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Euro Pacific bank is a scam

#3,041
seraphme said:
The email for opt-out customers is asking for a bunch of documents, and I'm not sure what to submit for all of them. I tried asking the trustee by email, but that led to some sort of chicken-egg problem, he doesn't want to talk to me without me uploading the proof of claim with all supporting documents...
I hope you guys can help me out.

1. Duly Signed and completed OCIF IBE and IFE Claim Form A - Proof of Claim
What is this, and where should get it from?

2. Copy of Two Legible and Valid Identifications
Those are easy

3. Bank Statement Available
I don't have any statements from EPB any more. The subject of the email to send the documents should also include my EPB Account Number, where can I get that from?

4. Proof of Address (certified as a true and exact copy of the original)
I did move countries in the meantime, do they just need a proof of the new address? How to certify, do I need to go to a notary? Is Portuguese okay, or do I need to have it translated too?

5. Complete the Know you Customer (KYC) Form
There's one available on the liquidation website. This asks for information I cannot provide any more, like when I opened the account. Should I just leave these fields blank then?

6. W-9 and W8BEN
I didn't find these on the liquidation website, can I download a standard form for these somewhere?


This is getting more complicated than expected, I hope it'll be possible to fulfill the documentation requirements and get my money back. A bit worried right now tbh.
Click to expand...
I do not know why any of this is required. The bank has all of this information from when accounts were originally opened up. All money is simply being returned to customers. My take is that these are just unnecessary steps added to prolong the process to run up the fees charged by the trustee. I have asked my lawyer to ask the trustee why all of this documentation is required. So far I have not received an answer. My guess is that I never will.
 
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#3,043
Radko said:
The 90 days deadline won't start until OCIF approves the liquidation plan. So we all have to wait for that, until then there is nothing else to do.

View attachment 9087

Once the liquidation plan has been approved, there will be a 30-day window for depositors to withdraw their funds in cash.
After the 30 days, all Opt-in funds will be transferred to Qenta, and made available to clients.

View attachment 9088

This is how it should work, unless the liquidation plan has been modified.

So for now there is nothing to do, just wait for the Receiver to contact all of us. Most likely we will all have to submit our documents again (KYC).
Click to expand...
This is from the original liquidation plan. It was approved years ago. The 90-day period expired over two years ago.
 
#3,044
Pschiff said:
I do not know why any of this is required. The bank has all of this information from when accounts were originally opened up. All money is simply being returned to customers. My take is that these are just unnecessary steps added to prolong the process to run up the fees charged by the trustee. I have asked my lawyer to ask the trustee why all of this documentation is required. So far I have not received an answer. My guess is that I never will.
Click to expand...

Novo bank returned the funds in August of last year, since then the Receiver has been wasting time because of the absurd idea of dividing the customers into Opt-in and Opt-out. We should have never been divided into two groups.

Who knows when all this will end.
 
#3,045
Pschiff said:
I do not know why any of this is required. The bank has all of this information from when accounts were originally opened up. All money is simply being returned to customers. My take is that these are just unnecessary steps added to prolong the process to run up the fees charged by the trustee. I have asked my lawyer to ask the trustee why all of this documentation is required. So far I have not received an answer. My guess is that I never will.
Click to expand...
Well, this is strictly Axos KYC/AML procedure it seems. Thats all.
 
#3,046
Radko said:
Novo bank returned the funds in August of last year, since then the Receiver has been wasting time because of the absurd idea of dividing the customers into Opt-in and Opt-out. We should have never been divided into two groups.

Who knows when all this will end.
Click to expand...
I came up with the idea in case people were not able to withdraw their funds in time. OCIF had wanted to keep any funds not sent to customers for itself. I didn't want that to happen. So I came up with the idea that any money that was not withdrawn would go to Qenta, where bank customers would have no time limit with which to claim it.
 
#3,048
Pschiff said:
If that's the case the trustee can just share the bank's KYC file with Axos. We collected all this information at the time the accounts were opened.
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Ah well, You know how banks are probably. Receiver had hard time finding a bank that would even agree to take part in this case as far as I know. Not sure if that was the incompetence or the real issue with bank being too paranoid. From my own experience I am able to belive in the paranoid approach by the banks theory. I assume Axos is no different and they want fresh documents, EPB documents in many cases are probably outdated. Mine at least at this point are in few aspects probably.
 
#3,049
JoeOhNo said:
Ah well, You know how banks are probably. Receiver had hard time finding a bank that would even agree to take part in this case as far as I know. Not sure if that was the incompetence or the real issue with bank being too paranoid. From my own experience I am able to belive in the paranoid approach by the banks theory. I assume Axos is no different and they want fresh documents, EPB documents in many cases are probably outdated. Mine at least at this point are in few aspects probably.
Click to expand...
My preference was leaving the money at Novo bank and figuring out how to have it wired from Novo directly to customers. That would have been much quicker and easier, which is why the trustee didn't do that.
 
#3,059
Pschiff said:
I do not know why any of this is required. The bank has all of this information from when accounts were originally opened up. All money is simply being returned to customers. My take is that these are just unnecessary steps added to prolong the process to run up the fees charged by the trustee. I have asked my lawyer to ask the trustee why all of this documentation is required. So far I have not received an answer. My guess is that I never will.
Click to expand...
It is required for customers unable to provide the documents so they can keep the money. No documents = no money
 
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#3,060
Pschiff said:
If that's the case the trustee can just share the bank's KYC file with Axos. We collected all this information at the time the accounts were opened.
Click to expand...

Banks must maintain up to date KYC and information that is years old is no good for KYC/AML purposes. Clients could be dead, jailed or other in that time.
 
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