Euro Pacific bank is a scam

[orion7352]

If the phone calls and emails to Novo Bank don't work then I am flying to Lisbon next week

 

[Radko]

If the phone calls and emails to Novo Bank don't work then I am flying to Lisbon next week

I hope you get some answers but chances are they won't tell you anything, going to talk to the Receiver/OCIF would probably give better results.

The problem here is the lack of information on the part of the Receiver and Qenta. I'm glad I didn't believe for one second that we were going to get out money back by the end of this month, another stupid deadline gone by.

I had to go back to work because of all this, so I can't fly to Puerto Rico, otherwise I would go there and I wouldn't come back until Pocahontas gives me some answers, she is the one that closed the bank, she is the one responsible for returning my money.

According to latest tweet by Peter, Novo bank is not answering the phone and it's not answering emails, which is very weird.

 

[orion7352]

I hope you get some answers but chances are they won't tell you anything, going to talk to the Receiver/OCIF would probably give better results.

The problem here is the lack of information on the part of the Receiver and Qenta. I'm glad I didn't believe for one second that we were going to get out money back by the end of this month, another stupid deadline gone by.

I had to go back to work because of all this, so I can't fly to Puerto Rico, otherwise I would go there and I wouldn't come back until Pocahontas gives me some answers, she is the one that closed the bank, she is the one responsible for returning my money.

According to latest tweet by Peter, Novo bank is not answering the phone and it's not answering emails, which is very weird.

Well yes you could be right that I might not be successful. I doubt we would get anywhere by going to Puerto Rico either.
They will just blame it on Novo bank.

 

[Radko]

Well yes you could be right that I might not be successful. I doubt we would get anywhere by going to Puerto Rico either.
They will just blame it on Novo bank.

Yes probably, as always when s**t hits the fan no one wants to take responsibility.

I guess all we can do is wait for these useless people to do something about it, although I get the feeling that we don't know the whole Truth.
I always wondered why when someone tried to close their account at EPB, it could easily take 2-3 months to get the money out, so the question is, what kind of arrangement did EPB have with Novo Bank that you couldn't get all your money within 24 hours, which is the standard time in the industry.

 

[orion7352]

Yes probably, as always when s**t hits the fan no one wants to take responsibility.

I guess all we can do is wait for these useless people to do something about it, although I get the feeling that we don't know the whole Truth.
I always wondered why when someone tried to close their account at EPB, it could easily take 2-3 months to get the money out, so the question is, what kind of arrangement did EPB have with Novo Bank that you couldn't get all your money within 24 hours, which is the standard time in the industry.

I thought @Pschiff said last week that if nothing happened soon then EPB would go for an emergency ruling against Novo Bank to release the funds.

But as you say, I'm sure we don't know the whole story.

 

[Radko]

I thought @Pschiff said last week that if nothing happened soon then EPB would go for an emergency ruling against Novo Bank to release the funds.

But as you say, I'm sure we don't know the whole story.

I don't know what's happened with the emergency injunction, I hope Peter gives us an update.

This is all very weird, how can a Correspondent bank not answer the phone calls or the emails of EuroPacific Bank, I don't understand anything anymore.

 

[orion7352]

If the EPB bank at Novo Bank is legally unfrozen then can EPB take the money back to Puerto Rico and refund customers some other way ?


The 20 April website statement was obviously written by the Receiver. Either he was misled by Novo Bank about their cooperation, or worse he just assumed that they were going to cooperate after the unfreezing of the EPB account. Which is it ?

 

[Radko]

If the EPB bank at Novo Bank is legally unfrozen then can EPB take the money back to Puerto Rico and refund customers some other way ?

The funds were deposited at Novo Bank, they have the keys to the vault, they need to transfer the deposits to those customers who are opting out, and the rest of the money has to go to Qenta so customers who are opting in can access their money from there, until then there is no money for any of us.
The question is, what has Novo bank done with the deposits, I'm sure they didn't keep the money in cash, they must have invested those deposits in order to generate interest.

According to that document that was published showing the different accounts that EuroPacific has at Novo bank, we can see that there are 4 accounts in different currencies, but none of those accounts are in USD, so I supposed that all the dollars are sitting at a bank in Puerto Rico, but from what we have been told the Receiver won't allow the transfer of any funds until this situation with Novo is over, which is absurd, why not give us whatever money they can at the moment, and the rest whenever this ordeal with Novo is resolved?
Same goes for the money that customers had in Gold & Silver, we can't touch that either, according to the useless Receiver it's all or nothing.

 

[orion7352]

Can a correspondent bank simply refuse to do business with a bank after the funds have been deposited? In which case the sending bank would have to take them back . I don't know.

As for Novo investing "particular" deposits. Banking doesn't work like that. They loan out or invest general deposits. Deposits are redeemed by customers according to the deposit account rules.

The Receiver is likely going to do the liquidation in one accounting "step" so that any liabilities are spread evenly.

 

[spartan7510]

Seen this group on facebook (Euro Pacific Bank Customers)

Euro Pacific Bank Customers | Facebook

A place where customers of Euro Pacific Bank (Puerto Rico) can exchange information regarding their issues and circumstances related to the bank's closure.

www.facebook.com

 

[Pschiff]

From what I can tell Novo is finally engaged. The problem now lies with the fact that bank no longer has access to needed software that enables it to interface with Novo on sending out the wires. Key contracts expired, mainly due to the fact that no one anticipated the Novo freeze, so this access was not expected to be needed in April of 2023. I don't now that much about how this works, having never been involved with the operations of the bank, and my involvement is very limited now. Also, the Receiver had no banking experience prior to being appointed, so he is learning on the job. Now the Receiver and Qetna are trying to work out a solution to get al the funds paid out to the opt outs, or transferred to Qetna. My hope is that Novo can just send the wires on its own. If not the process will take longer for the bank to work with the counterparties necessary to process these wires. I think worst case all funds will be transferred from Novo to a new correspondent bank account, and then the wires will be processed from there. I hope that can be avoided as it will likely add time and cost to the process.

The real problem stems from the fact that the OCIF Commissioner refused to allow any of the highly qualified and interested parties to buy the bank, contribute additional capital, assume all of its liabilities, and operated it with new management, a new board, and new ownership. That was in everyone best interest, especially mine. Yet the OCIF commissioner insisted that liquidation of the bank was the only option, despite it clearly being the worst option for customers. Had the Commissioner approved the sale of the bank to Qenta on June 30th of 2022, instead of putting the bank into receivership and holding a press conference where she allowed the IRS and other J5 reps to discuss money laundering and tax evasion, no customer deposits would have been tied up for even one minute. Anyone not happy with the new ownership could have withdrawn 100% of their deposits ten months ago.

 

[Radko]

From what I can tell Novo is finally engaged. The problem now lies with the fact that bank no longer has access to needed software that enables it to interface with Novo on sending out the wires. Key contracts expired, mainly due to the fact that no one anticipated the Novo freeze, so this access was not expected to be needed in April of 2023. I don't now that much about how this works, having never been involved with the operations of the bank, and my involvement is very limited now. Also, the Receiver had no banking experience prior to being appointed, so he is learning on the job. Now the Receiver and Qetna are trying to work out a solution to get al the funds paid out to the opt outs, or transferred to Qetna. My hope is that Novo can just send the wires on its own. If not the process will take longer for the bank to work with the counterparties necessary to process these wires. I think worst case all funds will be transferred from Novo to a new correspondent bank account, and then the wires will be processed from there. I hope that can be avoided as it will likely add time and cost to the process.

The real problem stems from the fact that the OCIF Commissioner refused to allow any of the highly qualified and interested parties to buy the bank, contribute additional capital, assume all of its liabilities, and operated it with new management, a new board, and new ownership. That was in everyone best interest, especially mine. Yet the OCIF commissioner insisted that liquidation of the bank was the only option, despite it clearly being the worst option for customers. Had the Commissioner approved the sale of the bank to Qenta on June 30th of 2022, instead of putting the bank into receivership and holding a press conference where she allowed the IRS and other J5 reps to discuss money laundering and tax evasion, no customer deposits would have been tied up for even one minute. Anyone not happy with the new ownership could have withdrawn 100% of their deposits ten months ago.

I hope when this ordeal is over you give a Press Conference so the Press learns exactly how the Commissioner not only did not act in the best interest of the bank, but also the customers.
All this waiting, the stress, the cost of it was completely unnecessary and the Press needs to know so hopefully something like this never happens again.

 

[orion7352]

There always seems to be another reason we can't have our funds back. If the software ever gets fixed there'll be another reason we can't get paid. Calamity Bank.

 

[Pschiff]

There always seems to be another reason we can't have our funds back. If the software ever gets fixed there'll be another reason we can't get paid. Calamity Bank.

That's not true. The funds will be returned. The bank needs to be wound down. Everyone wants that, especially me. That can't happen until the funds are returned to customers.

I hope when this ordeal is over you give a Press Conference so the Press learns exactly how the Commissioner not only did not act in the best interest of the bank, but also the customers.
All this waiting, the stress, the cost of it was completely unnecessary and the Press needs to know so hopefully something like this never happens again.

I doubt any of the Puerto Rican press would show up. The government is the biggest advertiser on the island, so the media is very reluctant to criticize the government for fear of losing their ad revenue.

 

[Pschiff]

I am going to speak more about Euro Pacific Bank on tonight's podcast.

 

[spartan7510]

talks about EPB (and headspace)

 

[Radko]

Anyone knows why Gold & Silver are not showing the current price, they have the same price per ounce for several days now.
Same goes for currencies, they are not showing the current exchange rate.

Try to log in and see if your account is showing the same, Gold at $1994.04 and Silver at $25.16

Maybe finally something good is about to happen.... Or maybe the platform has crashed.

 

[Tulliola92]

talks about EPB (and headspace)

What did we learn here? The way of redundantly blaming the FDIC? That‘s all? Nothing but rhetoric redundance?
I cannot trust you yet @Pschiff . We need the focus on SOLUTIONS !!! How about daily updates on correspondance, discussions with Portugal? Is there still your lawyer, @Pschiff ? Or is it just your excuse?
I do not blame @btc100k for criticizing some people‘s naivité. That person might be the only one who is right? And that person expresses our miseries, angers, and fears.
I am not optimistic yet, either. So far, @Pschiff has not been that trustworthy yet. Again: Focus on solutions, regular updates on discussions. A podcast for EPC-customers to avoid the trolls a bit and those who are exclusively interested investing with you?

We should not distinguish that harshly between black and white before having our deposits back on our bank accounts, if ever…

I am going to speak more about Euro Pacific Bank on tonight's podcast.

 

[Kruger]

There always seems to be another reason we can't have our funds back. If the software ever gets fixed there'll be another reason we can't get paid. Calamity Bank.

You are quite right. It is almost 1 year now and all we have heard are promises and excuses. There is absolutely nothing concrete to base our hopes on. The last excuse about the software is really an insult to us. As I said before I think we need to put our heads together and decide the best approach to salvage what we can. At this point we are being played and this will continue until the curtain is drawn leaving us empty handed.

 

[ATNTESTING]

You are quite right. It is almost 1 year now and all we have heard are promises and excuses. There is absolutely nothing concrete to base our hopes on. The last excuse about the software is really an insult to us. As I said before I think we need to put our heads together and decide the best approach to salvage what we can. At this point we are being played and this will continue until the curtain is drawn leaving us empty handed.

I think the only progress was the document of the central tribunal of criminal instruction in Portugal saying they have decided to release the freeze. With a document like that, I thought a decent lawyer would easily sort this out... but yeah, we asked so many times who the lawyer is but still not answer.
Then we have this article saying our funds will be paid within 2 months Clientes de bancos internacionales recuperan su dinero
But yeah, that's frustrating to see Peter blaming everything instead of focusing on solutions.