Sigrún Davíðsdóttir's Icelog

Why isn’t there a joint Luxembourg, French and Spanish investigation into the alleged mis-selling of equity release schemes?

with 41 comments

The equity release scheme sold in France and Spain are sold by banks operating in Luxembourg. The banks in question are Danske Bank, Nordea, Rotschild Bank and, until 2008, Landsbanki. Clients of these banks have raised some serious questions regarding the legality of these loans – i.a. if these banks were at all allowed to sell these products in countries where they did not properly operate, how these banks informed their clients, if the banks did possibly promise far beyond what the schemes could sustain. And there are questions regarding the agents who sold the loans.

There now seems to be a good reason for Luxembourg, together with authorities in Spain and France to take action, to investigate all these schemes and to give these clients clear answers.

These clients have had no help from any authority. They have had to hire lawyers themselves to fight their corner. It is grotesque that in spite of all the talk EU directives on consumer protection turn out to give… errr, no protection at all to these clients.

The Landsbanki clients then have the additional problem of the bank’s bankruptcy and the lack of information from the administrator. Since the Landsbanki Luxembourg estate in reality only has two creditors – the Central Bank of Luxembourg and the estate of the Landsbanki Iceland – it raises the question why these two creditors do not seem to pay any attention to the complaints made loud and clear by the Landsbanki equity release clients.

Follow me on Twitter for running updates.

Written by Sigrún Davídsdóttir

December 2nd, 2012 at 10:46 pm

Posted in Iceland

41 Responses to 'Why isn’t there a joint Luxembourg, French and Spanish investigation into the alleged mis-selling of equity release schemes?'

Subscribe to comments with RSS or TrackBack to 'Why isn’t there a joint Luxembourg, French and Spanish investigation into the alleged mis-selling of equity release schemes?'.

  1. Many of us have been asking this question, Sigrun.

    Why is there not a joint Luxembourg, French and Spanish investigation and why also is Britain not looking into what Luxembourg is doing to hundreds of elderly British pensioners and their families?

    These Luxembourg based schemes are illegal in the UK for a good reason.
    Why is Luxembourg allowing so many of its Banks to do what is illegal in other European countries?

    This fraud and possible money laundering scandal concerns the whole of Europe.
    The Dutch too have suffered, the Portuguese have suffered and yet the lawyers do not seem to be able to see further than their little patch and take in the enormity of the scams running out of Luxembourg.

    Brussels, with Maitre Maingain is the first to have a wider vision and tie in all the countries.
    Iceland is the first to bring the guilty bankers to task and condemn their criminal behaviour.
    France, under the top French Criminal judge Van Rumbeyke is grilling Yvette Hamilius to try and get her to answer. Yvette has so far failed to explain herself and her actions has she not?
    Luxembourg is the last country to do anything and I believe it to be a disgrace.

    This is an international Scandal and a disgrace for Europe and all Europe should stand for.

    The days of each lawyer working on his own are surely over, the moment a fraud scam becomes International and involves over 600 vulnerable people?
    Thank goodness some lawyers have had the sense to have panoramic vision and see how fundamentally important this case is to the whole future of Europe and everything Europe should stand for.

    Rachael Williams

    3 Dec 12 at 9:45 am

  2. In 2004 Danske Bank in Luxembourg took 1.000.000 euros mortgage against my home (which was free of any mortgages) and invested it in their Danske Bank Bonds scheme amongst other (over which I had no control) and proceeded to charge me management fees every year amounting to 55.000 euros until the stage Danske Bank had lost 850.000 euros of the 1.000.000 euros.
    Now Danske Bank has attempted to repossess my home which they would sell to cover their loss.
    Only by the actions of my lawyer, Antonio Flores of Lawbird in Marbella raising a criminal action against the Danske Bank employees has the sale of my home been prevented.
    I have no money and have to go back to work as a captain at 74 years of age. This is criminal theft!!!

    Euan Armstrong

    3 Dec 12 at 10:02 am

  3. Rachael Williams

    3 Dec 12 at 10:20 am

  4. Carian

    3 Dec 12 at 10:28 am

  5. You are right of course Rachael, hats off to your group and Bernard Maingain. In particular well done to your Luxembourg lawyer, hopefully he is young, dynamic, his own man and will be able to resist the pressure of acting for you in Luxembourg. Many have failed. As a result of your comment there has been much work done behind the schemes. Antonio Flores of Lawbird, Marbella, has taken up your challenge and will be contacting Mr. Maingain to offer his assistance in perhaps setting up some cross – border group of lawyers who can take their case to the European Commission to suggest that these fraudulent erquity release schemes banned in such countries as England and Italy are also banned in other European Countries, in particularly France & Spain. To some extent Spain are many years behind the rest of Europe with their Manana and lazy attitude, it is every where, in the courts, the Bank of Spain the CNMV and the DGS as well as the Hacienda (Spanish Inland Revenue) they have done little to regulate these criminal financial activities. The Inland Revenue are potentially missing out on hundreds of thousands of euro, when they need them most, mostly because they are down right lazy.They do not need to work as the employment laws in Spain are such that it is virtually impossible to dismiss employees. No wonder they are in the state they are in. I really believe that as a result of Sigrun’s blog and the interest it has created we will go forth with a new attitude and vigour. I believe this is the beginning of LUxembourgs problems unless they act quickly to put matters right. Don’t be fobbed off with any bull that htis is all new to Luxembourg as they have known about it for years and done nothing. As you corrsctly say Luxembourg should have been the first to take action. ICELAND apologised for their citizens and started their own criminal investigation.We love you for your courage Iceland at least you have proved to be part of the Human Race. I wonder if LUXEMBOURG will show the same courage to investigate their own banks. NORDEA BANK SA & DANSKEBANK. for their fraudulent equity release schemes which are not evn sold in LUXEMBOURG is that because Luxembourg has also banned them as illegal. Is it not so that to passport these products to other European Countries they have to be availble in Luxembourg and that the cssf has to request from their respective regulatory bodies in either France or Spain that a licence be given for these. In Spain the Bank of Spain has stated that both Nycredit & NORDEA are flouting te law by selling equity release products from their representative offices in Spain when they are forbidden to do so, the same applies to Danskebank in Spain. If I am not correct in my opinion please let me know and then please accept my apologies for misleading you.


    4 Dec 12 at 1:22 pm

  6. We must all work together whatever the Bank as they have all been practicing the same sort of fraud and nearly all are based in Luxembourg.

    Luxembourg is in effect hiding the cowardly , greedy , crafty and manipulative Banks selling impossible schemes to trusting people .

    Who will ever trust Luxembourg after what has happened in so many Luxembourg Banks and after the disgraceful behaviour of Mme Hamilius and those who do not regulate the abuse of power we have been witness to?

    I think Luxembourg has made the serious and arrogant mistake of forgetting the meaning of TRUST and having the intelligence and foresight of seeing that without TRUST, Luxembourg cannot exist as a Banking center.
    Mme Hamilius is sinking Luxembourg as most outsiders see it.

    Rachael Williams

    4 Dec 12 at 10:40 pm

  7. You said it in a nutshell Rachel.

    Mme Hamilius is sinking Luxembourg !

    Strange thing is that all those around Mme Hamilius and Karine Guillaume do nothing to stop them from sinking the ship further and faster.

    I suppose they think they are too big and powerful to sink, but of course they forget that that was what the captain of the Titanic thought too.


    5 Dec 12 at 10:27 am

  8. I write with the news that poor Frank Barlow is in hospital having suffered from an embolism. He is yet another victim of the stress that this appalling fraud case has caused. How many more victims will be struck down by illness as a result of this travesty before justice is done.

    We all wish Frank well and hope he makes a speedy recovery hopefully in time to celebrate the success of our current actions in defeating this scam.

    Don’t forget to keep circulating our video to be found on youtube

    Just search for “Landsbanki on youtube”

    Tom Paige

    5 Dec 12 at 6:13 pm

  9. Can I please respond to the extraordinary comments posted by Carian dated the 4th December.

    (Why is it that nobody ever uses their real names on these cooments sections? If they are afriad of revealing their true identities to Hamilius, then their comments should not be permitted).

    Enough of the “Mickey Mouse” names please if you want your comments to be taken seriously

    Sigrun, please take note.

    As founder of the Spanish Landsbanki Victims Action Group(LVAG) some 4 years ago with today 180 victims and responsible for taking direct action in Luxembourg against Hamilious and the Luxembourg regime, we hardly need advise or direction on how to proceed.

    We are very well represented in Spain with our appointed lawyers, Martinez-Echevarria, who are in close contact with Bernard Maingain in Brussels.

    I have previously on several occassions invited the few clients of Lawbird and the few clients of Costa del Sol Action Group to join our “super group” that comprises of victims in Spain, Portugal and France. All such approaches and invitations have been ignored.

    Very clearly part of our strategy is to prosecute on a cross border, European basis, this is already in place.

    We do not need the intervention, or involement or expense of Lawbird in this case that we have already undertaken and funded.

    The invitation remains for you to be part of our group if you want to win this case,because at the moment, I believe that we are the only game in town.

    Finally, In should like to convey our best wishes to Frank Barlow and our hope for a speedy recovery, yet another Hamnilius victim.

    Mike McInnes
    Landsbanki Victims Action Group

    Mike McInnes

    11 Dec 12 at 11:04 pm

  10. If we want comments, opinion and information people shoul be OK to use pseudos.
    Why order people to have no voice?
    Yvette H has direct and indirect threats on people and lives.
    How many fall sick because of terror stress and humiliation Luxembourg allows on us?
    Why not work together to win? Why not permit comments for all afraid and not afraid?
    Good wishes to Frank Barlow.
    The lawyer of the Bowen’s is the one who won.
    The French are the only ones houses protected by a Criminal case.
    We in Spain need the French to protect us and the Bowen’s precedente And the French need it.
    I think Carian’s is right in his view . No lawyer does everything good and we need to put everything good together.
    Who is Mickey Mouse?
    Well done Mike for your foundation and work for Spain and France and Portugal.

    Enrico Suarez

    12 Dec 12 at 9:22 am

  11. I will not use my Sir name as friends have actually had what the lawyer called , a threat from the administrator for a comment made after a Luxembourg press release about Landsbanki.
    Should this not be left up to individual choice?
    I am sure Sigrun as an Internationally respected journalist knows how to run her successful and well read blog and it is not up to her guests to tell her what to do, especially when it is Sigrun who is allowing us to voice our opinions and expose and share facts.
    This is what is important.
    Sharing facts. Let’s share facts.
    Most of us feel that the more of us that join together and share facts and individual and collective successes under the different lawyers, the better.
    Spain and France need each other as Spain lags behind in the Criminal, but then Spain did win and get awarded damages in Civil Court.

    Strength lies in numbers.
    Bigger numbers = less costs.
    Seems like a simple equation to me.

    Sorry to hear about Frank Barlow but hopefully he is on the speedy mend.


    12 Dec 12 at 9:43 am

  12. Carian is quite right and I do not know of anyone other than the one person complaining, who doesn’t recommend unison and coordination between countries, lawyers and victims as there are far too many very dark corners Yvette Hamilius does not want us to look into.
    These are peppered in the 600 cases.
    All these Dark corners must be exposed and we must all be joining forces rather than seeking divisions in power struggles.
    Yvette Hamilius has treated us abominably and her arrogance is beyond measure.
    Luxembourg has an Albatross in Mme Hamilius and most feel that the Judge Commisaire has been turning a blind eye to the serious damage she continues to do to Luxembourg and all the victims if these terrible Luxembourg schemes.
    We have a lot of work ahead of us to ensure we see Justice and Luxembourg bright into line.

    Rachael Williams

    13 Dec 12 at 12:36 pm

  13. There is news from France we are getting in small doses so we must keep each other informed whatever name we use or don’t use, Mike McInnes!
    We have heard that the French Procureur General has accepted that the complaint, ( yet another) against Landsbanki will be examined in Criminal Court regarding the abusive use if the Security Cover Ratio or SCR.

    N.B. the top French Criminal Judge has not as yet included this new Criminal complaint in the original complaint.

    Anyone got any news on Mme Hamilius’ refusal to pay the 50 million Euro bail or caution?
    How can she not pay it?
    It is an order from the TOP French .criminal Judge.

    What is Spain doing in relation to the SCR which is so nonsensical as to have a separate .criminal Complaint lodged in France?

    Alexander Edwards

    13 Dec 12 at 1:12 pm

  14. I just saw your comment Alexander and I do not think this will be the last in the list of Criminal complaints against both Landsabanki pre-bankruptcy and Landsbanki post bankruptcy.

    The French Procureur de la Republique obviously thinks there are questions about the abuse of the SCR, that need answering by Mme Hamilius doesn’t he?

    However there is more than that which needs answering and it will unfold slowly but surely.

    It is so obvious that the Security Cover Ratio was abusive and manipulated that one wonders how in the world an administrator and her supervisors in such a financial center as Luxemourg could have turned a blnd eye and thought no one would notice th grotesque abuse that has gone on for 4 years with an administrator who refused all discussion and negotiation by resonable honest people!

    The other thing that deserves close investigation and an answer from the administration, in our opinion is:

    1. How in the world did the administration not only fix the SCR to suit their hunger to seize the assets to give to the principal creditor, i.e. the Central Bank of Luxembourg, who should nver have lent this failing bank any money in the first place?

    2. How in the world did the Luxembourg administration arbitrarily assses the properties’ values in such different areas and countries with such different values in different areas of each country and in completely different states of repair since so many Equity Release loans were taken out for Propety Renovation?

    How can an administrator say a property has devalued by 40% overnight in an area where no property has devalued and in properties which have been entirely renovated since Landsbanki sent in their chosen proporty valuers in to assess the homes for the loan offers?

    No valuers were sent in to re-assess after bankruptcy, so who was it in the administrators office who decided the properties had suddenly dropped in value by 40% overnight in order that they should be seized and put up for auction by the failed, bankrupted Luxembourg bank who was given a loan by Luxembourg Central Bank, without seemingly having done any sort of due diligence?

    WHO in Luxembourg decided that property across Spain and France in ALL areas and in all states of renovation, dropped by 40%?

    WHO is that person?

    How about answering those questions and many others, Luxembourg…. in Court?

    George Ward

    14 Dec 12 at 7:25 am

  15. I really cannot understand why Mike McInnes is getting so upset, neither can I see why he refers to these as extraordinary comments. As a matter of interest I am not a Landsbanki victim or member of any group. I am purely interested in seeing that victims of all these banks not only Landsbanki get some justice and would have thought that Mike would have the same aims. Perhaps he has some other agenda which I have not picked up. This Landsbanki problem has been around in Spain for some 4 years and has had some success in the Carolyn Bowen case. Other than that I have not seen any further reports. I am sure that Mike’s super group have made some headway in Spain but it has been kept in the dark when it should have been plastered all over the press. The reason for becoming interested was to take up the challenge in Sigrun’s log. I would have thought that this would have been welcomed with open hearts and not the “catty” remarks Mike has made. I contacted Antonio Flores who I know well and have done for several years asking him if he was prepared to take up the challenge. Without a second thought he said he was. Antonio Flores and his firm Lawbird – Marbella are the Lawyers of the Equity Release Victims Association see and is representing many clients across the spectrum of banks, which is why he believes that to make an international incident out of this would have some political implications which might help all our causes. I am sorry if I have caused your group some anxiety and will gladly back off if this is the case, however I believe for the Landsbanki victims in France and Spain the more it is publicised the better, what harm can it do. Before signing off I understand that your video on “You tube” has been sent to the British Embassy in Madrid. At least they are aware of your problems both in Spain & France and I hope they will put pressure on the Luxembourg Government to look into this matter, which is what has been asked. They have responded very favourably to this request. Finally I think Sigrun is quite capable of running her own log and moderates all answers before they go on line. She hardly needs any advice from Mike.


    14 Dec 12 at 1:06 pm

  16. I have been a fan of Sigrun’s blog for some time now and she is a very accomplished journalist, who is not afraid to write what she feels. I do not understand the comments made against Carian as she also appears to write what she feels in her heart. Shame on you Mike, you should be all pulling together, Integration not Segregation should be the order of the day. Now may I congratulate Mike McInnes for setting up this Spanish (LVAG) some 4 years ago.I guess that makes him the “Big Cheese” around these parts. He does seem to love himself a bit. Perhaps he could explain something, was he part of the Old Costa del Sol Action Group or the New Costa del Sol Action Group or none of these There was some rumouring in Spain of some financial irregularities with one of these groups. You know what rumours are like. Did Mike set up the LVAG as a result of this. I am sure he would know and might respond accordingly. I would also be interested to hear the history of these groups in Spain. Does the LVAG have a web site I could follow as I am very interested in these matters. Perhaps he would also bring us up to date on how the court cases (civil) are progressing. According to the Daily Mail in April 2009 The courts in San Roque were investigating a criminal complaint. What happened, I presume it was unsuccessful or we would have heard. I happen to be a member of the Equity Release Victims Association and know that Antonio Flores after some 9 months already has two criminal complaints being investigated (not Landsbanki) and also civil claims have been filed in Malaga. So do not even contemplate making any negative remarks against this very clever, much loved and committed lawyer. As you seem to know him, you should know he has a knack of exposing people. Catch up on his blog sometime aflores or log on to and see the progress and following Erva has. It is completely free to become a member and you don’t have name your bank or become a client of Antonio’s. Perhaps your “Super Group” would all like to join, it would certainly give everybody a bigger voice

    Peter James

    14 Dec 12 at 2:11 pm

  17. What on earth are we all thinking about with such comments from Mr Mike McInnes (aka LVAG) to Carian?

    Carian, you seem a jolly nice chap showing your interest in our problems and helping us with information which keeps us all informed. Please do not go away because I am sure many of us were dismayed at the harsh words aimed at your expense and would thank you for sticking around and keeping your comments coming in as before – at least these were sensible and positive ones!

    Mme H will be laughing her socks off at the ridiculous playground antics which are using up valuable space on our kind friend Sigrun’s blog. This fragmentation of the victims is just what Luxembourg wants and this immature behaviour is playing right into their hands. Is this what you want? I know what the majority might say since we all want to win this battle and we don’t need the extra stress.

    I too do not intend to put my full name so my pseudo is Mickey Mouse! By the way, Donald Duck and Minnie also agree with my comments.

    mickey mouse

    14 Dec 12 at 3:05 pm

  18. I agree with Donald Duck and Minnie who uphold the view that we should all stick together and contribute to all blogs in Spain, France, Portugal and the UK .

    We should be able to contribute to comments after the articles about the Banking frauds and Criminal complaints in the Luxembourg Press, too .

    We know Belinda Barlow had a problem when she commented after an excellent ‘Paper Jam’ Lux. article, as the administrators then didn’t want to send their documents in English , but surely this is not right?
    French is not their language and we shouldn’t be punished for saying the truth in a comment, even in Luxembourg don’t you think?

    It is such a good thing that there are now nearly 320 of us communicating and this, in so many languages!
    We have English, Spanish, French, German, Dutch, Portuguese, Swedish,Norwegian, Danish, Icelandic.
    In fact I think the only language not on board, is Italian?
    Am I right?
    This is a really International group of people and although most of us may be upper side of 55, we are all fighting for Justice together and our combined efforts are essential.
    We should all stick together.

    Alexander Edwards

    14 Dec 12 at 4:35 pm

  19. To get back to serious questions we need to look at: there is something very important we should examine closely with our lawyers in Spain and France for all these Equity Release scams.
    When the banks gave us statements of accounts, we must check that the transactions noted were in fact bought as there are instances surfacing where it seems no purchase was in fact made.

    The accounts must be carefully examined both before and after the bankruptcy as there appear to be more and more serious errors .
    Since the fund managers were buying on our behalf , all we have had to go on is our bank statement accounts which in so many cases were confusing . For instance the accounts from September 2008 were represented having been modified 3 months later!

    Now with what is surfacing we and our lawyers must all examine our accounts before and after the bankruptcy very carefully and ensure the shares or bonds were really bought.


    14 Dec 12 at 5:55 pm

  20. Thanks for all your positive comments. You are right of course Charles, you really do need to get back to the serious business at hand. One small comment for Mike. Please understand that this blog is Sigrun’s and was posted to ask why there was not a joint campaign, French, Spanish, Portugese, Dutch, German, Scandinavian, whatever about Equity Release schemes in general. I responded, purely on that basis. This was not a blog referring to Landsbanki problem, which is why a I could not understand Mike’s ill conceived comments. Let me stress I am not a Landsbanki victim, but someone who is very concerned as Sigrun is about equity release products in general. I have been in touch with Antonio Flores and I believe he will be in contact with Bernard to see if he can help on an international basis for equity release schemes in general. I do detect a little unrest as Hamilius no doubt will, so please stick together, it is time for integration not segregation. I will carry on following your case and will comment as I think fit.


    15 Dec 12 at 10:20 am

    You might find this link interesting and then realise why we do have to integrate to get our message across on an international level. Reading this article I am somewhat amazed that Jean Guill CSSF Director General writes on the banking sector. It just goes to show how integrated the banks and CSSF are. My understanding is that the CSSF is the financial regulator. Is it any wonder why Jean Guill see’s this as a potential problem for Luxembourg. Should this new body come into existence “European Central Bank” (ECB) Jean Guill and his cronies will have their power depleted. A good thing too. As we all have come to realise Luxembourg is as tight as a drum and it may be a long and arduous haul to find justice there. Perhaps this is why Bernard is pushing for an international group of lawyers. For sure the ECB will be a god send for Europe and a kick in the pants for Luxembourg. It just might be that Luxembourg is being brought to task. In the future there will be no place in Europe for these small principalities as tax havens. I would not be surprised if the USA brought in legislation to curb the US banks and investment houses operating in Luxembourg. The writing is on the wall. Yipee!!! Keep going the Luxembourg route, also for the French victims, don’t give up your fight in the French courts you may be better off and quicker in the end.


    15 Dec 12 at 12:42 pm

    Carian, I think you are correct in your assumptions. Read the link above for further confirmation that justice will be slow and hard to find in Luxembourg. I also think it is very important to keep your French Court options open, especially as one of the French group has already won his case in Paris. I presume you are going the Luxembourg route as opposed to the French Court as a result of Mike McInnes super group of mainly Spanish victims,which according to him, make up the bulk of the Landsbanki claim. I do wonder if the writing is on the wall for Luxembourg, hopefully the European Union has finally seen behind this principality and are acting accordingly. Lets once and for all regulate these banks in Europe, the Luxembourg Authorities or not prepared to or won’t, so Europe should take this away from them. If every bank or Financial Institution paid their taxes instead of hiding in Luxembourg shop windows, perhaps Europe would not be in the financial state it is in today. Close Luxembourg down to these banks, they are becoming to big to regulate and litigate especially in Luxembourg.

    Peter James

    15 Dec 12 at 1:53 pm


    If you want further confirmation to the last two comments. Click on this link.

    Peter James

    15 Dec 12 at 1:56 pm

  24. Thanks Peter James for the excellent links.

    This IS the sort of input we need!

    Are we not all demanding better behaviour in Luxembourg?

    Are we not all saying we have had enough of the abuse of power and arrogance that those making and breaking the laws to suit their agendas, have been getting away with for years at our expense?

    How can European investors continue to have faith in the functioning of Luxembourg with all its false promoses of ‘safe ‘ investment and consumer ‘protection’ when the truth is seen to be the direct opposite?

    We see fraud. We see mis-selling, we see lying, we see gross manipulation of figures and facts, we see money vanishing from accounts, we see rudeness and arrogance, we see harassment , threats and intimidation and we see laws being broken and ignored.

    We are the people who once trusted Luxembourg and we are those Luxembourg has abused and there are thousands of us as we are looking at many Luxembourg based Banks and their empty, false schemes.

    Look at the way the administrators of the failed Banks are allowed to behave?

    There is failure everywhere you look, isn’t there?

    Where is the integrity of financial institutions promoting, managing and controlling the financial place in Luxembourg?

    How can such blatant, obvious wrongdoing be left not only with NO INVESTIGATION, as in the shocking case of the Landsbanki administration, but also left completely UNSANCTIONED?

    How can European authorities expect financial institutions to behave more responsibly in the future, if investors are left like all of us, battling for Justice and to be heard in Court so that the arrogant guilty may be effectively punished?

    It is no longer a question of money or saving our homes.

    It is now a question of getting Justice and seeing the guilty punished so that this sort of nightmare cannot happen to other innocent victims again.

    At least we will not have suffered for nothing if we see them behind bars?


    15 Dec 12 at 2:34 pm

  25. Chinese banks are fighting to get to Luxembourg? Shouldn’t Banks be fighting to get out of there?

    I like the joke about the CSSF protecting depositors and investors, by Jean Guill!

    “We feel that the CSSF has managed to combine financial stability and the protection of depositors and investors with the development of the financial sector. ”

    Maybe he does not know how ridiculous this sounds to all the depositors and investors who trusted Luxembourg and who are now bringing Criminal charges against the Banks and administrations and even taking complaints to European Court and winning?

    Doesn’t he sound a bit like Biever when he was obviously so ill-informed that he went public with flying porkies as he tried to defend Yvette Hamilius and Karine Guillaume her super visor?

    I know that after 4 years of trying to have communications with and negotiate with the arrogance of those who feel Luxembourg can do exactly what it wants, I cannot wait to go to Court and have everything exposed.
    I agree with Charles wholeheartedly.
    It is no longer a question of money.
    It is a question of Justice.
    We will go to Court and it looks as if the complaints are on the rise!

    Those who have treated us so badly for 4 years even though we were the depositors and investors Luxembourg boasts it protects, may live to be not so arrogant?

    The victims I know, are looking forward to actually going to Court, now.
    We have waited for too long for a solution and now we want Justice in Court AND punishment for the colluding guilty whoever they may be.

    In Court Justice is the only way with bullies who intimidate the very depositors and investors their country boasts it protects!

    George Ward

    15 Dec 12 at 3:27 pm

  26. Luxembourg is not famous for looking after the consumer!
    Luxembourg is famous for looking after the banks now Chinese perhaps.

    The Courts in Europe will look after the consumer. All who want justice must go into Court in France, Spain and in European Court. It is the only road.
    The employees won against Hamilius is European court didn’t they?
    We will win too.
    Mme Hamilius will have to answer why she refused discussing anything and why she did not investigate anything.
    Luxembourg will have to answer why she was not examined closely for her not doing her job right and fair for all the same.

    Too much abusers of consumer rights in Luxembourg so we have enough now. Now it is time to go to court after 4 years hell x4.

    Enrico Suarez

    16 Dec 12 at 3:20 pm


    Get the latest on the Nordea Bank SA Equity Release Scheme/scam in Spain. The Mercantile Court in Malaga have just admitted a claim into court against Nordea Bank SA Luxembourg for mis-leading/fraudulent advertising and unfair competition. According to erva this was pleaded on behalf of several Nordea victims in Spain by their lawyer Antonio Flores of Lawbird Marbella. Unlike most court cases, in this instant the onus is on Nordea to prove that their advertising conforms with the Spanish and European Regulations. The ABBL (Luxembourg Banking Association) of which Nordea Bank is a member has its own code of conduct, which these brochures should comply with. They don’t. Isn’t this another case of Mis-selling highly toxic equity release products to selected countries in Europe which is another example why we should have a joint legal team to get this message across to the European Commission. Can someone explain how Nordea Bank was voted No1 (Best Bank in Europe) perhaps only Nordea employees were allowed to vote on the promise of a good bonus. Yet another roque bank coming out of the stable of that banana republic called Luxembourg. For full details read the link shown all accompanying documents also shown on this site.

    Peter James

    19 Dec 12 at 2:31 pm


    Well done Antonio Flores!

    Nordea Bank is one on the list of polluted banks and rotten schemes based in Luxembourg.
    The winding up of these banks seems as shocking as the schemes the bank was manipulating whilst pretending the banks were in positive equity and borrowing money to cover up black holes, from the Luxembourg Government.

    We want these people behind bars for the suffering they have caused.

    I hope Luxembourg and the judiciary protecting these rogues will start to see that they went too far with their pretentious and callous greedy behaviour and that Justice cannot be bought by bullies.

    We offer our congratulations to the victims in Spain and to the Spanish Courts for doing the right thing.

    Iceland is leading the way and now others are following!

    Thanks Peter J for this great news.

    Rachael Williams

    19 Dec 12 at 3:26 pm


    Well done all at ERVA what a result. The tide is turning and it seems at last the little man is being listened to. This is just the beginning like the Berlin wall it is going to fall.

    All of us in the Landsbanki group of victims wish you well.


    Nina Foster

    19 Dec 12 at 8:23 pm

  30. Hello,
    I just have read all these comments and see that there is a “red line” in all: to get justice and victory against the banks and thier henchmen.
    It strikes me that all the comments talking about what was happned and dicussion revolve about what it means or what’s important or not e.g often mentioned won lawsuit in Spain, the situation of the French complaint etc. All these is ok and I agree to share information if they are real and not fakes or rumors.
    Sigrun’s Daviddottir way of writing is interesting because of the method to do it with questions. These questions lead in the way of future -> of solutions.
    Exactly this is the lack of all the comments : no discussion about active actions: what the victimscan do or in which direction they can investigate based on the facts of today and under the umbrella of the lawyers. E.g. if Luxembourg and the authorithies are not willing (in the moment) to move in direction ofthe victims and the fraudulant cases then the victims can use their E-consumer rights to inform the Investment Banks, Insurance Companies, Savings Banks and all financialinstitues about the facts ofthe complaint in France, Luxembourg, about the situation in Lceland and they can pose the question: ” what has that to do with your Bank? What you have to expect if this procedure came to you? What does it mean about your Bank’s image as an Global Player ?”
    To fight against the administrater and the bank is one thing. But to forget the other Banks and financial playersin Luxembourg and tomake them think they are save and this has nothing to do with them self should be a bit careless.
    Do you have other suggestions where you can make a lot of attention and noise?
    Let me know.
    Sorry for my rough English.

    Samuel Hirschfeld

    20 Dec 12 at 11:19 am

  31. Samuel, I think you are right. Everyone is of the same voice when it comes to wanting the banks , administrators and those colluding in the manipulations, fraud and aledged money laundering, but we need to project ourselves into a co ordinated plan of action.

    All the Equity Release schemes originating in Luxembourg are based on mis selling, manipulation of figures and all have the fundamental and deliberate flaws which meant that no client could win and all clients will lose.
    This, is to all who examine these schemes from all the Luxembourg banks seeking these products, contrived fraud, isn’t it?

    Now that there are so many Criminal cases being opened on different areas of fraud and abuse, it is important to co ordinate our structure and future actions.
    1. I think the Spanish victims who have just had their Criminal Case taken up in Malaga should inform all the European press following the Luxembourg Landsbanki, Rothschild, Barclays,, Nordea etc scandals.
    The press is following in many European Countries.
    We must give them all the news about the many Criminal charges coming out against these Banks.

    In particular, the main Luxembourg press should be informed of all the new Criminal complaints in France and Spain as well as Iceland, against the banks they are protecting.
    Luxembourg must wake up to the truth about what has been going on and what is sinking Luxembourg’s reputation.
    The ordinary Luxembourg people are not kept informed about what is being covered up and the damage that is being done.

    We must keep them informed.
    Secondly, I think the European Courts must be brought in to judge these cases. We already have a complaint in the European Courts about the non payment of the 50 million caution ordered by the top French Criminal judge don’t we?

    We have to support each other , coordinate and keep each other informed as well as the press IMOP.
    Luxembourg must know that we will not go quietly as we intend to see Justice and punishment for the crooks and their helpers.

    George Ward

    20 Dec 12 at 7:56 pm

  32. Mis-selling is at the root of the scams from Luxembourg based banks, is it not confirmed by the latest Judge to decide there are grounds for a Criminal Case to be heard in Spain?

    Mis-selling is fraud and we have no doubt that these products were mis-sold.

    Look at the serious cases of mis-selling that have been heavily punished in recent months across the world and the fines the Banks have been given with possible jail sentences for some?

    Does Luxembourg not see it cannot pretend that there is no problem with Luxembourg ignoring all Criminal investigations as the Procureur General tried to say in his press interview in Luxembourg press?

    Why is Luxembourg ignoring a top French Criminal Judge, the French Procureur, the Spanish Judges, the Bowen’s winning their Civil case in Spain?
    Why did the Luxembourg Procureur give such false statements in his press release?
    Why were even the Employees of Landsbanki forced to go to European Courts of Justice to get any Justice?

    Is this normal?

    What would happen in France if the Procureur gave false statements publicly to the press as he tried to defend an out of control administrator and a dormant Judge Commissionaire?

    I think it would be considered very very serious in other countries who do not consider themselves above the law?

    This interview by Robert Biever is surely of extreme importance?( it was on an earlier blog in English and the original French)
    Can anyone post it again?
    It should be examined carefully and the press in all countries of Europe should be asked the question?

    “Do we want this sort of abuse to be part of Europe?”

    “Do we want Politicians and Judiciary to allow mis-selling, fraud, abuse of the elderly, intimidation and harassment, manipulation of incomprehensible accounts, abuse of SCR to grab assets and winding up proceedings which protect the crooks and punish the loyal clients of the delinquent, greedy banks?. We must ask. Do we want this in Europe?”

    The media must be asked these questions urgently.

    We, as European Citizens with our children and grandchildren following us, need to know.

    We need answers from Luxembourg as to what they consider Europe stands for.

    We need the people such as the administrator of Landsbanki Luxembourg to explain every action she has undertaken since she said goodbye to Deloittes.

    Why did Deloittes leave?

    Why was the previous lawyer, Maitre Boissiere replaced just when so many Criminal cases were being upheld by Judges and the European Courts are opening their doors to these cases of Luxembourg scams too?

    Why would a lawyer, like maitre Boissiere, leave at that point when mme Hamilius has refused any dialogue, any explanations and above all has refused to look into any of the serious accusations made against the bank AND her administration?
    All efforts of any form of negotiation have been refused for over 4 years.

    We have had ultimatums, harassment and been under threat and stress which is irreparable when serious accusation were ignored and no respect for the clients of any of these banks were shown any of the respect and consideration they deserve.

    The press must know about all the abuse people have suffered.

    The clients have been treated as CRIMINALS.
    Thé Criminals and abusers have been treated like heros.

    When you read M. Biever’s press release it seems the mis-selling of Luxembourg continues.
    Does it not show that even after the bankruptcy Luxembourg is still mis-selling and that the Judiciary is turning the other way pretending there is nothing wrong?

    We TRUSTED Luxembourg.
    We were deceived and Luxembourg was MIS-SOLD to us.

    This is very important and the Spanish Judge in Malaga with Antonio Flores saw this and action is now under way.
    We have had nothing but mis-selling deliberate mis-calculation throughout.

    Does it not show that there must be a reason Deloittes stepped aside?
    What is that reason?

    Speaking of mis-selling, a number of banks have been fined by the Financial Services Authority (FSA) in the past few years for mis-selling investments to customers.

    In January last year Barclays was fined £7.7 million for investment advice failings, RBS was fined £6 million in November, HSBC £10.5 million in December…need I go on?
    The fines are not in millions but in billions!
    HSBC was 1.2 billion dollars.
    Please can someone write the list of fines these banks have been given for mis-selling?

    How long does Luxembourg and Mme Hamilius intend to go on pretending they can do as they please and that they do not need to give any explanations nor pay any penalties for the abuse and prejudice suffered by so many for so long?

    These are some of the questions we need to know and the press can help us get an answer from Luxembourg as they can no longest threaten us to drop our Criminal charges against them as they have been trying to do with ultimatums.

    We want Justice and we want punishment for those who have made us suffer for so long.
    We are all in the same fight.

    Rachael Williams

    21 Dec 12 at 9:35 am

  33. Rachael Williams, what an angel you are, a wonderful and factual account of the fraud that festers in Luxembourg. I am not sure what your background is but you would make a great thriller writer. I only wish I was as articulate as you. It has been mentioned many times but again once more for Christmas. The Grand Duchy of Luxembourg is riddled with fraud and corruption. Like all dictator ships this can only stem from the top. So Mr. Duke, whatever your name is, get a grip of these banks and put your house in order. Get you ABBL (Luxembourg Bankers Association) and your Cssf (Financial Regulatory Body) to get off their rear ends and do the job they are there for and that is to regulate. Take a leaf out of the UK’s Financial Services Authority (FSA) and investigate these banks and bring them to account and restore once more the good name of Luxembourg. Now that would be a challenge for 2013. There is still time for you. Is it any wonder that the European Parliament want to create a European Central Bank (ECB) to regulate these banks that prey on unsuspecting and ill informed people. And, is it any wonder that the Director of the Cssf in Luxembourg is clearly against this move. The culprit banks led by Landsbanki, closely followed by Nordea Bank SA, Nordea of which has been voted No1 bank in Europe, God knows why. Bringing up the rear is Danske Bank, currently under criminal investigation by a court in Spain. There are other banks operating or have operated similar schemes of Equity Release Products. Not in England or Italy though, as all types of reverse mortgages with financial themes were banned and are illegal. These are exported from Luxembourg to countries like France, Spain & Portugal, where the banks feel they are safe from prosecution, well, not now, we have seen numerous cases coming before the courts in France and Spain, where the banks have been found guilty and there are many more in the pipeline as we are seeing. So keep posting your comments.
    May I wish all victims of these equity release scams a Merry Christmas and a successful New Year. I have a sneaky feeling it will be better.


    21 Dec 12 at 10:32 am

  34. Carian and Rachael

    Well written and thank you for all your input. It is so so important to keep these matters in the public eye. Do not let the perpetrators of this scam think for one moment that we will let them get away with it.

    Weekly we are hearing more good news about court actions against them and their schemes that before long the whole edifice will fall like a pack of playing cards. It is all just a matter of time.

    Happy Christmas and a Great New Year to all victims of these scams.

    Nina Foster

    22 Dec 12 at 4:40 pm

  35. Could the person who was asking for help or anyone who knows these people, please contact us as we are all helping each other in this fight for justice.

    We saw this and wish these people to know that we are here to help.

    05.09.2012 | 15:29
    Re: Landsbanki
    My parents live in Spain and have been caught up in being fraudulently sold an equity deal from Landsbanki. Landsbanki are holding their deeds, have confiscated money from their accounts and are telling my parents they owe Landsbanki several hundreds of thousands of Euros.

    My parents are 72. They have no savings, they have no income. They are now on their second seemingly ineffectual solicitor in Spain. They have battling this issue for the last 4 or 5 years and it has taken a huge toll on them physically and mentally. I am at my wits end in knowing where to go to get help for them. My father has written directly to Landsbanki to ask for response to issues he has raised about the deal being sold to him without his proper informed consent. He was given completely inadequate knowledge and pushed into signing forms he was not allowed to read properly.

    I am addressing this to you as I have seen that the Iceland Review has been publishing articles on various high level members of Landsbanki being charged and jailed for illegal profiteering and illegal financial practices. One of these people being the CEO. I do not know where to turn to get help for my parents to help them retrieve their deeds and for Landsbanki to admit they do not owe them money for this illegal financial deal.

    Can you offer any guidance with this issue?


    Elaine Jamieson, London.

    Share “


    29 Dec 12 at 11:09 am

  36. Hello Elaine. We understand what your parents are going through, they are not on their own. As you will have read from the various comments on this and other posts there are two groups fighting this particular fraud, one is in France and the other in Spain. The author of this comment is based in Spain. If you go to you can log on and get up to date with the Spanish situation. You can also register as a victim for free and we will assist you or your parents in any way we can. If your parents are French victims, log on any way and we will put you in touch with the French group. Don’t despair too much as we are making progress and are convinced we will win our fight. The Spanish courts have ruled in favour of one Spanish victim and in France a Judge in Paris has ruled against Landsbanki in a criminal case.

    Peter James

    2 Jan 13 at 12:47 pm


    This is a lawyer who did share his information and complain to Uria y Menendez the lawyer who helps the bandits of Equity Release.

    Read it. It shows how dirty they are. Antonio Flores congratulations and thanks for helping us!

    Enrico Suarez

    5 Jan 13 at 10:39 am

  38. This is the latest from the Equity Release Victims Association.

    As stated in one of earlier comments, we have, through our lawyers sent the letter to Uria & Menendez asking for an explanation as to why, it would appear, that these Rothschild lawyers found it within themselves to publish a very disturbing second report on very important tax issues, omiting a crucial paragraph. We will of course let you know the outcome. With the recent reports of the oldest private bank in Switzerland having to close its doors as a result of the punitive fines imposed by the US Authorities for incitement to commit tax fraud to the US Treasury (see link below) Erva together with its lawyers will be denouncing these banks to the SPECIAL TAX PROSECUTOR . I hope our members will agree with this course of action. It is clear that these banks mnetioned in previous posts are guilty of exactly this INCITEMENT TO COMMIT FRAUD AGAINST THE SPANISH TAX AUTHORITIES. It is time for the Spanish Government to get iunvolved, this could certainly be a good source of income for the much beleagured Spanish economy. You, the victims are responsible for your taxes, therefor you would be the one committing the offence. I wonder how many people have lost their spouses and have in fact unknowingly committed this tax fraud. Just to clarify matters, one cannot only declare the value of the property less the mortgage loan for IHT purposes. You have to declare the whole value including the loan that was taken offshore. These matters will eventually come to light when the courts instruct the banks to divulge this information, perhaps if you are one of these people you need to seek some professional & legal advice and come forward.


    7 Jan 13 at 10:58 am

    Message from erva to the French Landsbanki Victims.

    I am not sure if you picked this one up, but worth a look. I have no idea of the tax situation in France or the rules on misleading/fraudulent advertising, however as this is a European Directive I assume the same or similar laws apply. Hope it is of some help.


    7 Jan 13 at 11:47 am

  40. I’m really loving the theme/design of your web site.

    Do you ever run into any web browser compatibility problems?
    A handful of my blog visitors have complained about my site not
    working correctly in Explorer but looks
    great in Firefox. Do you have any ideas to help fix this problem?

  41. I’d like to thank you for the efforts you’ve put in penning this blog.
    I am hoping to view the same high-grade blog posts from you in the future as well.
    In truth, your creative writing abilities has encouraged me to
    get my very own blog now 😉

Leave a Reply