The Investigating Court number 3 of Santander investigates the ‘volatilization’ of 4.1 million euros that the same family deposited in the Portuguese financial entity based in Spain, New Bank. The investigation is currently directed against the financial advisor of the entity, Jacobo alvaro Vidal, who appeared yesterday as a defendant in the case.
According to the complainants, represented by the Cremades & Calvo-Sotelo Law Firm, they were depositing their savings in the bank between 2010 and 2017 to “obtain the profitability that every saver expects.” Initially, they point out that “savings were experiencing a progressive increase”, which, ‘a priori’, generated “an increase in their degree of confidence. However, the problem arose when the advisor they had trusted Over the last few years, it was reluctant to receive complainants in February 2020, as it had been doing on a regular basis. A month earlier, the balance of family savings amounted to exactly 4,123,453 euros and customers they wanted to inquire about the status of their positions.
It was at that moment when the bank informed them that “their savings had disappeared and were nonexistent”. The complainants emphasize that “they lacked knowledge of any kind in financial or investment matters” and that at all times they requested “a management adapted to their conservative profiles”. Until the funds disappeared, they saw how their savings experienced “sustained growth over time” while the funds were always available to customers. In fact, they highlight that they did not even have any problem with their savings when in 2014 the Banco EspÃrito Santo went bankrupt, was rescued by the Government of Portugal and the Novo Banco entity was established.
The great surprise arose when on February 18 of this year the clients made an appointment with their manager and he did not show up for the appointment and did not respond to the calls or messages that were sent to him. The only response they received from the advisor was by Whatasapp through a message that read: “I have ended my relationship with the bank and they will not let me communicate with clients under any circumstances.” “We just want to know if we have the money safe,” the complainants insisted. “I can’t, I’m sorry,” said the advisor.
The aforementioned exchange of messages was the “prelude” to “discovering that the positions that had been communicated by the advisor and the entity were not true, to the point that the bank informed them through its central office that their positions were practically worthless. “The Cremades law firm’s complaint, prepared by the lawyer Antonio Valverde, reveals that” the situation suffered by the family The complainant is not isolated, since it is clear from the procedure indicated that there are around 80 families in different territories of the country in the same situation “and specifies that” the volume of the defrauded could amount to more than 50 million euros “.” In view of the regulations that are applicable to banking entities, it is totally irrational that the operations set up within them have gone unnoticed by the necessary control and prevention mechanisms that they are obliged to implement, “he continues.
At this point, the complaint raises “how is it possible” that Novo Banco has allowed “positions of almost 80 families to volatilize and 50 million to disappear from the accounts of the accounting entries and that no one notices it. “” Obviously, Novo Banco will have done something wrong if it has not detected such an operation and if its compliance system has not been able to prevent the above, as it has been, it will also have to answer about the responsibility that may stop it in Law “, the complaint adds.
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