“Do not lie down but stand up and fight them!"
The title of this post should make us ask the following question: what would happen in Spain if Nordea lost it’s Danish license? Probably not much in Spain because Jesper Hertz, the insatiable Nordea Bank S.A. Marbella-based employee, has signed over 200 Spanish Tax Office cheating mortgages on Spanish property and he intends that all loans are repaid back and where not, properties are reclaimed through the Courts.
He is a man on a mission!
Sydbank has always denied having collaborated with Nykredit on distributing a tax evasion product from Switzerland and Marbella, and Nykredit has always said that “they were only the lenders” and had no association whatsoever with Sydbank, other than the happy coincidence that British retirees happily living on the Costa del Sol introduced them to each other.
As compulsive-lying Nykredit henchman Frederik Meding put it, Nykredit Realkredit A/S only provided the mortgage which your clients chose to use for investment.
Or more appropriately, Morten Larsen and Kennet Nissen, from Sydbank in Aabenraa stated, the bank has not been involved in Nykredit A/S mortgaging of your clients’ properties and Nykredit has not been involved in the investment advice provided by the bank to your clients.
Furthermore, Frederik (who shokingly has not yet been sacked for allowing his firm to operate jointly with a clandestine firm, in Spain) added, as if to show his firm grip on all law matters whether EU/Danish/Spanish-you-name-it, that it is important for me to state that Nykredit is not a party to or otherwise involved in the investment service provided to you by Sydbank AG. Hence Nykredit is not in a joint venture or other kind of partnership with Sydbank AG.
It is at this point where one wonders whether lying is endemic to bankers or, more particularly, Danish bankers.
The article, currently posted on Sydbanks’ website, states completely the opposite. Who is therefore lying? Sydbank or Sydbank, Nykredit or Nykredit?
Mr. Mogens Asmund, a Dane that seems to tell the truth, states the following:
Sydbank has developed mortgage offer in cooperation with Nykredit.
In Nykredit we look forward to expanding the cooperation with Sydbank financing solutions to private clients in Germany.
Based on experience with the financing of private homes in France and Spain, we can now offer our Nykredit Danish Mortgage to Danish and German Sydbank customers, says deputy director Erik Urskov, from Nykredit.
“No man has a good enough memory to be a successful liar”
― Abraham Lincoln
Jyske Bank has been targeted by a Danish TV company in respect to advice on how to defraud the Danish Tax Office.
The programme, largely filmed with a hidden camera, shows how Jyske uses the Gibraltar and Swiss branches to conduct illegal activities, described as “disgusting” by the Danish Tax Minister.
El Confidencial newspaper, who a while ago published an article that was inspired partly on an ERVA posting, is again sniping at Jyske Bank.
Great job by Niels Fastrup!
Below is an example of an email sent by an IFA, recommended by tax-defrauding N.M. Rothschild & Sons, in respect to the abject performance of the Rothschild Credit Select Series 4 Equity Release product.
The figures reflect three things:
— Confirmation that Rothschild vets all investment service providers before recommending them to their victims, and confirmation that such powers are hardly consistent with Rothschild’s preferred phrase: “WE WERE ONLY THE LENDERS…”
– The inexistent skills of whoever was entrusted with investing the funds.
– The inability of the Rothschild Equity Release product to ever make any progress in respect of providing an income stream, let alone paying the cost of the mortgage (and the IFA).
Dear Mr & Mrs…,
I hope you are well, please find below the quarterly update on your equity release scheme.
Your investment as at 23rd October 2013 was €138,518.70. Your loan balance as at 23rd October 2013 was €331,628.90 the difference between your loan and your investment is €193,110.20. The loan to value is 45.78%, Rothschild will request additional funds from you if this percentage rises above 35%. Loan to value is calculated using 100% of the value of the investment and 35% of the original property valuation.
The current interest rate charged on your loan by Rothschild is 1.723% (including Rothschild margin of 1.50%) ending the 23rd January 2014.
As discussed previously there is a limited choice of approved investments for this scheme and their performances are detailed below:
Investment YTD 2012 2011 2010 2009 Rothschild Cash account 0.15% 0.30% 1.10% 0.45% 0.75% Optima 2 Closed 1.90% 2.10% 92.00% 5.70% Optima 4 +0.89% 3.87% 1.30% 86.00% 8.54% Aspecta Optima 2 -1.31% 2.05% 2.44% 33.00% 5.46% Aspecta Optima 4 -0.16% 2.65% 1.70% 0.96% 5.86% Ashburton Replica 22nd Oct +3.19% 6.29% -0.70% 11.71% 11.43% Premier Balanced Fund +0.23% 6.20% -7.74% 5.81% 7.77% Armstrong CRR -1.79% 0.80% -8.20% 5.67% 12.30% Armstrong DDS 4.33% 7.20% -0.20% 12.30% 31.30% If you have any queries please do not hesitate to contact
ERVA is considering joining criminal case 527/2011 in Denia (Alicante) pursued against N.M. Rothschild & Sons, Steve Dewsnip and others.
The case seems to have stalled after attempts to deliver Court papers to IFAs failed to materialize (as a result of them not living in those addresses).
Joining this case may help the acting solicitors and their clients by pushing proceedings with fresh new publicity evidence, broker affidavits and other relevant information which has already been filed with the Malaga Courts.
According to an envelope received in the offices of ERVA, Nordea Bank S.A. gave out 75 million Euros worth of mortgage loans in Spain.
It is not clear how much of it was used to finance property acquisitions (some of it was actually used correctly) and how much to defraud the Spanish Tax Office via the renowned Equity Release Scheme programme, consisting of a Spanish mortgage loan and a Unit-Linked insurance policy called Capital Managed Plan.
ERVA is aware that at least 6 Equity Release contracts exchanged in the years 2006-2008, totalling 9 million Euros.
However, the Spanish Land registry tells us that there are far more, many more…
As an ERVA member put it: “My, my, haven’t they been busy…!!”
Nordea Bank S.A. Luxembourg’s (as well as the Swiss Branch) legal representative has today turned up in the Malaga Court for the pre-hearing stage to face the music. Opposing him was the representative of 6 claimants who were sold the tax-defrauding client-cheating highly-toxic Nordea Equity Release Mortgage & Managed Capital Plan and, as it has turned out to be, the presiding Judge.
The Court was sympathetic to the plight of the claimants and has admitted the following evidence in the case:
Nordea’s legal representative, on the contrary, did not submit any evidence in support of their position which, considering that the specific law employed in this action (misleading advertising) imposes on them the burden of proving the accuracy of their advertising, might have left them bereft of any legal argument other than an unlikely statute of limitation, particularly considering that they were still advertising…1 month ago.
The Court was not impressed with the allegations that Nordea removed crucial information from their website, an allegation that their lawyer was seemingly not aware of (a textbook case of a client being dishonest with his own lawyer!).
Also, the presiding Judge challenged the objection raised by Nordea’s defence that contended that Nordea Bank S.A. and Nordea Bank Switzerland Branch were 2 separate entities, arguing that it is not admissible to isolate the activities of both `banks´when they share common infrastructure, use the same lawyers, the same staff at the Marbella Representation Office (our good friend Jesper Hertz) and moreover, when the Swiss website (www.nordea.ch) directs traffic for private banking to the Luxembourg main branch.
Unfortunately, the Court has set the hearing for April 2015 (yes, not 2014) which will regrettably allow Nordea, for at least the next year and half, to carry on with their tax fraud activities in Spain.
Nordea Bank S.A. in Switzerland is in the process of downsizing in the way Sydbank did, we believe. We may recall that this other bank, after cheating the tax offices of several European countries out of millions, was forced to close down (an acclaimed Julie Toft, from the Jyllands Posten, was responsible for the mess Sydbank got involved in).
Now Nordea, keen to cover their tracks, have been erasing very incriminating web-based information so that lawyers acting for Spanish-based Equity Release victims could not prove certain questions of fact, principally related to Inheritance Tax evasion.
These are the links they have erased (in the last few weeks):
Erased link number 1
Erased link number 2
Erased link number 3
Watch this information whilst it lasts in Google cache!
(Naughty Nordea, you did not really have to stoop so low…)
Nordea Bank S.A. lawyers use the tactics that you would expect to find in what is called a Rambo lawyer. They will try to distract the Courts with various underhanded moves and confuse them, attempting to win at any cost even if it is at the expense of the credibility of their own client.
Let us explain further: Nordea Bank S.A. Luxembourg operates in Spain via its Marbella office, run by podgy Jesper Hertz. Some of the contracts that Nordea Bank S.A. signed with their very unfortunate clients were done so by the Luxembourg based Nordea, which is an S.A. (kind of plc), whereas others were by the company Nordea Bank S.A. Luxembourg, Zweigniederlassung Zürich, which their Swiss branch.
According to Nordea’s clever lawyers, the Swiss branch is a separate company altogether and is to be sued separately, as it has no connection with the Luxembourg parent company from where it has taken its name (we are sure of that, yeah, it was actually us who put them in touch with each other and that is why they now get on famously).
Well, some points to consider here when dealing with those Rambo lawyers’ antics:
– Nordea Bank S.A. Luxembourg, Zweigniederlassung Zürich is not authorized to operate in Spain, according to the Bank of Spain. So if it is not legally authorized, how come they offer banking products here?
– Nordea Bank S.A. Luxembourg, Zweigniederlassung Zürich uses Jesper Hertz to sign all of its contracts, as does its parent company. That surely must be a coincidence!
– Nordea Bank S.A. Luxembourg, Zweigniederlassung Zürich responds to clients’ letters through their Luxembourg office…strange?
– Nordea Bank S.A. Luxembourg, Zweigniederlassung Zürich responds to clients’ angry letters with letterheaded paper from their Luxembourg parent company…they must have run out of corporate stationery.
– Nordea Bank S.A. Luxembourg, Zweigniederlassung Zürich uses the same lawyers as the parent company, and also deals with clients through the Marbella branch, and also shares the website of the parent company in Luxembourg, and perhaps, after all, they are the one and only company…
But realistically, who is surprised by a banking conglomerate that invites people, with properties in Spain, through their prolific advertising offered from their Spanish branch office, to defraud the Spanish Tax Office?
Spanish online journal El Confidencial has today published an article on Nordea Strategic Asset Allocation, under the following heading:
PRESERVATION OF CAPITAL AND SUSTAINABLE RETURNS, WITH NORDEA
Sadly, little does the author know about the real predatory nature of this product, the careless and incompetent people that run it and the devious lawyers that protect it. Not to mention that, once you have been ripped-off, you will be told that Spanish regulators have no jurisdiction over Nordea activities in the country.
At ERVA, we think it is time to rename this product and have proposed the following:
Let us have your comments!
