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Euro Pacific bank is a scam

#3,401
SCHLOSSFINANZ said:
why should they return asset appreciation? You are dreaming. By law they have to return the funds they received at the time of signing the SPA. That it went up is Qenta's benefit sadly.
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So if customer funds were invested in Gold this whole time and Gold depreciated, Qenta would eat that loss? I don' t think so. I agree with Octopus's cynical take on all this. I think customer funds were invested in Gold and now that gold has appreciated, they will make a large profit by cancelling the purchase agreement returning the USD amount back to customers and keeping the gain. I recall Qenta saying that Opt-In customers would be required to keep their accounts in Gold and not USD.
 
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#3,402
SCHLOSSFINANZ said:
why should they return asset appreciation? You are dreaming. By law they have to return the funds they received at the time of signing the SPA. That it went up is Qenta's benefit sadly.
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No, they received gold and silver bullion. That is what they need to return. Had gold and silver went down, they would not return the dollar value when received, and eat the loss. If Qenta where to keep the appreciation for itself, the trustee would need to file an arbitration in NY against Qenta for unjust enrichment, and reclaim that gain for the bank's customers. If he won't I have standing to do it myself, as I signed the purchase and assumption agreement. But since Qenta wrote they will return assets "as originally received" that clearly implies they will return gold and silver bullion, as that is how they originally received the assets.
 
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#3,404
Pschiff said:
No, they received gold and silver bullion. That is what they need to return. Had gold and silver went down, they would not return the dollar value when received, and eat the loss. If Qenta where to keep the appreciation for itself, the trustee would need to file an arbitration in NY against Qenta for unjust enrichment, and reclaim that gain for the bank's customers. If he won't I have standing to do it myself, as I signed the purchase and assumption agreement. But since Qenta wrote they will return assets "as originally received" that clearly implies they will return gold and silver bullion, as that is how they originally received the assets.
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Do you know if proceeds of the Mutual Fund liquidation was converted to Gold before being transferred to Qents?
 
#3,405
Andrew Cobb said:
Do you know if proceeds of the Mutual Fund liquidation was converted to Gold before being transferred to Qents?
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This is what Qenta said about the Mutual Funds...

1000027898.webp
 
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#3,408
Pschiff said:
The gold and silver transferred to Qenta was not sold by the bank. The holding at silver bullion were simply assigned to Qenta. So Silver Bullion simple change the ownership of the gold and silver from the Bank's name to Qenta's. What Qenta was going to do was convert those gold bars to G-coin, without exposing customers to any losses on the conversion. I don't know what they were going to do with the silver. So if they return the assets as originally received, and the gold is current held as G-coin, then they need to sell the G-coin, and buy back the same number of physical ounces. However since the purchase was never closed, and customer accounts never established, the conversion of bullion to G-coin may never have been made.
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That is extremely helpful information, thank you for clarifying Peter.
 
#3,410
Radko said:
For those who have Gold & Silver, this is what Qenta said, so maybe they haven't sold anything so far.

View attachment 9334
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Thanks. I had forgotten about that. Since no customers were asked if they wanted to transfer their silver into cash or gold, it must still be held in silver. But this also confirms that none of the gold would be sold. I don't thin the mutual funds were liquidated either, but I'm not sure. But those funds where not held by the bank. They were segregated into each customer's individual IB account. Those accounts should just be reassigned directly to their respective customers.
 
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#3,414
Andrew Cobb said:
I received an email on 23/05/2024 with a statement of the Mutual Fund dated December 31 2023.
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Yes, I don't understand what has happened. I've asked, but have not received an answer. But if they funds were sold I would have expected a confirmation. Did anyone on this board have an IB account at the bank? If so what happened to that? Qenta took over that relationship nearly three years ago.
 
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#3,416
Andrew Cobb said:
I received an email on 23/05/2024 with a statement of the Mutual Fund dated December 31 2023.
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Yes, I don't understand what has happened. I've asked, but have not received an answer. But if they funds were sold I would have expected a confirmation. Did anyone on this board have an IB account at the bank? If so what happened to that? Qenta took over
Radko said:
I have an IB account, but Qenta has never mentioned anything, they always talk about the Precious Metals and the Mutual Funds, but not the IB account.
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Can you view your holdings in that account? Can you place any trades?
 
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#3,419
Pschiff said:
No, control was transferred to Qenta. The bank also kept millions of U.S. dollars in the IB account. That was transferred to Qenta too.
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If that's the case, then Qenta will have to transfer IB accounts to the Receiver.

But I do remember the Receiver mentioning IB accounts in some of his quarterly reports, here it is... It does say "transferred to purchaser".

1000027905.webp
 
#3,420
Radko said:
If that's the case, then Qenta will have to transfer IB accounts to the Receiver.

But I do remember the Receiver mentioning IB accounts in some of his quarterly reports, here it is... It does say "transferred to purchaser".

View attachment 9335
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That does not make sense. Back in June of 2023 I worked with Qenta to facilitate the transfer of the cash in the Bank's IB account to Euro Pacific Securities, which was transferred to Qenta's ownership. So Qenta owns the company that has control of the IB brokerage accounts, not the Receiver. Qenta indicated that cash transfer was the last part of the process.
 
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