International Property Finance Spain Limited (“IPFSL”), an unregulated corporate ramification of sinister N.M. Rothschild & Sons, is the next entity on the long list of Equity Release providers whose contracts have been declared null and void by Spanish Courts.
In a very elaborate recent ruling, the Courts have found in respect to Rothschild and IPFSL that their allegations cannot be upheld, for the following reasons:
- The Credit Select Series 4 loan is a leveraged product classified as complex, for it is always used to invest in the financial markets. The loan is always linked to an investment that is pledged on behalf of the lender.
- This product was presented as a means to avoid the devastating effects of the Spanish Inheritance Tax, presented as a voracious levy, by mitigating or even neutralizing its consequences.
- The Credit Select Series 4 loan, sold through Hamiltons Financial Services, was offered by Rothschild -presenting itself as originating in a family of prestigious aristocratic lineage and noble descent- and meant the remedy for the very concerning issue of the Spanish Inheritance Tax.
- Hamiltons Financial Services intervened as intermediary and advisor, always on behalf of International Property Finance Spain Limited who in turn, operated as an Investment Services Company (ESI) on behalf of Rothschild. This conclusion is arrived at -despite not being any contract linking both companies- because whether contractually linked or being a free agent, the actions of Hamiltons fully benefited IPFSL, who also did not oppose such actions.
- The Credit Select Series 4 loan is declared null and void as a result of the customers not being properly informed of the risks, the product not being suitable on the basis of their age, financial expertise and objectives and more importantly, being misrepresented in respect to the confiscatory nature of the Spanish IHT and the “antidote” offered by this product in addition to the empty promise that the investment would generate enough to pay for the loan.
Concluding, the Court orders the cancellation of the mortgage loan signed with the defendant IPFLS and orders the claimants to return the advance payment received.
(acting for the claimants in this case was solicitor Salvador Martinez Echeverría).
Wonderful news for the victims of this nauseating scam – and also for the thousands of elderly people who were also scammed by similar products offered by the Premier Group (Isle of Man) Ltd – the company who were to receive some of the equity released from the Credit Select Series 4 loan to invest in Premier’s totally useless “investment funds” …
This ruling finally establishes that “financial product providers” operating this (and similar scams) were working illegally by establishing important legal precedents:-…
* That an “intermediary/advisor” who is authorized by a “product provider” and who is operating as an “investment services company” on behalf of the “product provider” that, despite there not being any contract linking both parties, and whether contractually linked or being a free agent, the actions of the “intermediary/advisor” fully benefit the “product provider” who also did not oppose such actions. Thereby imposing responsibility for the actions of the “intermediary/advisors” onto the “product providers” who benefit from the “advisor’s” actions.
* That a “product provider” is operating illegally if it appoints an unqualified, unlicensed and unregulated “advisor” to assist in promoting their financial products, and then misrepresents the incompetent advisor as “professional financial advisor” even though the “advisor” demonstrably lacks the appropriate skills,
knowledge and experience to properly distribute complex (and unworkable) financial products and funds.
* That marketing complex financial products as a retail product to vulnerable elderly people knowing that the product’s characteristics are wholly inappropriate for unsophisticated investors simply looking for a safe haven to preserve their life time savings and assets is illegal.
THIS IS A LANDMAK RULING WHICH TOTALLY DESTROYS THE “PRODUCT PROVIDERS” PREVIOUS DEENCE THAT IT WAS ALWAYS THE “ADVISOR’S” FAULT!
This is truly fantastic news. Notwithstanding I can’t help but feel that the victims should be compensated for the ten long and stressful years of suffering the uncertainty and worry. Awarding them the figure of the advance statement would be a step towards real justice surely.
Sinister NM Rothschild just about sums it up. Well done Salvador.
Hi bustedflush was this your case from that was cancelled due to the recording problems
No worst luck
Sinister NM Rothschild, who own the world. Justice has prevailed
This is truly fantastic news. Notwithstanding I can’t help but feel that the victims should be compensated for the ten long stressful years of suffering the uncertainty and worry. Awarding them the figure of the advance payment would be a step towards real justice surely.
This is truly fantastic news. Notwithstanding I can’t help but feel that the victims should be compensated for the ten long and stressful years of suffering the uncertainty and worry. Awarding them the figure of the advance payment would be a step towards real justice surely.
Apologies if this has already been posted.
Feel good for you Steve and your fellow sufferers, just wish that our group had got the Court action and justice against the fraudulent scammers that we deserved after 10 long years. The wronged suffered irreparable damage, not only to their finances but to their health, well being and quality of life. But good to know that the slippery, powerful, heartless wrongdoers don’t always come out on top. All power to you!
If victims are not receiving any compensation at all from being defrauded by these crooked banks, many will now need to sell their properties in order to raise the funds to repay the initial drawdown. It won’t seem like they’ve won anything. Many judgements have awarded victims the value of the drawdown as compensation, and so that their lives are not wrecked by the burden of it. Fair ?
Many judgments may have awarded victims the value of the draw down as compensation ,but as we all know, Rothschild cant afford it.
Many judgments may have awarded victims the value of the draw down as compensation ,but as we all know, Rothschild cant afford it.
With this great ruling about credit select 4 produced and promoted by Rothschild has anybody approched Rothschild for an out of court settlement
With this great ruling about credit select 4 produced and promoted by Rothschild has anybody approched Rothschild for an out of court settlement
Does anybody know where you stand if you have inherited a property which Rothschild has a charge over becoause of the credit select 4 facility.
Dear Gary,
Have you formally accepted the inheritance at a notary? If you wish, you can email us at info@erva.es and we will provide information on the best course of action.
Kind regards,
Hello no we have been advised not to inherit the property by our Spanish lawyers. Just waiting for rothschilds to instigate repossession proceedings. Not sure how long this will take. Hope the Spanish court looks into this matter. We are in limbo. Our parents have lost everything because of rothschilds.