Archives for Legal Action

Rothschild Directors Sought by Denia Court

30th December 2013 by admin under Legal Action     

Mark Coutanche and Stephen Dewsnip have been requested to turn up at the Denia Court to be notified of criminal charges being bought against them.

The General Directorate of Police and the Guardia Civil in Madrid have been issued “with Code 1” requests (current address and/or whereabout search warrant) so that they can be notified of ongoing criminal proceedings in Spain.

According to the warrant, the last known address was Paseo de la Castella N 35, 3rd floor, in Madrid, an address that coincides with that of their Madrid offices; it appears that an attempt to deliver a copy of the summons bore no fruits.

The warrant was issued on the 26th November 2013 and ends on the 26th November 2018.

Making service of process difficult has become a useful tool for any lawyer acting for Equity Release banks and NM Rothschild & Sons, a bank known for redifining the meaning of the term “double-standards”, is not going to miss an opportunity to make the lives of their clients-turned-victims a tad more miserable.

N.M. Rothschild & Sons is accused of selling mortgages to Spanish-based pensioners as a tool to defraud the Spanish Tax Office, albeit as a legal product, alongside deliberately concealing crucial data that would prove that their Equity Release product was impractical, from an investment point of view.

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Claim Filed In Court Against Sydbank and Nykredit

13th December 2013 by admin under Legal Action     

Lawyers acting for victims of the “Spanish Enquity Release Package”, as advertised by Sydbank (Schweiz) AG, have formally filed a civil suit against this bank, alongside Nykredit (Realkredit) A/S, for statutory voidness and illegality of the named product, on the following grounds:

– Sydbank (Schweiz) teamed up with Nykredit Realkredit A/S, a Danish lender operating through a branch office in Marbella. Both banks contend that they provided separate services and that Nykredit stepped in to lend to British citizens as a result of a “introduction” made by Sydbank, and that was about it as far as their relationship went (it almost seemed as if victims of the Equity Release victims had thrown a party where both banks met each other…getting on famously thereafter).

– Sydbank (Schweiz) was and has never been registered to operate legally in Spain, whether via the Bank of Spain or the CNMV. Notwithstanding such serious infringement, they offered their services to the Spanish general public directly, and through a number of IFAs; they actually opened a branch office in Fuengirola yet failing, as expected, to even secure a municipal opening license from the Fuengirola Town Hall.

– Sydbank (Schweiz) offered a product that, in its inception, violated public policy: it was designed to reduce, ilegally, Spanish Wealth and Inheritance Taxes.

– Sydbank and Nykredit tempted British peaceful property owners to trangress the law, to do what was injurious to the law, the community, banking code of ethics and the very rights of their clients.

– Mads Petersen and Jorn Gregersen were both conscious –yet deliberately witheld  information they were only privy to- that the investment product PEERLESS SICAV, of which Sydbank was “promoter, investment manager and most important distributor of the Company”, in any of its 3 Subfunds, did not return more than 0.58% in 2006, and actually less in 2007, when 2 and 1 of the couples, respectively, took the product out.

Corporate rogues Petersen and Gregersen not only failed to advise their clients that the product was not suitable for them (never mind the inheritance tax avoidance illicit aim or the lack of regulatory clearance) but, in a display of extraordinary trickery, made them believe that the SICAV yield could actually pay for the cost of Nykredit mortgage loan, plus Sydbank’s commission and lastly, leave the clients a remaining disposable income sum (in simple layman terms, knowing that 0.58% would hardly pay off 6% they still concealed it, with catastrophic effects).

– Finally, Sydbank (Schweiz) AG and Nykredit Realkredit A/S dishonestly tried to disguise the fact that they are actually partners in Denmark, that Sydbank channels all of its loan business through Nykredit (page 4), against payment of a commission, and that Sydbank’s CEO, Karen Frosig, is in fact a director of Nykredit (pg 12).

Lawyers acting for clients have requested that the Spanish Equity Release, comprising the “Business Connection Agreement” (euphemism coined by Sydbank to refer to a regular bank account contract and an associated Peerless SICAV product) and any associated contracts (including Belize companies, as part of Sydbank’s concealmente technology), as well as the Spanish Nykredit mortgage loan, are rendered void ab initio , following the principles quod nullum est, nullum producit effectum (that which is a nullity, produces no effect) and simul stabunt, simul cadent (they will stand together or they will fall together). 

 

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Icelandic Bank Bosses Jailed

13th December 2013 by admin under Legal Action     

It was a matter of time before someone high up in the banking sector was sent down.

Kaupthing bosses have the dishonour of being the first -surely not the last- top bankers to go to prison for defrauding their company, their clients, their country and presumably too, the Tax Office.

But whilst this case may not be directly connected to Equity Release, it is clear that if someone at the bank came up with the brilliant idea of giving out a massive loan to a Middle East-based wealthy Arab to buy stock from the company, why not give smallish loans to owners of Spanish unencumbered property to invest, for instance, with Lex Life, the company Landsbanki owned?

 

 

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Germans Bust Tax Evading Banks

5th December 2013 by admin under Legal Action     

Handcuffs on euro banknotes

It was a matter of time before the efficient German state machinery got hold of banks selling tax-efficient insurance wrappers: in this case, Commerce Bank is the target.

So then, when is Jesper Hertz going to resign from his job, clear his conscience and implicate those who have forced him to sell the Capital Management Plan? Listen Jesper, all your past mistakes and regrets can be just that if you come out clean and openly confess to what your employer has been up to in the last few years, on the Costa del Sol, where a few hundred have been sold exactly the same product the German Prosecutor is angry about. 

Jesper, ERVA has a list of all customers Nordea Bank Luxembourg sold Equity Release to (a product combining a mortgage on a Spanish property and a Capital Managed Plan Life Insurance Wrapper), that’s Spanish Land Registry efficiency for you -some things do actually work down here- and so, if and when the Spanish Prosecutor decides to quit defending the King’s daughter-in-law, your bank should be next.

 

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Credit Select Series 4: Rothschild could see tens of millions wiped off

3rd December 2013 by admin under Legal Action     
Rothschild Bank International

 

Back in 2008, the Supreme Court in Spain ruled on an interesting case: a Spanish Casino had been lending money to some gamblers (by the way, what a silly thing to do) to bet in their premises. As was expected, the gamblers p****d the money up the wall and refused to return it. The Casino, on the strength of the contract they had made their clients sign, demanded payment of the lent sums, plus interest.

The Supreme Court, in application of the established doctrine that states that contracts that breach mandatory provisions are void, declared the contract unenforceable and dismissed the Casino’s attempts to obtain an order forcing the gambler to return the funds.

The provision that had been violated specifically banned Casino’s from lending money to customers, for the purpose of gambling.

In reaching the decision, the Supreme Court stated that even if administrative laws envisage a penalty for breaches of their own laws, such trangression necessarily has an effect on the validity of the contract, which has to be declare void.

By applying this to Equity Release, it is very possible that where the ER package is declared void, claimants will not only have the right to remove the charge attached to their properties but also, claim the loan that was given to them to invest.

What remains to be seen is whether Courts of law will take into consideration breaches in regulatory mandatory provisions, where these exist  (SLMH, Nykredit/Sydbank, International Property Finance Spain etc.), and apply article 1.306.2, or the tax benefit that was the main objective pursued by the contract.

In the first scenario, an Equity Release victim would be able to remove the mortgage charge from their property and claim the full loan back, before costs, losses etc., and in the second, remove the mortgage and demand the remaining balance on the loan. In both scenarios, the bank could lose tens of millions if the Courts apply, as would be expected, the following article:

Article 1.306:

If the deed which constitutes the unlawful cause should not constitute a crime or misdemeanour, the following rules shall be observed:

1. Where both contracting parties are at fault, none of them may recover what he has given pursuant to the contract, or claim the performance of what the other should have offered.

2. Where only one contracting party is at fault, he may not recover what he has given pursuant to the contract, or demand the performance of what he should have been offered. The other, who was a stranger to the unlawful cause, may claim what he has given, without the obligation to perform what he should have offered.

Ladies and Gentlemen, place your bets!!

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The Premier Balanced Fund and Surrenda Link Mortgage

28th November 2013 by admin under Legal Action     

 

The Premier Balanced Fund was described as an “experienced investor fund”, restricting it to people capable of understanding the risks, but they needed a lender who could come up with 40 million Euros to invest in their fund.

SLM Funding Nº1 Limited won the tender process: it was selected by the Premier Group (Isle of Man) Ltd. to find those 40 million Euros, an order they carried out efficiently: Aareal Bank was convinced to pool resources, some say Rothschild too…

But there was an added element in the form of bricks and mortar: approximately 100 Spanish properties would be used as collateral to ensure that, if the investments went down, 200-odd British pensioners could be made responsible of footing the bill.

The “experienced investor fund” is now probably worth less than half and the ex- mariners, ex-policemen, house wives and other Spain-based retirees who were instilled with the Fear of God with the Spanish Inheritance Tax -and fell for the scam- have their properties, and lives, bogged down.

Perverse Nicky Flux, loyal till death to SLM, keeps sending her monthly letter out to pensioners…letters coming from a company that would disgrace any Nigerian 419 business.

Terms & Conditions

The Premier Balanced Fund plc (“the Company”) is an experienced investor fund and complies with the requirements of the Financial Supervision (Experienced Investor Fund) (Exemption) Order 1999 (the “Order”) of the Isle of Man. Shares in the Company are only available to persons sufficiently experienced to understand the risks associated with an investment in the Company and who are willing to invest more than the minimum specified in the Order.The Value of shares in the Company, and the income produced by them can fall as well as rise. Investors may not get back the value of their original investment.The Company, is not subject to any form of regulation or approval in the Isle of Man and investors are not protected by any Isle of Man statutory compensation arrangements in the event of the failure of any of them. The Isle of Man Financial Supervision Commission does not vouch for the financial soundness of the Company or for the correctness of any statements made or opinions expressed with regard to any of the same. It is the responsibility of any person/s wishing to apply for Shares in the Company to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction.

I have read and understood the above information

   

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Surrenda Link Mortgage Holdings and Tax Evasion

26th November 2013 by admin under Legal Action     
Surrenda-link Sell Your Endowment
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Surrenda Link Mortgage Holdings, sister company of the above noted, had the best advisors money could buy: PINSENT MASONS.

According to a press release, 40 million Euros were granted to primarily non-resident Spanish property owners.

According to the ‘Governor’ of this transaction, it was a very challenging task that they nonetheless successfully fullfiled.

This is that Rupinder Sehmi, from Via Capital Limited, said:

‘Via Capital has the objective of providing our clients with focused capital and funding solutions that concurrently meet capital market investor requirements. Our role as advisor to the innovative mortgage originator, Surrenda-link Mortgage Holdings Limited, proved Via Capital’s strength in matching originator and investor objectives, whilst demonstrating our ability to structure and execute complex cross boarder real-estate transactions.’

Rupinder however was not aware of what really lied behind it all: misselling, lying, cheating, tax evasion on a grand scale, anguish, anxiety, stress…

Below are some questions Rupinder should be asked:

Did you notice that neither Surrenda Link or Premier Balanced Fund Ltd. were allowed to operate in Spain?

How complex was it to find a witless lawyer in Bilbao that would sign off millions of euros worth of mortgages on the pretext that it would promote legitimate, lawful ‘tax avoidance’?

What do you really meant by “complex boarder real-estate transactions”?

Are you aware that, by application of the Spanish Civil Code, your clients could end up losing the full 40 million Euros?

Article 1,306. If the deed which constitutes the unlawful cause should not constitute a crime or misdemeanour, the following rules shall be observed:

  1. Where both contracting parties are at fault, none of them may recover what he has given pursuant to the contract, or claim the performance of what the other should have offered.
  2. Where only one contracting party is at fault, he may not recover what he has given pursuant to the contract, or demand the performance of what he should have been offered. The other, who was a stranger to the unlawful cause, may claim what he has given, without the obligation to perform what he should have offered.

 

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“Spanish Equity Release Product”: SYDBANK and NYKREDIT caught with their pants down

21st November 2013 by admin under Legal Action     

Nykredit’s lawyers maintain that, in respect of the Spanish Equity Release Product offered by their Marbella office in conjunction with Sydbank, the biggest offending bank ever to come to Spain (opened an office yet had not informed the Bank of Spain, or the Central Bank of Denmark, for that matter), both banks offered two separate services. We disagree with the first statement, for obvious reasons, but coincide in that they were 2 services: one consisted on predatory lending and the second, on mis-investing hundreds of thousand of Euros (or stealing them as nobody knows where the money went).

According to them, it was David Driver who duly put them in touch and ever since, they got on famously.

Well, it now appears that Karen Frosig, CEO for Sydbank, is also on the board of directors of Nykredit.

 

 

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Danske Bank Luxembourg to be Deposed

20th November 2013 by admin under Legal Action     

 

Following a recent visit by Euan A. lawyers to the Criminal Court 1 in Fuengirola, it has been established that Danske Bank Luxembourg is now to be finally deposed via the European Judicial Network in criminal matters (EJN), in Luxembourg.

Danske Bank lawyers have been persistent in attempting to avoid, at all cost, the interrogation of the defendant parties. The tactics have so far been unsuccessful save for achieving a delay of a few months; the implications, however, could be expensive to its perpetrators for Court officials are of the opinion that there is a clearly defined strategy to maliciously prevent the normal progress of the proceedings and hamper the efforts of the claimant to obtain, via the Spanish Courts, a defendant’s statement within a criminal case.

Notably, Danske Bank insists that this is a purely civil dispute that should be conveniently ventilated by Civil Courts and yet, cannot and willl not explain why is their publicity false, fraudulent and proposes tax evasion openly. Surely, if they had nothing to worry about they would sooner be giving a clarifying statement than hiding behind slow EU cross-border plaintiff interrogation mechanisms.

Finally, it is worth noting that  the claimant’s counsel has indicated that both Mr. Morten Runo Waaben and Mr. Henrik Hjerrild Hansen should be deposed via the appropriate channels but that, if they felt a compelling desire to come out clean they could, through their advisors, request an appointment with the Fuengirola Court to give their statements.

 

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Finansbanken Equity Release: ERVA Looking for Whistleblowers

14th November 2013 by admin under Legal Action     

Pernille Bering   

ERVA is looking for witnesses that can testify that these two ladies, Pernille Bering and Maria Tremurici-Falter, attended a meeting at a hotel with an unsuspecting victim with a view to explain, in a matter of just over an hour, the advantages of a 2.5 million Strategic Allocation Product Equity Release to a German pensioner.

This product was the brainchild of some pen-pushing Finansbanken nerd whose credibility was established, prima facie, by the business suit he wore.

As it happened, the nerd was only interested in his salary, Pernille flew to Spain exclusively to sell an unregulated 2.5 million Euros financial product in a record time of an hour, the Strategic Asset Allocation fiasco, and Maria Tremurici, a Kristina Szekely wannabe, was dragged in to finally convince the German speaking customers of the beauties of this great Danish tax-evasion product.

Finansbanken, now infamous Jyske Bank, is soon to expand its Costa del Sol property porfolio once they commence repossession proceedings.

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