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Baron David de Rothschild has been indicted…..
Saturday, June 20, 2015 10:43
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June 19, 2015
FRENCH police have been ordered to track down one of Europe’s wealthiest aristocrats over
a fraud involving hundreds of British pensioners.
a fraud involving hundreds of British pensioners.
Baron David de Rothschild has been indicted over the allegations after the victims, mostly
expats living in Spain, bought into his loan scheme.
expats living in Spain, bought into his loan scheme.
The banking magnate will now be questioned in his native France, five years after a
Marbella-based law firm began legal action against him.
Marbella-based law firm began legal action against him.
French police have been told by a judge in Paris to track down the wealthy scion who has
various homes in the country.
various homes in the country.
The case involves his company, the Rothschild Financial Services Group, which stands
accused of falsely advertising an equity release loan scheme, bought into by more than
130 pensioners between 2005 and 2008.
accused of falsely advertising an equity release loan scheme, bought into by more than
130 pensioners between 2005 and 2008.
More than 20 British pensioners in Spain took up legal action against Rothschild’s company
after losing their dream properties and thousands of euros.
after losing their dream properties and thousands of euros.
Paris-based liaison judge Javier Gómez Bermudez – famous for his role in prosecuting the
Madrid bombers – announced the summons this week after the Denia Court issued the order.
Madrid bombers – announced the summons this week after the Denia Court issued the order.
The Baron is believed to be staying at his Normandy castle, or near to his Paris offices, and
lawyers have provided state prosecutors in France with two possible addresses to find him.
lawyers have provided state prosecutors in France with two possible addresses to find him.
Marbella-based lawyer Antonio Flores of Lawbird said the indictment was a ‘breakthrough
moment’ in the case.
moment’ in the case.
“It is a good step in the right direction,” Flores told The Olive Press. “The courts are now in
agreement with us that there is enough evidence to interrogate Baron Rothschild.
agreement with us that there is enough evidence to interrogate Baron Rothschild.
“It is a real breakthrough moment for everyone involved.”
Rothschild’s product, the Credit Select Series Mortgage Loan, was sold to pensioners as a
legal means to reduce the value of their homes for inheritance tax mitigation purposes.
legal means to reduce the value of their homes for inheritance tax mitigation purposes.
The Tax Agency ruled that such a scheme constitutes fraud and Flores believes that
Rothschild should be held accountable.
Rothschild should be held accountable.
“In short, independently of what happened to the investment, Rothschild advertised a loan
aimed at reducing inheritance tax, which is a breach of tax law,” he said.
aimed at reducing inheritance tax, which is a breach of tax law,” he said.
Flores, and two other prosecuting lawyers, will submit questions for Rothschild in relation
to fraudulent advertising.
to fraudulent advertising.
The Rothschild Group has so far failed to comment.
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Source: http://nesaranews.blogspot.com/2015/06/baron-david-de-rothschild-has-been.html
