The Mercantile Courts in Malaga have made a request for lawyers -acting for claimants over the misselling of CreditSelect loans as a means to avoid IHT- to provide a Spanish address for notification purposes.
It is the case that NM Rothschild & Sons, commonly known as Rothschild according to Wikipedia, has a website that boasts offices all over the world, including Madrid and Barcelona.
Should the Court accept any of the above addresses service of process will be duly carried out and Rothschild will have 20 days to respond to the allegations that their company, in their capacity as lenders, a specifically envisaged, designed, marketed and sold a product, the Credit Select Loan Series 4, to defraud the Spanish Taxman.
We must remember that Rothschild has vehemently denied ever providing any type of financial/investment advice. Quite so, the claim has nothing to do with this but with the fact that, in their own words, with the “Rothschild mortgage inheritance taxes would be reduced from a whopping 81,6% to nil”: no more and yet no less.
Rothschild need to be aware that advertising a service or a product is a serious matter because, as you would expect, the public reacts to such offer and acts on it. More so when people rely on Rothschild core principles.
This is exactly what happened with the Credit Select Series 4 Loan: Rothschild, or all companies, offered it as a legal means to avoid crippling Spanish IHT and people bought, because they trusted them.
Now we know different, but so do they…
Not sure why Rothschild’s addresses in Spain could possibly not be accepted, am I missing something ?
Quite right. Rothschild have lost the plot, or have they. In fact they know precisely what they are doing. First they deny giving the investment advice, then deny having anything to do with the scheme as they were only the lenders. However have we not seen on this web site documents/statements made by Rothschild representatives, directors and senior Rothschild management, stating that the prime purpose of Rothschild involvement was to assure their customers that they would be able to cheat the Spanish Tax Authorities by subscribing to their tax avoidance scheme, which in their own words was a legal way of avoiding tax. We all know that this has been declared as tax evasion and tax fraud (depending on the amount of the fraud) if my memory serves me correctly anything over 125,000 Euro. Of course they now realise that they have been given wrong information from their tax advisers, personally I don’t think they ever sought the advice in the first place, but relied on their agents advice on the Costas. Actually this is pure greed. Now realising that Erva and their lawyers Antonio Flores at Lawbird Legal Services Marbella are not going to give up their fight, now revert to all the Banks standard practise of trying to fall back on Jurisdiction issues. Of course they have the money and can employ the best lawyers that money can buy. This they have a right to do. They also have the right and moral principles to admit that they have miscalculated and should settle tis matter before reaching the courts. It is nice to see that the Mercantile Court have issued instructions for Rothschild lawyers to stand up and be counted and inform the court where service of proceedings can be made. Erva are correct in stating that under the EU regulations proceedings can be served at any branch of Rothschild either in Madrid or Barcelona. Lets hope that the Judge will instruct the Spanish lawyers for the claimants that they can serve proceedings in either of these Cities and get on with the court case, hopefully the claimants may win by default. Now that would be interesting.
The cowards behind these financial scams are well aware that elderly people present an attractive and easy target, not least because they are far more likely than younger people to have easily accessible savings or unencumbered assets which can be easily liquidated. Add to this that older people tend to live a more isolated life and are less likely to have access to the internet as a checking tool to safeguard themselves by seeking genuine information and professional advice.
Financial products are deliberately made complicated, particularly when sold as phony tax avoidance schemes linked to useless investment products which are profitable only to greedy fund directors and their bogus salesmen but never the investors.
That these sham products are sold, without licence or permit, as “retail products” to elderly, financially inexperienced people, reveals the full extent these parasites will go to steal money from the elderly. And once these schemes are exposed as worthless the fraudsters employ expensive lawyers to squirm out of taking responsibility for causing pain and misery amongst innocent and often defenceless pensioners.
The Magna Carter set down the fundamental principle that the law is supreme and no one, not even the King himself, can deny, delay or sell justice … Clearly the “governments” and their various “agencies” in squalid tax havens such as Luxemburg, Isle of Man and the Cayman Islands consider themselves beyond the law and are prepared to protect financial companies based within their jurisdictions at the expense of their elderly victims.
Support Antonio Flores in fighting for justice for the casualties of these frauds.
With reference to the article Rothschild Case: Malaga Court Demands Spanish Address for Summons published on the 10th May 2014 especially the comment below:
Should the Court accept any of the above addresses service of process will be duly carried out and Rothschild will have 20 days to respond to the allegations that their company, in their capacity as lenders, a specifically envisaged, designed, marketed and sold a product, the Credit Select Loan Series 4, to defraud the Spanish Taxman.
It is now the 7th June 2014 so 28 days has lapsed could we please have an update as to what is happening.
Hi Eddie,
I will write a new blog post shortly to explain the current status.
Antonio