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The Spanish Lawyer Online
The Spanish Lawyer Online

Spanish Equity Release Fiasco

Exposing Danske Bank, Rothschild, Nykredit, Sydbank and Others


Archive for May, 2011

Danish Media Reports on Criminal Case Filed Against Danske Bank’s CEO

May 24th, 2011

Below is a translation provided by Google Translate of the story written by Claus Iversen and published by

Danish Bank risks trial in Spain

Published at 22:05:11. 23:30

An elderly Englishman plaintiff Danish Bank after a loss of 800,000 euros.

Much has Danish Bank’s CEO, Peter Straarup, had to listen and eyes, through his many years in the bank. But it is probably the first time that he experiences seeing his name appear on an indictment that was sent to a Spanish court.

It is nevertheless true in a case in southern Spain, where a law firm is now trying to get a case to stand up against Danish Bank.

Company Lawbird Legal Services believes it can prove that the Danish Bank has cheated an elderly Englishman, because the bank has given him the wrong information on some tax in the information that helped to convince him to invest through the bank.

»Danish Bank has simply given incorrect information to my client. He has therefore been lured into an investment that he never should have made, “said lawyer Antonio Flores from Lawbird Legal Services, headquartered in Marbella in southern Spain.

The English man, now retired, borrowed in 2004 1 million. euro by Danish bank, which at that time had a branch in southern Spain. The money was invested through the Danish Bank branch in Luxembourg, which it did not have a lucky hand when the value has fallen by 800,000 euros.

The loan has not decreased

The loan of 1 million. euro has not fallen in value and the money will Danish Bank now want back. But it has the man no more, and therefore the bank tries instead to get his house in southern Spain.

To prevent this Englishman contacted the Spanish law firm in connection with the case thus believe they have found out that Danish Bank has cheated and deceived the man.

The paper on serious charges against the Danish Bank – and Peter Straarup that are mentioned in the indictment – are not bank employees to lie sleepless at night.

It failed Sunday to catch the person responsible for Danish Bank branch in Luxembourg, Klaus Mønsted Pedersen. But the bank’s press officer says on the matter.

“I do not know the case and I do not know about that Danish Bank International have misinformed. We have already seen that some lawyers in certain countries have a quite aggressive approach and, when they try to get a case to court, “said Donald Klinkby Madsen.



Court Accepts Criminal Complaint Filed Against Danske Bank CEO

May 24th, 2011

A judge from the Court of First Instance nº 1 in Fuegirola accepts the criminal complaint filed against Danske Bank’s CEO Peter Straarup, plus other four people for deceipt by swindle, missapropriation and deceiptful publicity, we submitted a couple of weeks ago.


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Spanish Regulator Questioned Over Organisations Offering Equity Release

May 4th, 2011

The noose is closing on the necks of the infringing lenders. On a recent visit to Madrid we filed a formal application to the CNMV, the Spanish financial regulator, for information in relation to the activities of several banks and one insurance broker turned-IFA without authorization.

The DGS (Dirección General de Seguros, Spanish Insurance regulator) also received our visit and we had a mostly interesting meeting with a senior official,who advised us to file an application for information in respect to:

  1. If Danske Bank and Rothschild were registered to sell insurance.
  2. If the products they called as life insurance, or “assurance”, can be described as such or if, on the contrary, they are just financial products hidden behind the more benign format of insurance products for the retired.

Both regulators were not aware of the inverse-mortgage schemes, but were horrified when I explained in detail the state in which borrowers have been left.


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