In 2015, the French government indicted David de Rothschild on account of fraud and alleged embezzlement of mass sums of money belonging to British pensioners.
The French investigators went through a long and arduous task of gathering evidence against the billionaire. Investigators discovered that between 2005 and 2008, Rothschild Financial Services Group, managed by the billionaire, trapped pensioners in a fraudulent scheme and locking them into bogus loans, losing them their retirement portfolios. The billionaire then diverted all these monies into his bank, leaving the pensioners with minimal savings. Victims of this fraud took the matter up, prompting an intense investigation by the French government.
In June 2015, Paris-based liaison judge Javier Gómez Bermudez, ruled that Rothschild and his bank must face a trial for his crimes. Judge Bermudez ordered local police to search for the missing millionaire in his various mansions spread throughout France, with a warrant to arrest him.
After the ruling, the pensioners’ legal representation, lawyer Antonio Flores of Lawbird said to Olive Press “It is a good step in the right direction. The courts are now in agreement with us that there is enough evidence to interrogate Baron Rothschild. The first thing they will have to do is find him. Once they have done that they can begin to question him. It is a real breakthrough moment for everyone involved. 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.”
However, the indictment of David de Rothschild is taking a new trend. The French government announced that it has launched an investigation into the entire Swiss branch of the Rothschild’s banking empire. The Swiss branch of the Rothschild banking empire was founded by Edmond Adolphe de Rothschild.
Investigators have started their work on Edmond de Rothschild. Originally established in Paris as a private banking and asset management firm, Edmond de Rothschild currently oversees around 150 billion Euros ($164 billion). In 1965, it acquired Banque Privee of Geneva, and is currently led by Baron Benjamin de Rothschild and his wife Ariane.
Bloomberg News reports that the Rothschild bank in Switzerland confirmed that French investigators are at the back of the bank regarding a former business relationship managed by a former employee. The media is reluctant to report on the issue, but from what we gathered, the allegations brought against the bank are serious. Observers predict that Benjamin could face a similar fate to that of David. However, the Geneva-based bank said in an e-mailed statement to Bloomberg “Edmond de Rothschild (Suisse) SA is actively participating in the criminal investigation under way. The bank denies all the allegations that have been made against it.”
According to social commentators, this is not the first time the banking dynasty of Rothschild has been accused of wrong doing. The Rothschild family have been accused of pulling economic and political strings of vast governments for years, with ample evidence of insider trading. Going as far back as the Napoleonic wars, the family was reported to have succeeded in turning into one of the richest clans in the world through the manipulation of the stock exchange.
The Rothschild family has also been accused of playing a lead role in helping move the global elite’s wealth from traditional tax havens like the Bahamas, Switzerland and the British Virgin Islands, to the United States of America.
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