Victory to the arbitration for a Longano economic operator to whom MPS bonds reserved to institutional investors had been sold
An entrepreneur from Barcellona Pozzo di Gotto won the appeal against the Monte dei Paschi di Siena before the Arbiter for the controversial financials, obtaining around 26 thousand euros. For the banking judge, he had been sold a financial product that should not have been sold to him.
The entrepreneur had been convinced that it was a safe investment: interests with minimal risk. Instead, it found itself in the hands of the financial products issued by Mps on foreign markets, precisely in Luxembourg, intended for institutional investors.
After asking the bank for explanations, the businessman turned to Attorney Alessandro Imbruglia who filed the appeal and shortly before the end of the year the decision that forced the Sienese institute to pay compensation arrived.
The arbitrator’s panel highlighted that the saver had not been informed of the real nature of the financial product.
The story began in January 2013 when staff from the bank’s Barcelona branch advised the entrepreneur to invest in subordinated bonds issued by Mps inducing him to sign three purchase orders for subordinated bonds equal to 150 thousand euros on which the bank placed a bond to guarantee a bank credit which after being granted was revoked, with a conduct that was censured by the Banking Financial Arbitrator to which the customer had turned, also seeing a compensation of € 15 thousand recognized which Banca Mps had to pay at the time .
However, the revocation of the credit line led to the forced sale of the financial products in question, albeit at that time the value of these, in light of the MPS misfortunes which led to the criminal proceedings against the former heads of the institute, had significantly precipitated .
The arbitrator, established by Consob and based in Rome, confirmed the lawyer Imbruglia and therefore the investor from Messina: the subordinated obligations were not adequate for the client’s profile, which therefore has the right to refreshment, which taking into account the interest and the proceeds of the advance sale was paid in approximately 26 thousand euros.
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