Euro Pacific bank is a scam

[Giorgiogori]

Hi Peter, thank you for your insights, do you think that a sort of "class action" moved by us hiring a lawyer in puerto Rico could help to unblock the situation
or better to wait since it looks like there are "political" reasons behind that may keep the legal ground muddy even for an independent attorney?

 

[Martin Everson]

So basically no one knows the current status and why customers have still not received money?

 

[Pschiff]

So basically no one knows the current status and why customers have still not received money?

My suspicion is that the Receiver is dragging out the process so he can keep paying himself lots of money. He may also be using bank funds to pay personal expenses, and he may have put his girlfriend on the payroll. I don't know for sure, but that's the way it looks to me.

 

[Martin Everson]

My suspicion is that the Receiver is dragging out the process so he can keep paying himself lots of money. He may also be using bank funds to pay personal expenses, and he may have put his girlfriend on the payroll. I don't know for sure, but that's the way it looks to me.

Do you know where the funds are? Are they still with Novo or were they converted to USD and parked in that new bank that was discussed some months ago, or moved somewhere else in some MM Deposit yielding 5% APR secretly in the dark.

People at least need to know that what remains of the funds are held safe somewhere.

 

[Pschiff]

As far as I know some funds are with Novo bank and the rest is with Interactive Brokers. Then there are some funds in the bank's checking account at FIrstBank in Puerto Rico.

Hi Peter, thank you for your insights, do you think that a sort of "class action" moved by us hiring a lawyer in puerto Rico could help to unblock the situation
or better to wait since it looks like there are "political" reasons behind that may keep the legal ground muddy even for an independent attorney?

I don't know. The entire situation was unnecessary and completely political. I don't like the Receiver being able to waste more money on legal bills, or bill more for his time devoted to address the legal actions against him or the bank. The more work he can pretend to do, the more money he can justify taking for himself, or his friends.

 

[Giorgiogori]

As far as I know some funds are with Novo bank and the rest is with Interactive Brokers. Then there are some funds in the bank's checking account at FIrstBank in Puerto Rico.


I don't know. The entire situation was unnecessary and completely political. I don't like the Receiver being able to waste more money on legal bills, or bill more for his time devoted to address the legal actions against him or the bank. The more work he can pretend to do, the more money he can justify taking for himself, or his friends.

Sure enough, thank you, what do you think we could do to put pressure on the receiver or to the commissioner? Any idea?

 

[roark43]

I'm also waiting for some news on the Precious Metals and the Mutual Funds. I want Qenta to liquidate all that asap, and give me access to the money so I can take it somewhere else and never look back!

I just saw they sent out an update today which basically said nothing for the opt-in members. I thankfully opted out of migration of my other accounts with (regrettably) the exception of precious metals. Looks like they made some progress with the opt-out members so I hope you can get the heck out of dodge asap!

 

[Pschiff]

I just saw they sent out an update today which basically said nothing for the opt-in members. I thankfully opted out of migration of my other accounts with (regrettably) the exception of precious metals. Looks like they made some progress with the opt-out members so I hope you can get the heck out of dodge asap!

Plus I noticed that a lot of money was spent setting up a special website for the liquidation of the bank.

 

[spiderman]

The update says that, for opt-out customers, "The Receiver and his team have initiated communication to collect the necessary documentation via the Receiver’s portal". However, there is no information on what documents to upload. I sent an inquiry via their website, I will be surprised if I get any response at all.

 

[Pschiff]

My guess is this is all part of the Receiver creating extra work to justify his compensation, and to delay the liquidation process for as long as possible. This is a gravy train and he never wants to get off.

 

[spiderman]

Being appointed Receiver must be every lawyer's dream..

 

[Pschiff]

That's why I tried so hard to keep the bank out of Receivership. I also got OCFI to agree to let me help with the liquidation. But when I tried to help I got shot down by the Receiver, and none of the bank's counter parties would work with me as I was not the trustee. I even agreed not sue sue OCIF to make sure the clients got their money back quickly. The original plan was to return all funds in 30 days to opt outs, then transfer the balance to Qenta. That got blown up by Novo bank, which told the Portugese government the bank was shut down for money laundering and tax evasion. So they froze the account for 8 months to conduct their own investigation, which also found nothing. Seven governments investigated the bank and found nothing. But it got shut down anyway.

 

[ATNTESTING]

I remember 1 year ago in February 2023, we received this...

 

[Radko]

I just saw they sent out an update today which basically said nothing for the opt-in members. I thankfully opted out of migration of my other accounts with (regrettably) the exception of precious metals. Looks like they made some progress with the opt-out members so I hope you can get the heck out of dodge asap!

At this point all of us, opt-in & opt-out, are in the same boat. Nothing is going to happen for any of us until the Receiver gets the money out of Novo Bank.
The Receiver started collecting documents and then he stopped, and said that until the liquidation plan is finalized and approved by OCIF, no more documents will be collected.

I guess one day, who knows when, we will know what's happened to our money, but the longer this takes, the worse it will be for us.

I still don't understand why the Receiver doesn't tell us why Novo Bank is not releasing the funds.

I remember 1 year ago in February 2023, we received this...

View attachment 6111

So far all his plans have failed, that plan was too good to be true unfortunately.

I now wonder if Christmas will come again and we will still be waiting.

 

[regi]

I now wonder if Christmas will come again and we will still be waiting.

We will wait until there is money. This is a solution for an efficient life without having to do anything. In fact, it is a way of life.

 

[ATNTESTING]

I start to believe they clearly know what they do. And they probably laugh before sending their updates every 2 or 3 months. And I heard EPB and Peter hired a lawyer. Why it's so difficult to have a call with them to know the situation ?

 

[Giorgiogori]

Looks like, how many of you would join a collective action?
Would you please state each of you?

 

[regi]

Looks like, how many of you would join a collective action?
Would you please state each of you?

We can do it but what will it bring except additional costs ...

 

[Radko]

Looks like, how many of you would join a collective action?
Would you please state each of you?

A collective action would accomplish exactly what? I'm not sure that would make any difference, and most likely the Receiver will end up dragging the whole process even more, plus he will spend more money, our money.

Those customers that have hired a lawyer in Puerto Rico, what have they managed to get in exchange for the $10K that they have supposedly paid?

It's obvious by now that OCIF doesn't care about anything, they don't answer to anyone, they make their own rules and that's it, the rest of us have to live with the consequences.

 

[ATNTESTING]

I wonder why EPB and Peter just don't pay a lawyer for us who would update us on a weekly basis with a zoom call. 10k euros is supposed to be a small amount of money for them. I mean, that's what I would do in this situation if I were them.