Second-largest Spanish bank, BBVA, in what has been described as a landmark ruling, has been found guilty of misleading advertising when offering customers foreclosed properties through printed publicity material.
The specific illegality refers to inserting a disclaimer at the bottom of the ads where it read as follows:
The information contained in this publicity is not of a contractual nature as it merely has informative purposes, being the promoter able to freely modify the characteristics of the offer at any time.
According to the Mercantile Court Number 2 in Madrid, this advertising is illegal and has to be removed.
Also, the bank will have to post rectifying publicity in all BBVA branch windows throughout the country.
Source: http://www.ausbanc.com/web/Condena_ejemplar_a_BBVA_por_engañar_a_los_consumid_2014911113339.asp
Generally there are two kinds of people in this world …
• Those who conform to the law and show compassion for their fellow man.
• Those who use every fraudulent means imaginable to embezzle money from their fellow man.
The “financial services industry” attracts numerous people from the second group who will devise every imaginable misrepresentation and engineer the most abominable “products” to rob the innocent and elderly. And some of these financial “schemes/products” are financed by large banks and often audited by one of the big four accountants (Deloitte, KPMG, PWC or E&Y).
The financial industry is full of thieves who will lie through their teeth to get hold of your savings….
and just because a financial “product” is supported by so called “reputable” companies do not believe a word until you are 100% sure you are not about to be robbed!
Never, ever invest or transfer money to companies operating from the hopelessly unregulated jurisdictions of the Isle of Man, Guernsey, Jersey, Luxembourg or Gibraltar.
Just because a “financial product” boasts some well known “decorative” names as financiers and sponsors is absolutely no indication that the product is not fraudulent and illegal.
Barclays bank for example has just been fined another 40 million for illegally mixing it´s clients’ money with it´s own! And RBS (who finance the Premier Group) are experts at misrepresentation and fraud.
Libor fixing, PPI, interest rate fixing, mis-selling of financial products, low interest rates on savings, higher rates for loans. Once one scam gets discovered they simply create another. If you rob a bank you are given up to 30 years in jail (great train robbers) but when the Banks rob the people they get knighthoods.
It is a thieves paradise out there. So beware: NEVER trust a financial advisor or an investment product even though it may be sponsored by a well known bank.
The rule is: the better known the bank the more likely you will be robbed.
Thank Antonio Flores and a few other brave persons who are prepared to stand up and protect the elderly from these crooks!
On the matter of illegal sales of financial products …
Open Letter No 2 to Mr Alan Bell – the Chief Minister of the Isle of Man government
Dear Mr Bell
Re:- The Premier Group (Isle of Man) Ltd International – Victoria Road, Douglas, Isle of Man IM2 4RB
You, together with the Isle of Man constabulary, FSC and OFT claim that none of your offices are responsible for preventing an Isle of Man registered company from illegally selling investment products in another country.
However this is simply NOT TRUE because every Isle of Man registered/licensed financial company has to make an annual declaration to the effect that they are conducting business directly, or through agents, in other countries in accordance with the laws established in those countries. This means that the Premier Group (Isle of Man) Ltd has to be acquainted with the law in those countries and the regulatory status of the people/agents they employ in those countries.
In Premier’s case the directors were/are actively marketing their unlicensed financial products in Spain – and were knowingly employing agents who were/are not licensed to sell financial products Spain. Premier is breaking both Spanish law and breaking Isle of Man law by failing to act in accordance with Spanish law.
Meanwhile your inaction allows Premier’s directors to continue their activities even though these activities were bought to your attention by way of a comprehensive dossier of evidence some ten years ago! Instead you simply wait to see if the Spanish authorities will prosecute Premier before taking proceedings yourselves… allowing Premier to continue to receive, on the face of it, profits accrued by selling illegal financial products until the Spanish authorities take action to stop it!
It is deplorable that the Isle of Man government, together with the island´s various “regulatory”· authorities, continue to allow Premier to missell and misrepresent financial products, and benefit from illegal tax evasion schemes, in another country. Particularly as Premier’s directors target elderly people, with no financial inexperienced, with their range of funds which are totally inappropriate for them and designed exclusively for experienced investors.
Justice for Pensioners, together with other groups of Premier´s injured pensioner victims, are now increasing efforts to bring the practices supported by the Isle of Man government to the attention of the widest possible audience – and obtain the return of hundreds of elderly people´s life savings, plus interest.
Every “Open Letter” addressed to you will be widely circulated.
Justice for Pensioners
September 2014
With a ruling such as this it makes Nordea visit to the Mercantile Court in Malaga a foregone conclusion. Guily as charged.