I would like to know what Qenta did with the Opt-in funds from when they took custody. They were in possession of a little around $18-$19m I believe. Did they earn interest on these funds and will that be returned? Were the funds invested in the Gold token which is what they said would happen and are they keeping the profits as gold has appreciated from when they took custody of customer funds till now. If they did not invest the funds and just had them rotting in an interest fee bank account, they need to provide proof.
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Euro Pacific bank is a scam
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I am glad Qenta is returning funds to the Receiver and that Opt-in customers will likely get their money back. What a relief! As bad as Wigberto has been, I think Opt-in funds are safer with the Receiver. My previous post of sounds like I'm not glad about this outcome...I certainly am! Still, I would be very interested to find out what Qneta did with customer funds. If they have profited off customer funds as a result of this s**t show, they can deduct some of their expenses....the profits belong to the customers. You better believe Qenta would pass on investment losses if they has invested customer funds in Gold and Gold depreciated!
Just joined and no time to read 169 pages of past chat!
A naive question but with the new US government are then any USA residents who could contact their representative to see if something can be done to push the receiver in Pueto Rico to release our funds?
A naive question but with the new US government are then any USA residents who could contact their representative to see if something can be done to push the receiver in Pueto Rico to release our funds?
To the extent the federal government has any authority at all over Puerto Rico's banking sector, no one is going to care because EPB had no/very few truly wealthy clients (people with influence) nor any clients that were US residents (or even US citizens, IIRC). Why would they lift a finger?
But he doesn't ask for wiring instructions, just an address... I don't know what he is going to do.
As I have been an opt-in client so far, I have not kept track of the opt-out deadlines.
Do I need to take action now? Or do I have to wait until the receiver contacts me?
Do I need to take action now? Or do I have to wait until the receiver contacts me?
The deadline for Opt-out is August 6th, so there's still time, but I imagine the Receiver will make an announcement soon with regards to Opt-in. He may give Opt-in customers another 3 months, we will see...
I recall well over a year ago the receiver indicating that he was going to return all funds in U.S. dollar checks. I told him that would be a bad idea as many customers would not be able to deposit them. However its still likely that he will send checks. That is a much slower process, which means he will make a lot more money for himself. So there is a very good chance that all customers will be mailed U.S. dollar checks.
It's actually a great idea if his goal is to delay the completion of the liquidation for as long as possible. Hopefully he can be convinced to do wires instead.
QENTA’s wording that it is returning “all liquidated assets to the Receiver as they were originally received” almost certainly means they intend to hand back only the original cash values they received – not any gains made while those funds were held.
Given the significant appreciation of gold and silver during the interim, QENTA’s decision to return only the original value - that is, for those of us whose EPB metals assets were likely allocated into QENTA's gold platform - is an act of clear bad faith.
It looks to me like a clear case of unjust enrichment, with QENTA benefiting from asset appreciation that rightfully belongs to customers. Those funds were implicitly held for our benefit, not QENTA’s profit-making.
This must be challenged, and my concern is that silence now could be interpreted as consent, and could allow QENTA to lock in profits that were never theirs to begin with.
I would be keen to hear Peter's and others' takes on this.
According to ChatGPT there's a very good chance that the profit from the gold will be distributed between OPT INS and OPT OUTS.
So OPT INS took the risk and OPT OUTS will take the profit.
You are welcome.
I would have rather stayed with Qenta.
Holding gold and silver is not cheap so delaying the transition by three years probably added a massive cost for Qenta. If everyone was moved to their platform as they were supposed to they could have collected fees, but since they couldn't they operated at a loss.
I would not have minded covering that cost, because in this scenario we who Opted IN will loose a lot.
The only one this benefits are the receiver and the possibly the OPT OUTs.
The gold was not supposed to be sold. That was the point of transferring to Qenta. Customers who did not Opt-in to Qenta had to sell their gold, so the bank could wire out cash. The only way customers could keep their gold was to transfer it to Qenta. That is another reason I wanted customers to have that option. However, I can not say for sure what happened to the gold and silver. I've asked Qenta several times, but never got an answer. Hopefully they did not sell any of it, as all metals where supposed to be credited to customers new Qenta accounts as metal.
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