Financial advisor for major European bank fired for ‘severe violations’

LAST UPDATED: 23 Jul, 2012 @ 15:49
2
SHARE
Financial advisor for major European bank fired for ‘severe violations’

A DODGY financial adviser accused of ripping off expats in Spain was struck off from his role as a broker for a major European bank, it has emerged.

David Driver, boss of Offshore Investment Brokers (OIB), lost his job with Scandinavian lender Sydbank in 2008 after it accused him of trying to persuade its customers to sell their existing investments in favour of products they promoted.

The agreement – seen by the Olive Press – made clear that providing advice to customers about products and services were solely matters for the bank.

In a letter to the pair, the Danish bank cited ‘a severe violation of our agreement and an irreparable loss of trust’.

It follows the news that expat customers of Driver through his Estepona-based firm OIB have formed an action group.

2 COMMENTS

The Olive Press are not responsible and do not moderate individual comments before they are posted. Anyone who uses racist, sexist, homophobic or xenophobic language or hate speech will be blocked.
  1. I have lived here for 13 years and have read so many stories about financial advisers who have, given bad advice or even sold products which dont exist. I have seen first hand boiler rooms operating from Spain selling stocks and shares, i have had friends who have lost savings due to scams all wrapped up in the term “financial advise”. The Spanish police seem more interested in issuing fines to the general public for minor traffic offenses or dog walking rather than stamping down on the “real” crooks. maybe it is time for the EU to step in.

  2. I am always amazed at the success these “financial advirus” fly-by-nights achieve. To them, in these terrible market conditions, the ordinary investors are as attractive as a sea full of chum for a frenzied shark. Do investors not see the folly of their ways in these terrible market conditions, worldwide? It is a closed shop community of “adviruses” here on the Costa del Sol that are attacking the innocents and nothing is being done about it by the Spanish Government. These low people commit legalised theft and then swan off back to their G&Ts with their golf club pals. One day they will get it back in spades (and sometimes diamonds). Hearts were never their suit…. Terrible people being backed up by even more disgusting laws that do not help their victims one bit. Something has to be done. But it wont be in my lifetime. The thing is, noone amongst the mostly British Community seems to do much about it. They prefer to sit and hide embarrassed, rather than shout from the rooftops. This is how these people get away with it.

HAVE YOUR SAY...