Search:     Go  
The Spanish Lawyer Online
The Spanish Lawyer Online

Antonio Flores’ Blog

Thoughts about laws and regulations which affect foreigners in Spain
Home > Mortgages, Scams > The (Lack of) Values of Nordea Bank

The (Lack of) Values of Nordea Bank

October 10th, 2011

Clients Appreciate our Nordic Values. They differentiate us from our competitors.

Anne-Lise Zahl Sørensen, NORDEA BANK.


This supremacist statement embedded in Nordea’s INTERNATIONAL PRIVATE BANKING in LUXEMBOURG prospectus is not only an insult to Nordic people, but also probably the last straw for many close to losing everything (everything as in the Oxford English Dictionary), to the bank in question. Not even the Nigerian scam has wreaked so much havoc on one single individual as has the Nordic “in-house specialist and experienced portfolio managers”.

But the infamy of this statement and the severity of the insult it projects over the victims of the Nordea Bank Equity Release could be insignificant compared with what could happen if the Spanish authorities (Spanish Anticorruption Prosecutor and the National Tax Office) picks up on one aspect of the programme that the US Justice Department and Internal Revenue Service (IRS), in a case brought against the promoters of a similar scheme, identified as being

conspiracy to defraud the United States and to commit wire fraud, conspiracy to commit money laundering and tax evasion, by promoting fraudulent scheme…additionally the Hirmers attempted to strip the equity out of one of their homes by granting a bogus mortgage to a Panamanian nominee entity they controlled…the use of abusive trust schemes and fraudulent debt elimination tactics intended to conceal income from the IRS isn’t tax planning; it’s criminal activity. There is no secret formula that can eliminate a person’s tax obligations…today’s verdict reinforces our commitment to every American taxpayer that we will identify and prosecute those who promote illegal financial transactions designed to evade the payment of taxes.”

About Antonio Flores

Antonio Flores is the head lawyer at Lawbird, a Spanish law firm specialised in property and litigation. More on .

Mortgages, Scams ,

  1. Interested
    October 11th, 2011 at 18:06 | #1

    I presume you are referring to the USA Department of Justice (office of Public Affaires) press release of Wednesday,March 31,2010. Titled EIGHT PROMOTERS of SHAM TAX ELIMINATION SCHEME convicted of tax fraud charges in Florida, which I have read with interest. I agree with your comments and I think it is time that theses Nordic Banks including Nordea Bank are investigated by the Anti Fraud Squad and Tax Authorities in their blatant disrespect to Spain in general. Do they not realise that the Equity Release Schemes with their promises that the victims can benefit from Inheritance Tax savings are illegal thereby defrauding the Spanish Government out of potentially millions of euro’s by creating schemes that take the collateral out of their homes and investing it in so called legal tax havens in Luxembourg (Tax Haven) by way of UNIT LINKED LIFE ASSURANCE POICIES or in other words (TRUSTS) Wake up Spain you have to have the will to stop these conglomerate banking power that you mean business and treating you like third world countries. These schemes have been banned in the UK, USA, Italy and many other European countries. Show them that you mean business.

  2. October 12th, 2011 at 23:17 | #2

    By seeing that the US government intends to pursue the UK banks for compensation for their total incompetence which went as far as gross negligence and unjustified enormous payments to agents, directors gives us of ERVA strength and positive drive towards bringing to boot these Nordic banks who have robbed us of our money, our homes and our social status. Spanish Courts with their powers of the law are perfectly able to charge these robbing banks with criminal acts and make them repay all the victims with their losses. These banks are still making huge profits and paying their directors and account managers unjustified large aums of money…..OUR MONEY. It is time to join us and take action!!

  3. October 14th, 2011 at 11:55 | #3

    Well said Euan through ERVA (Equity Release Victims Association) and its tireless volunteers, I understand from what I have read there could be upwards of 800 people who are victims spread over all the banks, these being Dansbank, Landsbanki, Nordea, Nycredit, Sydbank and others not yet identified, this could mean that more than 400 million euro have been secreted away to Luxembourg (Tax Haven) by illegal scams. If one can imagine the potential tax losses to the Spanish Government which could amount to at least 100 Million if not more. This surely must be enough incentive for the Ant-Fraud Prosecutor and the Tax Authorities to seriously investigate these banks and bring them to account. In view of the state of the Spanish Economy they could well do with this money now and in the future. I am sure that the above will be made aware of this through ERVA. Keep up the good work.

  4. Alan
    December 23rd, 2011 at 23:48 | #4

    Keep up the pressure on the spanish judicial system so that we will get a decision to return not only the lost funds but also obtain compensation for the misery of the last 5 years. Hopefully many more victims will come forward to strengthen the case.

Leave a Reply

Your email address will not be published. Required fields are marked *