16 Jul, 2012 @ 10:40
1 min read

Spanish Court to investigate fraud charges issued by Scottish expat against Danish bank

danske bank fraud

A BREAKTHROUGH has been reached for defrauded expat Euan Armstrong, 73, whose legal battle against the biggest bank in Denmark has garnered increasing support from similarly affected expats in Spain.

The Fuengirola Court of First Instance has now agreed to investigate his case against Danske Bank after initially dismissing it last year.

As the Olive Press reported, the Scottish expat was left almost penniless when the bank persuaded him to use his €2 million Malaga home as collateral in an equity release scheme.

Meanwhile the Equity Release Victims Association (www.erva.es), set up by Armstrong and Ian Sherdley to warn Brits about such schemes, is now a recommended site by the British Embassy in Madrid.


  1. This is indeed a breakthrough after years of concern for many expats caught up in what is now becoming a national scandal. Euan we are all with you and hope you are successful in your case, which will send out a warning to other banks that sold similar schemes to ex pats in Southern Spain. Lets hope that the other Banks using the Luxembourg tax haven and other so called tax havens.Other banks involved selling equity release schemes in Spain are Nordea, Rothschild, Landsbanki to name but a few must surely see the writing on the wall. Perhaps it is time to come to the table and get this business out of the courts before more damage is done to their reputations.

  2. What an interesting turn of events! From being rejected by the AUDIENCIA NACIONAL as insufficient evidence (in spite of 208 pages of testimonials) then by local Court to finally being recognised as criminal actions of all these Banks ( Danske being one) is indeed an enormous boost to all our quests for justice. To think that Nordea, Jyske, Rothschilds, Lansbanki all committed blatant theft from retired pensioners in Spain, removed their money from Spain and invested it in tax free Luxembourg then proceeded toto lose the “invested ” capital by charging huge annual commissions and high risk investments to such a stage that 70% was lost and left the trusting pensioners with no money. They all deserve prison. Instead they are all paid off with huge bonuses. !!!!! Let Justice be done. Bring on the Courts.

  3. My wife and I are another of the victims. We recently heard and read of the case being brought by the lawyer Antonio Flores on behalf of Euan Armstrong.

    We would ask any victim to come forward and contact Snr. Flores on 0034- 656967672.


    Two of the banks employees have already attended THE CRIMINAL COURT in Fuengirola to answer the charges brought against them.

    Remember, you have a golden opportunity to fight for your rights.

    Kind regards aase and robin carter

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