Santander to blame for investment disaster
BANKING giant Santander have been ordered to pay €163,000 in damages to a man who invested 6.5 million euros with them and lost all of it. Bricklayer Paco Guerrero won the sum on the lottery in 2007 and went to his bank for investment advice. By his own acknowledgement he had no financial services knowledge and trusted the advice given, investing the entire amount. However, the product was described in the Valencian court as “untypical, toxic, high risk and complex” with the high risk involved never being properly explained. After his windfall Mr Guerrero had continued to work until he hurt his knee two years later. When he went to withdraw some of the cash, he found that his investment was now worthless. His only major purchase had been the house where he lives which he has been forced to mortgage and his health is described as poor, both mentally and physically. The money is to be split between the plaintiff and his daughters as the winning ticket was also in their names. There is a further hearing scheduled for this month when the compensation may be increased further.