This is not true. EPB timely renewed its banking license in Jan. 2022. On June 30th 2022, the bank was informed for the first time that the renewal application was secretly rejected. That's where the $300,000 fine came from. For unknowingly operating a bank with out a license. The fine was $5K per day. It was reduced from about $1 million to $300K. The reason given for the secret rejection was insufficient capital. But two months prior I offered to add $7 million in capital, but the OCIF Commissioner told me not to, as she said the bank had enough capital to operate while the proposed sale was under review. This is all part of my current lawsuit agains OCIF.
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Euro Pacific bank is a scam
- Thread starter OffshoreCorpTalk
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None of that is true. The bank only had one OCFI audit during all the years it operated in Puerto Rico, and that audit ended less than a year from the Commissioner's false statement that the bank had a long history of non-compliance. We complied with everything OCIF asked us to do. That lie was told to benefit the J5, who was framing the bank for money laundering and tax evasion to turn its failed investigation into a success. I have all the old independent audits, and the bank was never at risk as I was personally cover all the operating losses that resulted from the negative publicity concerning the J5 investigation that found the bank did nothing wrong.
Not true. St. Vincent's was far less strict than Puerto Rico. We moved the bank to Puerto Rico only because that is where I lived. I still live here. Plus were we able to get a Fed account and a deal with American Express, two things we never could have done had we stayed in St. Vincent.
Another lie. The bank never loaned out a dime. There was an error in the systems that was fixed, that allowed about $4 million of customer funds to be spend on operations. But that was a tiny portion of total deposits. So the bank was far sounder than a typical bank than loans out deposits. Within days of being informed of this shortfall, i personally wrote a check for $4 million to the bank. Then I added another two million or so to cover continuing operating losses that resulted from false allegations of money laundering and tax evasion. When the bank was unnecessarily put into receivership on June 30th 2022, the bank had around three million in cash in excess of what was owed to all depositors. It was completely solvent.
That $4 million is irrelevent. Within a few days of discovery that I personally wrote a check for $4 million to the bank to cover the shortfall. We fixed the program error that allowed that to happend, and it never happened again. That was over a year before the bank was unnecessarily put into receivership. When is was the bank held millions in cash above what was owed to customers.
No the insolvent claim was a lie, and retracted in the Consent and liquidation orders. The reason OCIF thought the bank was insolvent is that it failed to include the cash value of the bank's gold hedge book. But insolvency was just a pretext to shut down the bank. The real reason was a PR stunt for the J5, so they could pretend their failed Atlantis Investigation was a success. That's why I filed a lawsuit against the varios government officials who conspired to to that.
thank you for posting the same the 213. time Mr Schiff! What you write is just fake news in my personal humble opinion
Nothing I write is fake. When will you get this through your head. The bank was investigated for about 4 years by varios governments, including a two-year criminal grand jury investigation in Sacramento, Ca. The investigations found no evidence of any wrongdoing at the bank. But the IRS or ATO leaked the confidential investigation to the media. They accused the bank of being guilty. I sued 60 Minutes Australia for defamation for making this false claim and won. If IRS and J5 needed to save face from a failed investigation that came up empty. So they pressured the OCIF Commissioner to close the bank and hold a press conference so the IRS and J5 could pretend the bank was guilty of the crimes it found no evidence the bank committed. The OCIF Commissioner had already agreed to approved the sale of the bank, but changed her mind to help out the IRS. All of this was wrong. That's the basis of my civil rights lawsuit that I filed against OCIF, the IRS, other J5 tax Chiefs, and three journalist. You should read some of the evidence I've posted on www.9Fraud.com Everything the media or any government has said about Euro Pacific Bank is a lie. The OCIF Commissioner appointed a trustee with zero prior banking experience to run the liquidation of the bank. He obviously had political connections, and has been milking the bank and its depositors for almost three years.
Can you confirm that the following balance sheet for the bank in the cease and desist order is a forgery and a fake?
The following table, whose information covers fiscal years 2018 through 2021 and is derived from documents submitted by Euro Pacific to the OCIF, summarizes the pattern of systemic noncompliance with minimum capital and/or solvency requirements that Euro Pacific has displayed throughout its operations in the jurisdiction of Puerto Rico:
If so, can you please upload the real audited balance sheet from your auditor for the same years so customers can compare?
That sounds pretty reasonable and a solid explanation for moving the bank. Unfortunately, it didn’t seem to improve things much, now it’s all in ruins, which is a real shame.
No, it improved things a lot. Progress got slowed then the Fed paused any new actions with Puerto Rico due to another bank's involvement with Venezuela. That delayed our move to going online with the Fed, that would have substantially reduced our wiring costs, and would have allowed us to take on correspondents too. Then the IRS or ATO crippled the bank by illegally leaking the J5 investigation, then put the nail in the coffin by closing the bank as a PR stunt for the J5.
@PS can you confirm Qenta will start soon with the process? Or will they have to wait untill the Trustee completed all his work with the Opt-Out. That I think will take 90 days +....months = arnd 5/6 months total
I don't know. I have emailed the CEO several times asking these questions but so far I have not received an answer.
Thnx PS. Pls try to get some info. I think we are entitled for clear info, which nobody is giving us.
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