Author Archives: admin

Un despacho de abogados presenta una querella contra diez bancos por estafa

November 8th, 2011
ABC

El despacho de abogados Lawbird, ha presentado una querella criminal ante la Audiencia Nacional contra diez bancos internacionales por delitos de estafa y defraudación contra la Hacienda pública, de las que han sido víctimas unas ochocientas personas en España.

El abogado del despacho Lawbird, ubicado en Marbella (Málaga), Antonio Flores Vila, ha dado a conocer hoy en conferencia de prensa la querella interpuesta el pasado 6 de noviembre, junto con el presidente de la Asociación de Víctimas de la Hipoteca Inversa Extranjera, Evan Armstrong, y el vicepresidente, Ian Sherdley.

El letrado ha manifestado que su despacho atiende a “veinticinco clientes” por este tema, aunque cree que podría haber unos 800 afectados que “intentan negociar con el banco”.

Los bancos querellados son diez, ocho de origen escandinavo, entre los que se encuentran Danske Bank, Nordea Bank, Lex Life & Pension, Landsbanki, Jyske Bank, Finansbanken,Nykredit, Sydbank, uno de procedencia británica, N M Rothschild & Sons, y otro de nacionalidad suiza, Swiss Life.

Las presuntas infracciones que se le imputan a estas entidades bancarias son delitos continuados de publicidad engañosa, estafa, defraudación contra la hacienda pública, y falsedad ideológica en documento público.

Trama desde 2004

Según ha explicado Flores, la trama se origina en el año 2004 entre bancos extranjeros a través de una “red de agentes financieros” que desplegaron una “campaña de captación de recursos” en la Costa del Sol, que tenía como objetivo a extranjeros con viviendas sin hipoteca con “cierta capacidad económica” y “sin mucha liquidez”, principalmente pensionistas.

El presunto delito consiste en ofertar a los clientes un producto conocido como “hipoteca inversa”, una simulación donde se “traban hipotecas” en viviendas ya pagadas o sin hipotecar para ceder préstamos a los clientes que son “llevados a paraísos fiscales”, principalmente Luxemburgo.

“Te venden un producto diciéndote que es asistencial, cuando es absolutamente especulativo, además te lo venden con la excusa necesaria de que te vas a ahorrar los impuestos, que los impuestos españoles son tan caros, que si no haces algo, vas a perder tu vivienda”, ha destacado Flores.

Fraude a Hacienda

“Por el número de personas defraudadas, el importe medio de las viviendas es de doscientos cincuenta millones de euros en dinero que se ha detraído de las viviendas de los extranjeros”, ha asegurado el jurista. Por otro lado, Flores ha declarado que el importe medio de defraudación a la Hacienda pública se calcula en torno a “cincuenta y setenta y cinco millones de euros”.

El dinero de las víctimas se destinaba a inversiones en mercados financieros que han derivado en bonos japoneses, coronas checas, francos suizos, en monedas, en divisas, bonos de otros bancos_, ha asegurado el letrado, donde los clientes “lo han perdido todo”.

Flores ha señalado que la hipoteca inversa española es un producto asistencial destinado a la tercera edad que permite generar ingresos a través de dos vías, la pensión vitalicia, donde el cliente vende su casa al banco y percibe a cambio una paga mensual, y la hipoteca inversa, con la que la entidad da un préstamo que es garantizado con una hipoteca.

La diferencia entre estos servicios bancarios y los ofertados por las entidades querelladas consiste en que “no pueden echarte de tu casa” y que el dinero obtenido “no se invierte para especular en el mercado”.

  •  
    BÚSQUEDAS RELACIONADAS

Querella contra bancos extranjeros por una presunta estafa en la Costa del Sol

November 8th, 2011
Story by José Carlos Villanueva | El Mundo
El abogado Antonio Flores junto a uno de los afectados por la estafa. | Javier MartínEl abogado Antonio Flores junto a uno de los afectados por la estafa. | Javier Martín

  • Ofrecían hipotecar viviendas libres de cargas a jubilados
  • El fraude, cometido en distintas provincias, se elevaría a 250 millones de euros
Actualizado miércoles 09/11/2011 08:27 horas

Su estrategia consistía en sembrar temor entre jubilados extranjeros residentes en la Costa del Sol. Diversas entidades bancarias, en su mayoría escandinavas, con departamentos de banca privada en Luxemburgo, hacían creer a sus víctimas que en España, si alguien muere sin tener una hipoteca sobre su vivienda, el fisco grava de tal manera la sucesión que los herederos nunca podrían abonar los impuestos correspondientes.

El despacho de abogados Lawbird, con sede en Marbella, representa amás de una veintena de residentes en el litoral malagueño y alicantino que han presentado una querella en la Audiencia Nacional por presuntos delitos de estafa, publicidad engañosa, defraudación a la Hacienda Pública, así como falsedad en documento público. Además, los denunciantes creen que existe “acoso inmobiliario”, tal y como ha explicado este martes el abogado Antonio Flores en rueda de prensa.

Han creado una asociación de víctimas por la llamada “hipoteca inversa extranjera”. La presunta trama financiera comenzó a operar en 2004 y se prolongó en el tiempo hasta finales de 2008. Flores calcula que en España puede haber unas 500 parejas, matrimonios jubilados en su mayoría, que cayeron en esta red fraudulenta a través de “publicidad engañosa”. El total de fondos evadidos a Luxemburgo son “unos 250 millones de euros”, según el letrado. Dicha cantidad es la que los denunciados hacían creer a sus víctimas como exenta de impuestos si se heredaba en un paraíso fiscal. La presunta defraudación a Hacienda rondaría el 20%, unos 50 millones de euros.

Unos 17 responsables bancarios, así como agentes financieros, que no eran tales y estaban advertidos por la Comisión Nacional de Mercado de Valores (CNMV), figuran como querellados en el escrito presentado el pasado 7 de noviembre en dicho tribunal, a la espera de que un juez lo admita a trámite e incoe diligencias previas.

Euan Armstrong, de 74 años de edad cuenta su caso: “Yo compré mi vivienda en Alhaurín el Grande por unos 600.000 euros y un agente financiero se puso en contacto conmigo. Me alarmó mucho, al decirme lo que me ocurriría en España si no hipotecaba mi casa, de cara al impuesto de sucesiones”.

Este ciudadano escocés cuenta que le hicieron creer que si fallecía sin haber reducido la valoración de su propiedad, a los efectos del impuesto de sucesiones, la cuota tributaria sería tan alta que sus hijos nunca podrían heredar.

Fue entonces cuando el agente financiero le puso en contacto con el banco danés Danske Bank. Dicha entidad se ofreció a prestarle un importe casi idéntico al valor de la vivienda. Acto seguido se tasaba la casa y se procedía a firmar una escritura de préstamo hipotecario. Los fondos se invertían luego en un paraíso fiscal, en este caso Luxemburgo. Se trata del destino donde acabaron la mayoría de las cantidades defraudadas a los afectados.

Del millón de euros que le prestaron a Armstrong, le entregaron 100.000 y el resto se lo llevaron a Luxemburgo, con el propósito de invertirlo, “lucrarse y especular”, añade el letrado denunciante.

“El valor de la vivienda suponía los ahorros de toda mi vida”. Esta ha sido una frase muy repetida entre la representación de víctimas que han acudido a la rueda de prensa celebrada en el citado bufete. Todos estos residentes en la Costa del Sol pensaban que los fondos que acabaron en el mencionado paraíso fiscal estaban custodiados, con toda garantía, hasta su fallecimiento.

“Empezamos a recibir llamadas, cartas, correos electrónicos y visitas personales de empleados de Danske Bank. Nos decían que nuestras inversiones no estaban rindiendo como ellos querían”. Se les advertía de que deberían cubrir las pérdidas generadas. Lo peor estaba por llegar. Poco a poco se fueron sucediendo las ejecuciones hipotecarias, instadas por los bancos para quedarse con las viviendas.

Además del citado banco danés hay otros tres del mismo país involucrados: Nykredit, Sydbank y Jyske Bank. El resto son Nordea Bank (Suecia); NM Rothschild & Sons (Reino Unido); Lex Life&Pension (Luxemburgo); Landsbanki (Islandia) y Swiss Life (Suiza).

Flores asegura que hasta el momento han podido paralizar dos procedimientos de ejecución hipotecaria. Lo han hecho en distintos juzgados malagueños que han accedido a su solicitud.

Equity victims fight back

October 3rd, 2011
Story by Mireille Toddington | Coastrider

EUAN_ARMSTRONG_450An expat is taking Denmark’s biggest bank to court after it persuaded him to use his Spanish property as collateral in an equity release scheme – and cost him his home. Scot Euan Armstrong, 73, is fighting every step of the way after the scheme left him almost penniless with the bank trying to force him to sell his two million euro home to pay off debts.

The pensioner had joined the Danske Bank scheme after he was told it would provide him with a salary for life. The other incentive used was that the move would reduce any inheritance tax for his daughters, who were liable to pay Spain’s top rate of 34 per cent. Mr Armstrong claims that employees in the former Mijas office of the bank outlined a plan where Danske Bank was supposed to use €850,000 to invest in bonds, Swiss Francs and Euro with the ‘profits’ being used to pay off the mortgage. Meanwhile, a €150,000 lump sum would be given to him as part of the equity release deal. However things did not go to plan, and after the first year Mr Armstrong realised that the bank had actually lost him €18,000. Unfortunately, the losses did not stop there. Over the next five years, the scheme continued to lose money and in 2009 Mr Armstrong was told by an account manager in Luxembourg that he should sell his property and pay the bank back the €650,000 they had lost. When Mr Armstrong refused, Danske Bank issued a foreclosure on his house and also a repossession order through Coin court. This was due to take place in July of this year, fortunately, his lawyer stepped in and obtained a court ruling suspending the repossession. According to Antonio Flores of law firm Lawbird – which is also filing eight separate cases against various Nordic banks in a similar situation – it is actually illegal in Spain to indebt yourself in order to reduce your inheritance tax liability. Nonetheless, he estimates that hundreds of people fall victim to these schemes each year and cases in Spain currently span the Costa Blanca and the Costa del Sol. The lawyer believes that this type of product, peddled by unauthorised agents under the endorsement of supposedly reputable banks, is becoming more and more common and should be avoided by people at all costs.

Several clients of these banks, led by Euan Armstrong have now set up the Equity Release Victims Association (ERVA.es) to denounce these schemes with the appropriate Government offices, with the aim of attaining a decision ruling that these schemes are completely illegal. The official bodies contacted include: the Spanish Prosecution Service, the National Consumers Association, the Financial and Insurance regulators and the Ombudsman.

Mis-selling
The crux of ERVA´s argument is why would hundreds of Spanish-based pensioners with their life-time savings buried in their retirement home, re-mortgage it to invest the proceeds with a foreign bank? Surely the answer has to be that it is the result of gross mis-selling

Euan Armstrong said: “This is a highly toxic product devised, marketed and sold by mostly Scandinavian banks to financially conservative pensioners and owners of unencumbered homes. These schemes threaten to cripple their health and well-being as there is no visible end to the situation they find themselves in, save for forceful and decisive legal and administrative action. The uniqueness of these schemes is nothing more than an alleged tax defrauding proposition: that by encumbering a home with a mortgage and investing the proceeds in bonds, stocks or life assurance policies, the would-be inheritors could reduce the exposure to inheritance tax.”

The Spanish Directorate General for Tax has confirmed on numerous occasions since 1999, that Luxembourg-based life assurance policies are subject to Spanish wealth and inheritance tax – and so are not exempt from inheritance tax as promised by the rogue sellers. This is much more than just false or deceptive advertising, it’s illegal and has also failed to gain clearance from insurance and financial regulators. Equity release schemes represent a complete departure from good banking practices by offering highly complex financial products on unintelligible contracts to pensioners who as less experienced, knowledgeable and sophisticated investors should be afforded the highest level of protection. Instead these huge-profit making banks have been allowed to steal their money.

Expat equity release victims take on banks

September 13th, 2011
Story by Sean O'Hare | The Telegraph

The directors of action group Equity Release Victims Association stand to lose their homes Photo: Larry Lilac / Alamy

Tempted by the offer of a salary for life and an inheritance tax reduction, organisers of Equity Release Victims Association, Ian Sherdley, 69, and Euan Armstrong, 73, used their Spanish holiday homes as collateral to buy into the equity release schemes.

The schemes were sold by independent financial advisors working the expat communities along the Costa del Sol on behalf of Denmark’s biggest bank Danske Bank and Nordea Bank SA.

They were told that if they took out full mortgages against the value of their Andalucian homes, which were fully paid for, and then gave the money to the bank to invest, their inheritance tax liability would be reduced and they’d receive a small lump sum, as well as a monthly return on the bank’s investment which would cover the cost of the remortgage and provide a small salary.

Mr Sherdley, from Lancashire, and Mr Armstrong, from Scotland, followed the advice only to be later told by their Nordic Banks that the investments had gone badly, the remortgaged money had been lost and their homes, with a combined value of €4.5 million, suddenly belonged to the banks.

It is thought that there could be hundred of expats in similar positions across Spain and France.

A Spanish court has so far suspended the banks’ foreclosure and repossession orders on the properties, while a decision as to how the cases will proceed is expected in the near future.

According to Mr Armstrong’s lawyer, Antonio Flores from Lawbird Legal Services, the schemes were mis-sold, bearing in mind it is illegal to knowingly indebt yourself in order to reduce your inheritance tax liability.

He said: “We want to find out exactly how many of the schemes were sold, to who, and on what basis.

“As far as I can gather, retired expats were targeted because they had paid off their mortgages, so could use them as collateral and would be tempted by talk of reduced inheritance tax liability.”

Mr Armstrong added: “We encourage everyone who, like us has been sold one of these schemes to get in touch.

“Do not lie down and take this. These banks are making billions every year with your money.”

A spokesman for Nordea bank said: “We can’t comment, but we can say is that Nordea runs its business in compliance with local laws.”

A spokesman for Danske Bank said: “According to the law we cannot comment on individual customer cases nor questions related to individual customer cases. We have no comment.”

If you have a story to tell about equity release, please contact sean.o’hare@telegraph.co.uk.

Expats in Spain battle the banks

September 13th, 2011
Story by Wendy Williams | The Olive Press

UNITED: Euan Armstrong and Ian Sherdley have joined forces against the banks

Euan Armstrong, who the Olive Press reported is taking Danske Bank to court after it convinced him to use his two million euro Malaga home as collateral, has now teamed up with fellow expat Ian Sherdley, 69, to form the Equity Release Victims Association.
“We are forming an association to prevent these banks from robbing expats of their property by offering a pile of cash as part of an investment plan,” explained Armstrong, 73, who lives in Marbella.
“Equity release is not safe and a loan against the property with the idea of hiding the money in an offshore account or removing the money from the value of the property is certainly illegal in Spain.”
Sherdley, 69, from Lancashire, who has lost a staggering 2.5 million euros through a similar scheme with Nordea Bank SA, added: “These banks are just trying to fill their coffers. So now we are working on getting a legal voice to pursue them through the criminal courts.”
The pair are being backed in their venture by lawyer Antonio Flores from the Marbella based firm Lawbird.
“The purpose of the association is to support people through their predicament,” Flores explained.
“Equity release is actually killing people, through such degrees of stress. Their livelihoods are being reduced and in some cases their lifespan.

“We have decided to do something.”

Now Armstrong and Sherdley are calling on other victims – believed to run into the hundreds – to stand up and fight these huge financial institutions.
“We ask everybody to join us who has or is suffering a similar rape and pillage from a Scandinavian Bank,” said Armstrong.
“Do not lie down but stand up and fight them.
“These banks are making billions of euros every year and stealing your money.”
When questioned both banks said they were unable to comment on individual cases.

Documents

I’ve lost my home through equity release scheme

August 24th, 2011

AN expat is taking Denmark’s biggest bank to court after it convinced him to use his Marbella mansion as collateral in an equity release scheme.

Euan Armstrong, 73, is in litigation after the scheme left him almost penniless with the bank trying to force him to sell his two million euro home to pay off debts. The pensioner had joined the Danske Bank scheme believing it would give him a salary for life, as well as reduce inheritance tax for his daughters – who would be liable to pay Spain’s top rate of 34 per cent.

But Armstrong, originally from Scotland, now faces losing his home. “The whole case is a mess of illegal contracts, bad investment and a loss of clients money in spite of Danske Banks’ huge profits,” Armstrong told the Olive Press. “We must stop these banks stealing our money.”

Armstrong claims he was convinced by three employees in the now-shut Mijas branch that taking out a million euro mortgage would reduce his two daughters Caroline and Kristen’s inheritance tax liability by half.

Illegal

Within the plan Danske Bank was supposed to use 850,000 euros to invest in bonds, Swiss Francs and Euros with the ‘profits’ being used to pay off the mortgage. Meanwhile, a 150,000 euro lump sum would be given to Armstrong as part of the equity release deal.

However things did not go to plan. After the first year Armstrong realised that the bank had actually lost him 18,000 euros. “And then for the next five years it continued to lose money and in 2009 I was told by an account manager in Luxembourg that I should sell my property and pay the bank back the 650,000 euros they had lost.” When he refused Danske Bank issued a foreclosure on his house and also a repossession order through Coin court, which would have taken place in July.

Fortunately however, his lawyer stepped in and obtained a court ruling suspending the repossession. According to boss Antonio Flores, of Lawbird – who is also filing eight separate cases against various Nordic banks in a similar situation – it is actually illegal to indebt yourself in order to reduce your inheritance tax liability.

Nonetheless, he estimates that hundreds of people fall victim to these schemes. “This type of product, peddled by unauthorised agents under the auspices of supposedly reputable banks is becoming more and more common and should be avoided at all costs,” he explained. A Danske Bank spokesman said: “According to the law we cannot comment on individual customer cases nor questions related to individual cases.”

The investigation continues.

Expat goes up against Denmark’s biggest bank in a bid to save his Malaga home

August 3rd, 2011
The Olive Press

Euan Armstrong, 73, who lives in Marbella, was initially lured in by the false hope he could reduce inheritance tax for his two daughters – who would eventually be liable to pay Spain’s top rate of 34 per cent – and enjoy a salary for life.

But Armstrong, originally from Scotland, now faces losing his home.

“The whole case is a mess of illegal contracts, bad investment and a loss of client’s money in spite of Danske Banks huge profits,” said Armstrong.

“We must stop these banks stealing our money.”

Armstrong claims he was convinced by three separate Danske Bank employees in the Mijas branch that taking out a one million euro mortgage loan against his home would reduce his daughters’ inheritance tax liability by half.

Within the plan Danske Bank was supposed to use 850,000 euros to invest in bonds, Swiss Francs and Euros with the ‘profits’ being used to pay off the mortgage, while a 150,000 euro lump sum would be given to Armstrong as equity release.

But Armstrong added: “After the first year I realised that they had lost me 18,000 euros. For the next five years Danske Bank continued to lose money and in 2009 I was told by an account manager for Danske Bank in Luxembourg that I should sell my property and pay the bank back the 650,000 euros they had lost.

“I refused, so in November 2010 Danske Bank issued a foreclosure on my house and also a repossession order through the local court due to take place last month.”

Fortunately for Armstrong, his lawyer Antonio Flores from the Marbella based firm Lawbird – who is also filing eight separate complaints against various Nordic banks on behalf of expats who bought into similar plans – stepped in and obtained a court ruling suspending the repossession.

According to Flores it is actually illegal to indebt yourself in order to reduce your inheritance tax liability, but there are likely hundreds of people who have fallen victim to this scheme.

“This type of product, peddled by unauthorised agents under the auspices of supposedly reputable banks to mostly British pensioners, is becoming more and more common and should be avoided at all costs,” he explained.

And Armstrong added: “The Judge in Coin Court has accepted that the charges of criminal intent are correct, in spite of their lawyers saying it was not correct as someone else had tried a similar case and lost and had to pay 500.000 euros to Danske Bank, who had lost their money in the same way.”

Armstrong has now been forced to rent out his home and move in with his daughter and resume his former job as a yacht captain in order to raise legal fees.

A spokesman for Danske Bank said: “According to the law we cannot comment on individual customer cases nor questions related to individual customer cases. We have no comment.”

The investigation continues.

 

Scottish expat takes on Denmark’s biggest bank over equity release scheme

August 3rd, 2011
Story by Sean O'Hare | The Telegraph

Danske Bank, Denmark

Denmark’s biggest bank faces a criminal investigation amid claims it offered “illegal” financial products Photo: Francis Dean/Rex Features

Six years on, Mr Armstrong is forced to live with one of his daughters as he prepares to take on the bank that promised so much yet threatens to leave him penniless.

His lawyer is filing eight similar complaints against various Nordic banks on behalf of expats who bought into equity release plans in the false hope that they could avoid inheritance tax and enjoy a salary for life. He believes the true number of victims could run into the hundreds.

Scottish-born Mr Armstrong, aware that his daughters would eventually be liable to pay Spain’s top rate of 34 per cent inheritance tax on the €2 million home he owned outright in Malaga, sought the advice of an independent financial advisor known to advise British expat pensioners living on the coast.

The advisor, who was allegedly unauthorised to sell financial products in Spain, suggested Danske Bank’s Capital Assurance product as a means to reduce liability and introduced him to the local Danske Bank branch in Mijas. He too faces possible criminal investigations.

Mr Armstrong alleges that he was assured by no less than three Danske Bank employees that taking out a €1 million Danske Bank mortgage loan against his home and effectively indebting himself would reduce his daughters’ inheritance tax liability by half.

It was agreed that €850,000 would be used by Danske Bank to invest and the profits used to pay off the mortgage, while a €150,000 lump sum would be given to Mr Armstrong as equity release.

According to Mr Armstrong’s lawyer Antonio Flores from Lawbird Legal Services , it is illegal to indebt yourself in order to reduce your inheritance tax liability.

He said: “This type of product, peddled by unauthorised agents under the auspices of supposedly reputable banks to mostly British pensioners, is becoming more and more common and should be avoided at all costs.”

The Danske bank mortgage loan of €850,000, Mr Armstrong was told, would be invested in bonds, Swiss Francs and Euros.

Mr Armstrong said: “After the first year I realised that they had lost me £18,000. For the next five years Danske Bank continued to lose money and in 2009 I was told by an account manager for Danske Bank in Luxembourg that I should sell my property and pay the bank back the €650,000 they had lost.

“I refused, so in November 2010 Danske Bank issued a foreclosure on my house and also a repossession order through the local court due to take place last month.”

Fortunately for Mr Armstrong, his lawyer obtained a court ruling suspending the reposession following the lodging of criminal complaints against the bank and its staff.

Mr Armstrong has now been forced to rent out his home and resume his former job as a yacht captain in order to raise legal fees.

A spokeman for Danske Bank said: “According to the law we cannot comment on individual customer cases nor questions related to individual customer cases. We have no comment.”

The investigation continues.

 

 

Darragh MacAnthony tells critics to blog off

June 8th, 2011
Story by NICK SOMMERLAD | mirror.co.uk

Darragh MacAnthony-18.11.09.jpg

The war of words between the overseas property firm run by Peterborough United chairman Darragh MacAnthony and its unhappy clients has just gone nuclear.

MacAnthony Realty International sold homes and furniture packages across the world from Bulgaria to Florida, but complaints range from swimming pools not existing to apartments not even being built.

MRI responded by bringing in libel lawyers Carter-Ruck to target customers making what it called “unjustified attacks”.

Now MacAnthony has responded with an astonishing blog to reports that 51 British and Irish customers, represented by lawyer Antonio Flores, hope to take legal action against him in Madrid.

“If you Google my name, it appears I am about as popular as Osama bin Laden or Gaddafi,” MacAnthony writes.

Then he launches into Flores, saying the lawyer tried to “get MRI clients excited and hire his services and put a few quid in his pocket”. Flores says the blog is defamatory, adding: “We have got 51 clients who claim they have lost money, MacAnthony should address his response to them.”

Back to the blog: “No doubt I will have to spend thousands of pounds on legal fees over this and for what, may I ask? Running a company as best I can in difficult times and having to do what many others have had to over the last few years – move on, sell up or liquidate, leaving behind creditors who won’t get their funds back for a mixture of reasons.

“I operated a company which did thousands… of sales around the world with many happy clients, but will forever be haunted by the few hundred for which it didn’t work out as planned.”

Oh well, if it’s only a few hundred.

A spokesperson for the MRI Support Group (www.mri-sg.org) said: “This is the beginning of getting justice for all the people that have been misled and had their hopes, dreams and health shattered because of MRI. This is just the first of a variety of legal actions to be filed against MRI and its related companies, we cannot not let them get away with treating ordinary people as cash cows without a fight”.

Last year Northern Ireland MP Sammy Wilson tabled a House of Commons motion describing MRI or related companies as a property fraud.

In 2008, as a result of complaints against MRI, a tribunal held by the National Federation of Property Professionals said it was “appalled to hear of the company’s misleading business practices”. It issued fines of £5,000 and MacAnthony resigned his membership of the Federation.

 

Court case causes Peterborough United chairman pain in Spain

June 8th, 2011
Story by Matt Scott | The Guardian
  • Darragh MacAnthony subject of fraud claim in Madrid
  • Conviction could force chairman out of football
The Peterborough United chairman, Darragh MacAnthony, left, with the club’s director of football, Barry Fry. Photograph: Chris Radburn/PA Wire/Press Association Images

Peterborough United’s chairman, Darragh MacAnthony, is the subject of a €600,000 (£535,000) fraud claim in a Madrid court. The case relates to allegations that MacAnthony withheld funds paid to his firm, MacAnthony Realty International, for buying furniture without delivering the goods.

“I have never broken the law, committed fraud or any crime, nor have I ever been spoken to by the SFO [Serious Fraud Office] or arrested,” MacAnthony wrote on his blog in response to the claim. MacAnthony said Antonio Flores, the English-trained Spanish lawyer who is representing the class action of 51 claimants against the Posh owner, is an “ambulance chaser”.

Flores said: “He’ll try and discredit anyone who stands against him. MacAnthony is a master manipulator. It’s quite simple: if he pays the outstanding sum we’ll settle.”

MacAnthony said that in the event of a successful claim against him, Flores has raised the prospect of “go[ing] after assets I have such as Peterborough United”.

Perhaps a more important outcome of a conviction against MacAnthony would be his disqualification from holding a boardroom position or from owning Peterborough under the Football League’s owners and directors test.

The club that Darren Ferguson steered back into the Championship through the play-offs last season would suffer serious financial difficulties upon the departure of its benefactor. According to its most recent accounts, Peterborough’s net debts stand at almost £9m.