LOCAL FINANCIAL ADVISERS IN COURT
The Costa del Sol Action Group CDSAG (www.costa-action.co.uk) was started by Canine Behaviourist David ‘The Dogman’ Klein nearly five years ago after David Klein and his wife lost money due to the incompetence and mis-selling of Donald Nott the financial adviser. David could not obtain any recompense or redress because the company was not licensed or authorized by any official body in Spain such as the CNMV or DGS in Madrid, Gibraltar FSC or the UK Financial Services Authority.
From these relatively humble beginning the Costa Del Action Group has now grown to represent more than 800 families who have suffered similar losses totaling more than a staggering £85 million.
The lawyers acting for the CDSAG, initiated proceedings in Spain's Supreme Criminal Court in Madrid culminating in a class action on behalf of selected aggrieved parties against certain financial advisers.
The Comisíon Nacíonal del Mercado de Valores (CNMV) and the National Fraud Squad in Madrid estimate that the number of expatriates who have suffered at the hands of unscrupulous and unauthorized financial advisers could run as high as 17,000 in Spain.
The amount of paperwork produced for the court is awesome with reams of documents translated from the original English into Spanish for the court process.
The first named defendants have now been ordered to appear before the courts in Benidorm and Marbella to make their depositions and be interrogated by the Judge and lawyers acting for CDSAG on behalf of victims.
John Anstey Findlater OBE who sold the IPM FTSE-100 Fund, Sensible Options and Charterhouse Trust Credit Union amongst others on the Costa Blanca appreared before the court in Benidorm on 11th April 2006 to testify. This case has now been referred to the Criminal Courts in Marbella.
Colin McCready of Offshore Money Managers in Marbella, Christopher Labrow of Sovereign Group, formerly of Labrow International with McCready and now Chairman of the Gibraltar Association of Stockbrokers and Investment Managers and Donald Nott of Henry Woods Investment Management in Marbella were ordered to appear before the Juzgado de Instruccion Nº 4 de Marbella at 10am on 12th May 2006 to make their declarations. This has now been referred back to the Madrid Criminal Courts.