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The Spanish Lawyer Online

Spanish Equity Release Fiasco

Exposing Danske Bank, Rothschild, Nykredit, Sydbank and Others


Posts Tagged ‘Wealth Tax Spain’

Nordea Reported To Police

August 31st, 2011

It was a few days ago when I was asked by a victim of Nordea’s equity release scheme in Spain, in a mood of disbelief, whether it was possible for a bank of that stature to have got it so wrong as, after all, they had plenty of money to pay for the best advice from top lawyers.

I could bring an argument against his comment relating to having plenty of money, some of it belonging to their clients-turned-victims, and the advice that this money could buy but, on their own, those fresh memories of very large banks going bust for hanky-panky practices allowed to happen by their advisors, would answer the question.

And then, by coincidence, I read on the Danish press (Copenhagen Post Online) that a few days ago the Danish Financial Services Authoriy had reported Nordea to the police for failing to make a full disclosure in relation to a jewelley firm.

Well, soon enough they will be reported to the Spanish authorities via the criminal courts for miselling financial products on the back of a bening pensioner-friendly equity release programme that was supposed to be the panacea to dodge, “legally”, inheritance and wealth taxes in Spain, all-in-one.

This financial herb-allheal to cure British homeowners from inescapable taxes has morphed into a thorn apple plant of undefined toxicity that is now like an albatross around their necks.

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