Archives for Legal Action

NYKREDIT MARBELLA Shocking Banking Practices: A New Modality Of Outrageous Cheating

21st January 2017 by admin under Legal Action     

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Just when we thought that Nykredit in Marbella, along with its mammoth parent Danish company (Nykredit Realkredit A/S), could not stoop any lower on how abhorrently they deal with customers, new events have proved us wrong.

This is the story: 3 families who are having their properties foreclosed on by Nykredit and are about to lose their homes –as a result of being sold an illegal `Spanish Equity Release Package` offered in conjunction with unregulated Sydbank- have just recently received letters from the main Denmark office urging them to make instalment payments to become “core customers” again and have their mortgages reinstated.

Placing due reliance on the representations made on the letters, customers have gone along and paid the sums requested on the letters.

The letters are true and real but have a catch: Nykredit says that they were sent by error and that they are not valid. Still, Nykredit keeps the money and continues with the forced sale.

In this case, foreclosure proceedings commenced back in May 2014 and the letters have been received end of 2016 and beginning of 2017. Incredibly, Nykredit stands by their comments and says it is a computer generated error which means the letters are not valid in law.

If we were to draw a parallel, Spanish banks have not even come close to this level of deceit. It is now time for the authorities to seriously contemplate revoking Nykredit’s authorization to operate in Spain.

Letters will be posted here shortly.

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BREAKING NEWS: BILBAO COURT NULLIFIES 12 SLM MORTGAGE LOANS WORTH 6 MILLION EUROS

7th December 2016 by admin under In The Media, Legal Action     

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Court 11 in Bilbao has invalidated 12 Equity Release IHT mitigation mortgage loans sold to the public by SL MORTGAGE FUNDING Nº1 LIMITED.

The Court orders the diverse Land Registries to remove the charges with immediate effect and nullifies, alongside, any and all contracts signed by borrowers with the Cheshire-based lender.

In addition, the Court has resolved that borrowers will not have to return any advance payments made by the lender and will be entitled to the return of any disbursements made as a result of these contracts.

The Court found that SL MORTGAGE FUNDING Nº1 LIMITED operated an illegal lending and investment service and likens it to a “civil fraud”, as it did without clearance from the Spanish banking and financial authorities and concludes that the lender deserves the maximum possible penalty, as per article 1306 of the Civil Code.

More to follow.

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Rothschild’s Steve Dewsnip in Court over Alleged Sexual Assault

18th November 2016 by admin under Legal Action     

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Steve Dewsnip, who once dedicated to his professional life to sign up over one hundred property-grabbing Rothschild Credit Select Series Mortgage Loans, is now being tried for bum-grabbing.

Read further on the following links:

Evening Standard

The Sun

And also on International-Adviser.com:

Ex-Providence director in court over alleged sexual assault

By Monira Matin

Added 17th November 2016

Steve Dewsnip, one of the former directors of the collapsed Guernsey-based Providence Investments Funds, has appeared in court in London accused of sexual assault.

The 49-year-old allegedly fondled a young waitress’s bottom in an exclusive Wembley Stadium suite after an England football match, Harrow crown court heard on Thursday reported The Evening Standard.

Dewsnip, of Castel, Guernsey, pulled the woman towards him, put one arm around her and groped her as she collected glasses following the match in September last year, the jury was told.

“He reached an arm out behind me, pulled me towards him and fondled my bum.

“He pulled me right up next to him and continued with the conversation and did not acknowledge what was happening.

“I felt unable to protest. I was working and we have to be polite and I tried not to make contact with him. It’s very hard to know how to react,” the alleged victim, a full-time student from London, told the jury.

Dewsnip, the founder and ex-chairman of Guernsey FC, was arrested when he returned to the same suite for an England v France friendly international a month later.

He pleaded not guilty and denied the allegation, adding that he had no recollection of touching anyone’s bottom, even accidentally.

The trial continues.

Collapsed Providence funds

Dewsnip resigned from his position as director at Providence in early August just weeks before Guernsey Financial Services Commission (GFSC) ordered the stricken fund to be wound up, deeming it insolvent.

In a further twist, Jersey’s financial services regulator shut down local IFA firm Lumiere Wealth,after an investigation into the sale of Providence Investment Funds to its clients.

As a result, Lumiere Wealth’s founder and managing director, Christopher Byrne was arrested in October, charged with a £1m ($1.2m, €1.1m) fraud linked to the funds.

In September, Providence Global, a majority owner of Lumiere, also came under fire for its links with Miami-based Providence Financial Investments for defrauding investors out of $64m.

In the same month, a group of British expats named Dewsnip in a lawsuit against NM Rothschild over a Spanish property scheme which allowed them to take out mortgage worth up to 75% of the value of their homes. 

 

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Pretrial hearing vs. Rothschild held in Malaga

26th October 2016 by admin under Legal Action     

PalacioJusticiaClaimants in the equity release CreditSelect 4-Series loan case against N.M. Rothschild & Sons and their respective lawyers held a case management hearing, or pre-trial hearing, at the Mercantile Courts in Malaga.

The hearing lasted for a about 1 hour, inclusive of a short recess demanded by the Judge to consult case law on a specific point of law.

The purpose of this meeting was to narrow the issues involved in the case, set deadlines for providing clarification documents, conducting discovery and listing the witnesses who will be attending the hearing.

Rothschild lawyers unsuccessfully attempted to adjourn the hearing on grounds that one of the claimants had passed away, a petition outright rejected by the Judge. They also tried to file the following objections:

  1. Wrong identification of the companies offering the advertising and the mortgage loans, which they claim are different (Rothschild Bank International and NM Rothschild & Sons Ltd.) The court rejected this as being a matter to be decided on passing judgement, given that she had read the merits of the case and she did not in principle agree with Rothschild’s lawyers.
  2. Claim filed out of time, which they claim had had to be filed at the very latest in 2010. This was also swiftly not attended by the Court on grounds that it would be dealt with on passing judgement.

On the part of the claimants, lawyers submitted a list of proposed witnesses for the hearing that were all accepted, inclusive of the Baron David Rothschild.

On the whole, the prevalent feeling was the Judge was sympathetic to the claimant’s arguments which is positive.

The negative note relates to the date of the trial which lawyers for claimants find totally shocking yet, unfortunately, cannot be altered: 12th of November 2019.

Claimants not part of this case are not bound by this incredibly protracted timeline and are able to file legal separate actions for miselling/misrepresentation in the -hopefully- quicker Courts of First Instance.

On a different note, a crew from France2 television were present at the event and interviewed some of the victims. They were unsuccessful in getting any responses from Rothschild’s unfriendly lawyers who do not forgive the audacious ‘ambush’ on Mr. Steve Dewsnip who, in spite of being sought after a Criminal Court in Denia, had managed to stay ‘at large’ for years, even travelling freely to Spain to assist Rothschild in their cases against victims.

 

 

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San Roque Court Dismisses Criminal Complaint in a Bizarre Ruling

6th September 2016 by admin under Legal Action     

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San Roque Court has dismissed the criminal complaint brought by no less than 80 claimants against Landsbanki & others. The disappointing ruling lacks legal depth and factual understanding, mistakenly inserting copy-pasted excerpts of other rulings (which refer to a complaint over an unfinished car paint job) and ignoring Tax Office binding opinion.

ERVA lawyers, who’ve had access to the content of the ruling, have been left baffled as to the level of comprehension of the essence of the dispute by the presiding Judge after years of alleged “investigations”.

For instance, the Judge still today believes (September 2016) that it is legal to use a mortgage to reduce the value of a property for Tax reasons, notwithstanding several writs submitted by this party pointing to a binding tax ruling from the Spanish “Hacienda” that states that is actually tax fraud (not even current Landsbanki lawyer’s believe in this scam any longer).

In 2013, following an extensive press release by firm Lawbird Legal Services, Sur in English published this article.

A year later, 2014, The Olive Press ran a similar article.

On a positive note, the ruling confirms that the ultimate aim of the Landsbanki Equity Release publicity (as confirmed by their lawyers -subsequently sacked) was the reduction of the IHT element

According to the ruling:

the ultimate aim of the marketed product was the reduction of the tax burden that inheritors would eventually have to face, when they received the property after the demise of the subscribers.

And throughout these years, what was the Judge doing? Several options come to mind: Cloud Cuckoo Land, kitesurfing in Tarifa, learning Korean language, studying hard for his copy-pasting exams…which he clearly failed.

On reflection, we should ask ourselves a crucial question: how many of the copious claimants’  lawyers writs -submitted between 2009 and 2016- did the Judge examine when, as has been revealed, he would not even bother proof-read his own 16-page ruling?

Lawyers for claimants have already announced they will be appealing this preposterous ruling.

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Day In Court Against SLM and Premier Isle of Man

19th July 2016 by admin under Legal Action     

On Thursday 14th July, Bilbao Courts heard the case of a number of the SITIRS (Spanish Inheritance Tax and Income Release Scheme) product against Surrenda Link and Premier Isle of Man companies.

From the victims’ part, lawyers insisted –and proved beyond doubt- on the crucial lack of regulatory clearance on not only the product, but the financial entities and the IFAs. Lawyers also proved that the inheritance tax reduction proposition was fraudulent. Our lawyers alleged that the product, called SITIRS (Spanish Inheritance Tax and Income Scheme), was a sham in every aspect. They also evidenced that lawyers appointed to act for victims were for the most part on the list of SLM appointed lawyers.

A witness who had worked for Hamilton’s attended as the hearing and confirmed that clients were approached by telephone cold-calling. The witness also advised that IHT was the main reason why this product ever existed, in the first place. When asked by the Judge if her company was registered, the witness stated that it had applied for a license but never received a reply from the CNMV.

For the part of SLM and Premier, the former argued that all risks were properly presented to the customer by signing the relevant forms. Insofar as Premier is concerned, their main allegation was that they were a different company from the one that sold the product during the 2005-2007 period.

The presiding Judge took an interest in the case beyond what is normal and tried, whether successfully or not, to understand the mechanics of this product. At one point, she argued that if this whole financial proposition was so difficult for legal people to understand, what chances did pensioners have (?).

The trial took six hours and the parties presented their oral conclusions.

The ruling will be issued any time now although, as August is a Court holiday month, it may be that we do not hear any more until September.

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Nykredit’s Notary Indicted for False Information on Public Document

28th June 2016 by admin under Legal Action     

Alicante-based Notary Public J.A.N., acting for Nykredit Realkredit Marbella branch, has been indicted on a count of false mention on a public document. 

The Notary Public had issued a certification stating what the balance of the loan was and the methodology for calculating the interest. Against logic, the Notary accepted a statement from Nykredit that introduced a reference interest rate never before mentioned in the loan contract (Euribor).

When lawyers acting for borrowers challenged the Notary, he admitted his mistake and requested Nykredit lawyers to rectify the statement, only to be rebuffed by the borrower.

The Court has ordered the Notary to appear in Court to be interrogated.

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Elusive Steve Dewsnip now formally indicted by Denia Court

26th April 2016 by admin under Legal Action     

Ever since Mr. Dewsnip turned up at a Marbella Court -15 days ago- to help his former company bash equity release pensioners seeking justice, his fortunes have been reversed. Tipped by lawyers acting for ERVA, the Marbella Judge ordered Mr. Dewsnip -who had been issued with a search warrant- to provide an address in Guernsey for notifications and further remitted the findings to the Denia Court.

The Judge presiding over this case in Denia has lost no time and ordered claimants’ solicitors to submit a list of questions that he will have to respond at the appropriate Guernsey Court. This deposition will be made via “letter rogatory”, as with Baron David de Rothschild.

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Sydbank (Schweiz) and Nykredit Realkredit Provided Offshore Companies in Spain

19th April 2016 by admin under Legal Action     

Lender Nykredit, from its Marbella office, and its business partner Sydbank, from an illegal Fuengirola office, persuaded British pensioners to take out offshore companies as part of a IHT tax avoidance scheme.

The “Equity Release Package” or Equity Release Product, as was named by the advertising literature, consisted on a loan granted by Nykredit -Christel Mark Hansen acting for the latter- guaranteed on a Spanish property, the proceeds of which loan were invested via Sydbank in Switzerland -with the assistance and supervision of Mads Petersen-

Sydbank would provide a guarantee to its business partner Nykredit for 33% of the loan, who would pay for the privilege, so as to ensure that the lender was fully covered.

To achieve full anonymity, Sydbank in Switzerland offered offshore company to shelter the investments and make it more difficult for the Spanish Tax Office to find out the whereabouts of the loan proceeds, now presumably invested.

Nykredit and Sydbank sold this product as a legal, lawful manner to achieve state-of-the-art wealth planning for retired British property owners in Spain.

The highly opaque offshore companies were incorporated in Belize and had directors posted in New Zealand.

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Marbella Court orders Stephen Dewsnip to give an address for summons

15th April 2016 by admin under Legal Action     

Steve Dewsnip has been formally ordered by the Marbella Courts to provide an address for summons, as petitioned by a Denia Court via a Search Warrant.

Mr. Dewsnip, who is ‘disappeared’ for the Denia Court where proceedings are currently underway against himself, Baron David de Rothschild and Mark Coutanche, is nonetheless alive and contactable when required to turn up in Marbella to testify tin favour of his old bosses, N.M. Rothschild & Sons, on other cases brought against the latter company.

As it happens, lawyers acting for ERVA turned up at the Marbella Court and requested the Guardia Civil, whom were handed  the document that is currently visible on this site, to warn the Judge -presiding over a case brought by victims of Rothschild- that Mr. Dewsnip was listed as a witness for the Guernsey-based bank.

So what exactly happened later is uncertain, as ERVA lawyers were not present, but it appears that when Mr. Dewsnip went in to the Court the Judge asked him not to leave straight after finishing his deposition as he had to be notified of a summons from a criminal Court.

Rothschild lawyers were needless to say outraged and were looking for those to blame for what they deemed underhand and disloyal tactics.

Meanwhile, we are eagerly waiting for news on Mr. Rothschild interrogation at the appropriate French Courts.

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