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Rothschild Case: Málaga Court Formally Orders Service of Process
The Malaga Mercantile Court 1 Bis, with date of the 7th of May (received by actign lawyers on the 5th June) has formally accepted the claim, its jurisdiction on the matter and service of process on the Spanish addresses provided for N.M. Rothschild & Sons.
Defendant Rothschild could do one of the following now:
- Accept service of process, appoint lawyers and defend the claim.
- Attempt to refuse service of process in any of their 2 addresses in Spain (Madrid and Barcelona), demanding the Court to service in their Guernsey offices.
The Courts can then do one of the following:
- Where service of papers is accepted, the 20 days period will start counting.
- If they refuse and request that the Particular of the claim are notified in Guernsey, the Court may reject their allegations (most probably) and note their refusal to accept and acknowledge service, continuing the case by default. Alaternatively, the may accept the defendant’s allegations and decide to serve in Guernsey (unlikely).
It is possible that Rothschild will do anything in their hand to delay, obstruct, confuse, protract and hinder the efforts of their victims in exposing their Credit Select Series 4 mortgage loan deceiptful advertising, all the while arguing that, whatever was published on the tax benefits of their product it was “for guidance only”, and not be “relied upon”.
SLM Group Gave 40 Million in Spanish Equity Release
(image of Peter Hardy)
It has been revealed that Surrenda Link Mortgage Holding Limited, now SLM Group, gave 40 million Euros in Spanish tax evading mortgage loans.
The firm Blake Morgan assisted Surrenda-link Mortgage Holding Limited, a mortgage originator, in obtaining a €40 million ring-fenced Spanish asset funding facility.
For its part, Pinsent Masons, a London based banking team, advised Via Capital Limited, in its capacity as arranger of a €40 million secured loan facility to finance a pool of ‘cash release’ mortgages originated by Surrenda-link Mortgage Holdings Limited.
SLM then employed local IFAs, such as Hamiltons (pictured), to peddle this toxic waste in the Spanish Costas.
Nothing new under the sun save for the exceptionally high size of the lending.
Rothschild Case: Malaga Court Demands Spanish Address for Summons
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…
Mis-selling scandal: Deutsche Bank to Return over 3 million
Deutsche Bank will have to repay over 3 million Euros to 49 customers who invested, through this bank, inLehman Brothers, Landsbanki and Kaupthing toxic financial products.
In spite of an earlier dismissal of the claim by a Court of First Instance, the Madrid Appeal Court considers that the bank failed in its statutory duties towards their clients: diligence, loyalty and clear information on their products.
According to the ruling, Deutsche Bank failed to explain not only the nature and characteristics of high risk products, such as the “preference shares” but also, the financial and economical risks of the underlying investments.
The deciding Magistrates stressed that the investors were looking for profitability but shied away from capital losses, adding that there profile was not typical of ‘people gambling away in a roulette hard-earned money saved over a long time.’
Courts in Fuengirola to Interrogate Danske’s Managing Director
Mr. Klaus “Monster” Pedersen has been requested to attend an interrogation at the Courts in Fuengirola in relation to his role in devising, approving and selling a tax evasion Equity Release Product.
Mr. Pedersen is the Managing Director of Danske Bank International S.A. and ultimately responsible for selling mortgages in Spain on the pretext that they would alleviate the burden of Spanish Inheritance Taxes. He is accused by a number of expats of fraudulent publicity.
Marbella Mayor & Nordea Bank S.A. Connection
Nordea Bank Luxembourg has been reported nationally for helping the Mayoress of Marbella, Maria Angeles Muñoz, avoid Spanish Inheritance Taxes.
According to Interviu weekly Nordea Bank S.A., operating from the tax haven of Grand Duchy of Luxembourg and through an office in Marbella, sold a tax evasion mortgage to Ms. Muñoz.
This story was originally published by ERVA when it detected that a company owned by the Marbella Mayor and her husband, Crasel Panoramica S.L., had taken out an Equity Release in 2010.
Nordea Bank S.A. has been publicly accused of cheating customers by making them believe that their product is a legal vehicle to avoid IHT, when such a possibility is tantamount to tax fraud.
Claim against SL MORTGAGE FUNDING N 1 LIMITED and THE PREMIER GROUP (ISLE OF MAN) LIMITED
ERVA can announce that the claim against SL MORTGAGE FUNDING N 1 LIMITED and THE PREMIER GROUP (ISLE OF MAN) LIMITED -on behalf of 14 claimants- will be filed on Friday 4th of April 2014.
The claim is based on the following grounds:
- Neither company were regulated to operate in Spain. The company SL MORTGAGE FUNDING N 1 LIMITED actually admitted this was the case as if to avoid the application of Spanish mandatory provisions by attempting, in the opinion of the acting lawyers, to equate the validity of this undertaking to a type of “limitation of liability clause”.
- Both companies openly admitted that the main purpose of the product, sold with the name “SITIRS” (Spanish Inheritance Tax and Income Release Scheme or Spanish Investment Transfer and Income Release Scheme), was to reduce or mitigate Spanish Inheritance Taxes.
- Both companies confirmed that they had received the ‘blessing’ of top law firms, ERNST & YOUNG and URIA & MENENDEZ, none of which will admit to this.
- Both companies concocted a plan to have the products signed in Bilbao through local ‘friendly’ lawyers, Rocco Caira and Javier Bicarregui, both paid generously to sanction a bogus transaction made possible by the teaming up of a group of unscrupulous financial operators.
- Neither company allowed customers the slightest bit of information that explained the real predatory nature of the investments where the mortgage loans were invested. This was a natural consequence of not having offered the obligatory prospectus, under Spanish laws.
- Both companies shared directors, a clear indication of their togertheness in the devising of this illegal scheme.
It is still undecided whether the claim will be filed against BNP Paribas Trust Company (IOM) LIMITED and Royal Bank of Scotland (IOM) LIMITED, Custodians of the invested moneys in different times, unregulated in Spain to provide such service pursuant to the Collective Investment Scheme Act and equally responsible of permitting the engineering of a fraudulent illicit financial product for Spain, the SITIRS.
Tape Recording: How Danske Bank Sold Equity Release in Spain
When we say that ERVA has first-hand evidence on how Danske Bank International S.A. -based in Luxembourg- sold their diabolical Capital Assurance Equity Relase we are not referring to the fraudulent promotional literature, even if such documentation openly admits to offering a tax evasion product.
Actually, first-hand information means rather from the horses mouth, or more appropriately from Mr. Glente’s mouth, who openly confirms in a telephone recording how the product was sold.
In the conversation, Mr. Glente confirms the following:
- The product was ‘for sure’ loss making at low risk but that the inheritance tax benefits outweighed such losses (16’).
- Many of clients were not aware that the product was going to run at a loss, that it was in negative equity, “which it actually was” in his words, without taking risks (19′).
- The product is currently the best ‘tax avoidance’ product in Spain, and that it has been confirmed by several top firms, PWC included (33’)
- Danske Bank International S.A. sold the product in Spain to optimize the situation for Inheritance Tax, and that was the only real benefit.
The couple settled out of Court at a loss of circa €400,000, not before an apology was extracted from them.
Listen to this revealing conversation here, after obtaining clearance from a law firm.
(the last 2 minutes of conversation relate to a recording between the owner of the tape and Danske’s lawyer in Fuengirola).
According to the CNMV, Offshore Money Managers is a Cowboy Operation
OMM, or Offshore Money Managers, has been living very well for far too long on the back of a lie: that it is registered to conduct investment business.
But they are not, and dishonest Mr. Colin McCready knows it far too well in spite of which he has managed to get away with his insurance broker “DGT license” -which he is fully credited with having allowing him to sell car/house/life insurance policies- to conduct investment business, which he holds no license for.
That said, Mr. McCready has also been an exceptionally efficient tax-evading Equity Release travelling salesman (Jyske Bank, Landsbanki…), and that has placed him in the spotlight. Unfortunately for him, he has left a trail of incriminating obnoxious publicity that is causing anguish to countless pensioners.
According to the law under which he is regulated, the following needs to be observed:
Insurance brokers will provide truthful and sufficient information in the promotion, offer and subscription of insurance contracts and, in general, in all its advisory activities.
In the next posts we will publish part of Offshore Money Managers publicity to see if it at all, it does in fact comply with the above.
The Mayoress of Marbella Uses Her Right of Rectification
The Mayoress of Marbella has written to the newspapers that published the discovery of an Equity Release contract. In her missive she formally responds to the allegations that the contract was used, as per Nordea Bank S.A. precise indications, to avoid paying taxes and confirms that this is not true and that never intended to pursue such aim.
The recitification can be read in the following link:
