Marbella Courts have accepted a claim against Nordea Bank S.A., and former Danish Army Sergeant turned Managing Director, Claus Jorgensen, for misleading publicity and swindle.

The claim comes as a result of new revelations that would prove that Nordea Bank S.A. ran a tax-evasion scheme in Spain, targeting hundreds of owners of unencumbered homes,  whereby a fictitious loan would be officially registered with the main purpose, according to a letter signed by Mr. Jorgensen himself and addressed to the CSSF (Luxembourg regulator), of reducing the value of the property for Inheritance Tax purposes. The loan was then invested in a Nordea-backed “Bancassurance” product, capable of protecting and safeguarding your wealth in order to secure an optimal financial existence for you and your family.

According to Nordea’s advertising, the safety of the product was almost guaranteed when admitting that “it is improbable that the Spanish Tax Office will come knocking on your door…”.

Caught with their pants down, Nordea’s alibi now is not unfamiliar: “it’s not what you think, we just gave general tax advice but you were urged to seek your own private advisors…”.

One has serious doubts about the sanity of the people running this bank: they first issue a booklet called “Guide to Wealth and Tax Planning in Spain”, they then state that it was “merely general advice not amounting to tax advice and certainly not to be relied upon” and finally, they withdraw the booklet from internet 15 days before a pre-trial hearing that was specifically targeting the advertising of the booklet.

Mr. Jorgensen, aware or not that this constituted tax fraud, would have been responsible for loan sign-ups totalling 45 million Euros, only in the Malaga province.

If this degree of moral corruption is surely intolerable in the Danish Army, why would it be acceptable for a bank? Claus, did you not learn anything in the Army?


Letter to Regulator:

Nordea Tax Booklet:

Letter from Spanish Tax Office:

Bancassurance Product: