Mr. Andrew Duff, Member of the European Parliament, has written to the European Commissioner for Taxation and Customs Union, Audit and Anti-Fraud explaining the so-called Spanish Equity Release Scheme (SERS) sold by a number of banks.
In his letter he indicates that a number of banks and investment companies may have allegedly cheated hundreds of retired owners of Spanish property with a tax-defrauding financial product.
Will the European Commission finally step in, take the time to read the deceiptful promotional literature offered by top-tier banks and make a recommendation to the relevant authorities to take action?
I would like to add NOT ONLY is it “a lot of british expats” that have been effected but also a great deal of Danish ex pats. Hopefully they will be made much more aware of what is developing and join the growing number of people who are demanding action from the autjorities, especially the tax authorities who NORMALLY will chase a citizen for the las 2 euros, YET here we are talking of millions and not one of them seems to be awake to what is and has gone on for many many years!!!??
If you have a equity release scheme then contact Antonio Flores the lawyer from Lawbird in Marbella ( 0034 952861890) who is relentlessly working for the just settlement that these victims of these banks deserve. The banks have displayed an unbelievable greed, totally arrogance and blatant exploitation of their clients using the good name of KPMG as a Blue stamp of approval which KPMG has vehemently denied. Best wishes Robin Carter 0034 618572777
We shall no doubt see.
Thank god – at last SOMEONE is standing up to these evil Banks! I would love to see justice for us all at last but I am not holding my breath!
I asked Rothschild why two of their directors Steven Dewsnip and Mark Countache had both been served summons- but Rothschild refused to comment. The silence is pretty deafening. They provided funding for a scheme which was clearly illegal in Spain. They are in full denial of knowing anything about the scheme. Bit odd dontcha think? Ever heard of a Bank lending money when they dont even know if it is for something illegal or not?
Angela, not only is it illegal in Spain, at least for the purposes of evading both Wealth & Inheritance Tax, but these schemes were outlawed in the UK in the early 1990’s, which would have been known to Rothschild at the time as they were the subject of a House of Lords ruling. Still they chose to sell these in Spain, knowing full well that they could not possibly work. Perhaps this is where they got their idea from. There is really no way they can deny their involvement, we have all the documentation tying it all together. We are still exploring every possible avenue in order to bring these schemes to the authorities. Our lawyers are now finalising all the evidence against a number of banks and we urge any victim of Equity Release to not only join our fight but to get in touch with Antonio Flores of Lawbird Legal Services Marbella. Antonio has agreed to stream any further victims in to his current writs and subsequent proceedings. If you are interested act quickly, and join both Erva & Lawbird in our fight.
Are innocent parties victims or accomplices in a tax fraud scheme?
If a bank and their dubious “representatives” (in league with a bunch of worthless fund managers all of whom have failed to gain licence and product approval) market their products in Spain then they, and not their victims, are acting illegally.
If the same parties approach blameless Spanish resident and furnish them with ideas and brochures describing a “scheme” which falsely claim will allow them to avoid Spanish taxes then they, and not their victims, are acting illegally.
When the Spanish government rules that the “scheme” is a criminal act to commit fraud against the Spanish Tax authority this is absolute confirmation that the bank and their sleazy “representatives” are acting illegally.
It comes as no surprise to Justice for Pensioners that the Isle of Man based Premier Group, with a history of misspelling illegal products in Spain, should have funds (Balanced Fund and Optima funds) involved in these illegal activities.
Our hearts go out to those elderly victims whose lives are being devastated because their property and savings, which took a life time to accumulate, are being stolen by means of a highly illegal scam operated by unscrupulous individuals, often with the complicity of the governments of the countries that host their wretched banks and “investment” funds.
It is quite clear who the victims and crooks are in this matter!
That is a good point. I would imagine that the individual is the one who has committed the fraud. However in the UK one could sue the bank for the “Incitement to commit the fraud” and would this be the case in Spain. We will ask our lawyers what the situation is.
To all our Rothschild members.
Below is a communication from Huw Irranca-Davies MP on his continued efforts to resolve the Rothschild Equity Release Scheme in Spain. We urge all UK passport holders domiciled in the UK to contact your local MP to add weight to Huw’s efforts. You could also ask any of your beneficiaries domiciled in the UK to do the same.
Huw Irranca-Davies MP – Rocthschild Mortgage Equity Release Scheme (Spain)
ALGAR, Andrea J andrea.algar@parliament.
Hi,
Huw has requested that I contact you to advise you of the progress he is making to date regarding The Rothschild Mortgage Equity Release Scheme (Spain)
After being informed of Andrew Duff MEP’s correspondence to the European Commissioner, Huw has recently contacted all Labour MEP’s asking them if they can also write to the European Commissioner so as to add more weight to this matter.
There has been some interest from UK media to interview passport holders affected, and some have offered themselves for Interview. This may happen shortly, but it is dependent on the media interest rather than our office.
Huw will be attending a meeting next week with the Compliance and Legal Director of Rothschild and he will also be in touch with the relevant authorities in Guernsey and Spain. Subsequently Huw will meet with the UK Minister Sajid Javid, who has also agreed to raise this matter with his counterparts in Spain and Guernsey and I will update you as soon as I can.
I would like to take this opportunity to remind you that Huw is unable to represent individual interests other than those of his constituents in Ogmore and as an office with limited resources we cannot reply in detail to all enquiries and comments. However please feel free to contact us with any more information, and we will endeavour to acknowledge receipt of your correspondence rather than provide a detailed response.
If you do have a link directly or through a family member with a UK Member of Parliament you may wish to pursue this matter with them.
Unfortunately as you know my local MP showed absolutely no interest and did not want to involve himself.
neilh
Thanks for your email regarding Surrenda-Link and the Premier Balanced Fund inveigling you into what can only be seen as a “Boiler Room” scam …
That is when your money is put into shares in a Fund that will never show a profit except for the directors and their assortment of hangers-on, including illegal carpet baggers posing as “financial advisors”.
If the “product” was sold to you in the UK you should contact the Financial Services Authority (FSA) because although the Premier Fund is based in the Isle of Man, which is not part of the UK or the EU, if you signed the contract on UK soil you may be entitled to UK protection. Be warned that the Isle of Man regulators are unlikely to show any interest in your case no matter what Premier says or does!
Anyone else any ideas?
We were sold this whilst resident in Spain.
Erva has been created by a few individuals, keen to help, where possible those pensioners who have invested their homes and life savings into what can only be described as obnoxious and fraudulent schemes. Erva appointed Antonio Flores of Lawbird Legal Services and his team, to act on instructions from the Association. They also give up a tremendous amount of their time to help Erva keep within the bounds of the law. Many of our members use the legal services of Lawbird, however it is not a requirement to be coming a member of Erva. Of course many more members have their own legal team either here in Spain, France and UK, to which we help whenever we can. The Erva team are not lawyers, so we are unable to give any legal advice, you should seek this from your own specific lawyer. Remember, if you are unhappy with the service your lawyer provides, you can always change at any time. Lawbird Legal Services, would be happy to see you. They are without doubt the most informed and committed law firm, dealing with Equity Release Schemes.
In reply to Erva above. Although the Premier Shareholders Group has no direct involvement in equity release scheme fraud (involving the Premier Group) our members are victims of one of Premier´s previous “experienced investor” financial products which was sold illegally, by illegal “agents” 13 years ago in a boiler room type scam which caused financial havoc and emotional turmoil amongst the elderly.
If the Isle of Man regulatory “authorities” had acted to control Premier in 2002 that might have prevented their involvement in this equity release scam which began at the end of 2005 …
Although the Premier Shareholders Group victims lost a considerable part of their lifes savings (and forced some to sell their homes) this is not as bad as having a bank marching in and taking possession!
Our sincere commiserations to all equity release boiler room scam victims. We pledge every possible assistance: including sharing our experiences of dealing with banks, accountants and lawyers based in off-shore secrecy jurisdictions such as Luxemburg, Isle of Man and Guernsey where the “regulation” of financial products would appear to benefit the perpetrators of scams and not their victims.
I tried raising the exploits of the SLM Group with the FSA in London but I Got absolutely nowhere .