEA LIFE & PENSIONS) in LUXEMBOURG, anything below this was sent to (SWISS LIFE) in Switzerland, never could understand why. Looking at the Swiss Life Brochure, no doubt seen, acknowledged and supported by NORDEA one can now see the lies and fraud that these institutions formulated. We have recently seen from URIA & MENENDEZ in their tax opinion published on this web site, that to “SIMULATE” a debt for the purposes of avoiding/evading tax, could trigger an investigation from the Spanish Inland Revenue ( Providing of course the Spanish Revenue ) were told the truth and made aware of this scam. This brochure also fails to inform their potential victims of this. One would have thought that either JESPER HERTZ, GRAYDON OR SWISS LIFE or all three would have brought this to the attention of their victims. For certain they were aware of it, well NORDEA BANK were, as has been seen in their own brochures. Taking that aside, when examining their brochure, what they are saying is that by taking out a mortgage loan of 250,000 euro you can take 25% as an equity release. This now leaves 187,500 euro which, when invested has to service the loan of 250,000 euro. For this to pay the interest on the loan and to provide additional cash (as the brochure states) the banks investment team would have to produce in excess of a 10% return on average each year over the investment horizon to make it work. As we all know to average these sort of figures, the investment team would have to aim for a minimum of 15% return. Is it possible I ask myself. Most retirees have a small pension to live on, hence their interest in equity release schemes. The truth of the matter is, that banks in my mind have three main roles: to look after their capital; to ensure that their advice will not be to the detriment of their clients; to be transparent in their dealings. In other words, they should never invest in high risk products. Due to the age of their clients they would not be in a position to absorb or rectify such losses. As, has been said before, these vicitims were taken in by mis leading/fraudulent advertising, however you want to term it. As Harry stated. Let’s hope that the courts and Spanish regulatory authorities agree and see these schemes for what they are. FRAUD & TAX EVASION .
Well I think that just sums up the whole situation. In fact I never looked at it in this way, whichever way you look at it the banks must have been aware of what they were doing. If indeed this is the case then it is still fraud, irrespective of the Tax evasion angle. Thanks for pointing this out.
Well done ERVA for more work to aid our cause! The more you dig the dirtier is gets and the shadier the characters involved. Nobody had the interests of their clients at the fore just their own greed. Lets hope the Spanish Authorities and Courts wake up and give us all some justice!
Having been referred to this site, because I am a victim of these shady banks and their greedy employees, I am delighted in what I have read so far. I just cannot believe the lies and greedy people that have been uncovered by ERVA well done guys. It is very assuring to know I am not alone in this fight.
Hopefully we will hear soon about the altered letter from the high class lawyers and the response Nordea will no doubt try and avoid giving to the courts!
Keep up the good work!!
http://www.dailymail.co.uk/news/article-2265253/Exposed-The-regime-fear-inside-Barclays–boss-lied-shredded-evidence.html?ito=feeds-newsxml
How right you are Mr. Bruford. The link above shows further garbage coming out of the Barclays stable.
Briefly it relates to a one Mr. Tinney (Senior Executive) Barclays Bank. According to the Daily Mail he shredded a report which painted a devastating picture of incompetence and arrogance at the bank, showing that executives:
: pursued a “revenue at all costs” strategy.
: fostered a culture of fear and intimidation.
: were “actively hostile” to the idea of compliance with bankers rules.
: presided over a “broken culture” where problems were buried or ignored.
: allowed the busines to spin out of control.
Looking back over the work that the erva investigation team has done, perhaps not only Barclay’s have committed this cardinal banking sin. Maybe we will never know. Unfortunately the Scandinavian & Luxembourg Regulatory Authorities do not appear to have the same will as the FSA and US regulatory authorities when it comes to control. They themselves tend to bury their heads in the sand and pretend the banks under their supervision are whiter than white. We don’t think so. Lets consider one casing point on the subject of one of the points above. Number 3 : were “actively hostile” to the idea of compliance with banking rules. Has it not been reported on this web site that NORDEA BANK SA (Luxembourg) totally ignored their own Associations “CODE OF CONDUCT” the Luxembourg Banking Assosiation (ABBL) in relation to mis leading advertising, which is currently being investigated by the Mercantile Court, Malaga. Have other banking rules have been breached. We might add that mis leading advertising is not permitted under EU Law. I will let you answer that one yourself. Who knows what else went on in the other banks that have been responsible for the equity release mayhem created in Spain. For certain, the longer that these investigations both by the Erva investigation team and the press from around the world go on, much more will be discovered.
I get the impression that if you are a bank in the UK you do not mess with the FSA. You therefore have to ask the question why is Nordea ( a Danish bank) based in Luxembourg and not the UK, perhaps it s for more reasons than tax!!
For Robbie 4. As you will have read in the past several months, more and more UK banks have been either fined by the FSA or found guilty by the English courts for mis selling financial products due to their greed. In fact its becoming an epidemic and we are sure we have not seen the last of these. Erva’s members have told us that there are a number of banks currently being sued in the English courts for mis selling, these will no doubt surface in the fullness of time. So keep logging on and we will up date you as information comes in. Erva and their investigating team have uncovered many documents, some of which have been posted on the Internet. Others we will also post as and when these have been ratified by our lawyers as authentic. Many others of course will not be posted as these are or will be part of the victims lawyers court claims. We cannot tip our hand to the banks too much who will shortly be receiving writs. We also have denounced a number of banks to the Spanish Regulatory Authorities which are currently under investigation by these bodies. These include The Bank of Spain, CNMV ( the Spanish Investment Regulator) the DGS ( The Spanish Insurance Regulator) and the Spanish Inland Revenue. A number of courts are also pressing them for replies so that the cases can go to the next stage. Unfortunately the wheels turn slowly in Spain unlike the UK, where the Authorities have to produce their findings within strict time limits as laid down in law. Of course much is going on behind the scenes, what you see is only the tip of the ice berg. The banks that have operated their fraudulent schemes in Spain are very aware of the situation and play for time, however the clock is running down for them.
Thank you for the information and update ERVA. You are doing a great job. As we say in England don’t let the bu**ers get you down!!
Luxembourg is a paradise for embezzlers, some people have got away with it for decades without getting caught.
Hi there does anyone have any update on the situation with the Swiss Choices scheme and where this leaves people that are sat on these swiss life policies? Any information gratefully received.
Hi All does anyone have an update on the swisschoices scam and where this leaves those that are sat holding a swisslife scheme? Any info gratefully received.