The French police have been ordered to track down one of Europe’s wealthiest aristocrats over fraud.
According to the Activist Post, Baron David de Rothschild has been indited for mass fraud. Presumably this elite scoundrel has embezzled 100’s of British pensioners for large sums of money from 2005-2008.
One by one the pensioners lost their money and pressed charges against the notorious banker, beginning a case that would take many years to get even an indictment. (source)
“In short, independently of what happened to the investment, Rothschild advertised a loan aimed at reducing inheritance tax, which is a breach of tax law,” (source)
If this isn’t great enough news, the icing on the cake is now the French government has report that they have launched a full investigation into the whole of Swiss branch of the Rothschild financial enterprise.
The Swiss unit of Edmond de Rothschild said it’s the subject of a French probe regarding a former business relationship managed by a former employee.
“Edmond de Rothschild (Suisse) SA is actively participating in the criminal investigation under way,” the Geneva-based bank said in an e-mailed statement on Friday. “The bank denies all the allegations that have been made against it.”
Edmond de Rothschild, a private banking and asset management firm established in Paris in 1953, oversees about 150 billion euros ($164 billion) and is led today by Baron Benjamin de Rothschild and his wife Ariane. The Swiss unit traces its roots to the acquisition of Banque Privee in Geneva in 1965.
The company has no further comment at this time, according to the statement. Officials in Geneva weren’t immediately available to respond to a telephone call from Bloomberg News on Friday. (source)
Folks, this is HUGE. You are definitely going to want to keep an eye on this one. If you have not already, definitely read Activist Post source.