Euro Pacific bank is a scam

[Radko]

The indemnification clause specifically includes attorney fees, but in the case of the bank its limited to $1.25 million, which was the purchase price. That should be enough. It should also cover extra hours billed by the receiver regarding the action.

I'd imagine that Brent has talked to his lawyer about what he's trying to do.

 

[Pschiff]

I'd imagine that Brent has talked to his lawyer about what he's trying to do.

Yes, but lawyers will always argue for their client, even when their client is wrong on the law. That's what they are paid to do.

 

[Radko]

Yes, but lawyers will always argue for their client, even when their client is wrong on the law. That's what they are paid to do.

I thought Qenta was just the temporary custodian of those assets, and customers were the legal owners, but obviously Brent seems to think that those assets belong to Qenta and he can sell them to profit from the appreciation in value during the last 3 years.

So the question is, who is the legal owner of those assets, Qenta or the Customers?

 

[Vqn]

I thought Qenta was just the temporary custodian of those assets, and customers were the legal owners, but obviously Brent seems to think that those assets belong to Qenta and he can sell them to profit from the appreciation in value during the last 3 years.

So the question is, who is the legal owner of those assets, Qenta or the Customers?

It is 100% the customers, it says so in the agreement signed.

 

[Pschiff]

I thought Qenta was just the temporary custodian of those assets, and customers were the legal owners, but obviously Brent seems to think that those assets belong to Qenta and he can sell them to profit from the appreciation in value during the last 3 years.

So the question is, who is the legal owner of those assets, Qenta or the Customers?

Well at this point it's the bank, as Qenta has terminated the purchase and requested the purchase price be refunded. But when Qenta bought the gold, they did so subject to the condition that the gold was a liability to customers, just as it was to the bank. Yes, the bank owned the gold, but that gold was owed to customers. I did not agree to sell Qenta $25 million worth of gold for just $1.25 million dollars. Qenta bought the right to custody that gold for Opt-in customers for $1.25 million. But it only paid $500K, and it wants that back, in addition to keeping all the appreciated value of the customers gold for itself. There is no legal or contractual basis for this unjust enrichment

 

[EPBVictim01]

Honestly people are so dirty… just thinking about their own Pocket. I think I’m also gonna lose a good amount because of the low GBP /USD rate in 2022 but I still will request the amount with the current exchange rate…

 

[SCHLOSSFINANZ]

I thought Qenta was just the temporary custodian of those assets, and customers were the legal owners, but obviously Brent seems to think that those assets belong to Qenta and he can sell them to profit from the appreciation in value during the last 3 years.

So the question is, who is the legal owner of those assets, Qenta or the Customers?

Qenta

 

[Martin Everson]

Lets be honest they probably bought EPB assets with any intention that all clients would be fully able to withdraw their assets the next day in entirety after completion of the deal. It makes no economic sense for them to have risk doing such a deal without having other things in mind to cover the risk . Just be grateful one sees their true colors now rather than later and that the deal is ending.

All in all it makes sense now why they went silent on Peter and clients for a long while. Judging by the other legal case the CEO was involved in it may not be a walk in the park to win. A guy got screwed over in technicalities in a bad faith dealings with him.

 

[Radko]

A guy got screwed over in technicalities

Qenta received Gold, Silver, and Mutual Funds, if they want to terminate the agreement, then the question is if they can sell those assets and return some of the proceeds obtained, or if they should return those assets as they were received back in 2022.

That's the technicality here...

 

[Martin Everson]

Qenta received Gold, Silver, and Mutual Funds, if they want to terminate the agreement, then the question is if they can sell those assets and return some of the proceeds obtained, or if they should return those assets as they were received back in 2022.

That's the technicality here...

I agree.

 

[Pschiff]

Qenta received Gold, Silver, and Mutual Funds, if they want to terminate the agreement, then the question is if they can sell those assets and return some of the proceeds obtained, or if they should return those assets as they were received back in 2022.

That's the technicality here...

There are only two legally permissible options. 1 Qenta returns the exact number of ounces of gold and silver it received, and the exact number of mutual fund shares. 2. Qenta sells the gold and silver at the current market price, liquidates the mutual funds at the current price, and returns all cash proceeds to the bank. There is no option 3 where Qenta sells the gold, silver and mutual funds, sends the bank the cash value of those assets as of three years ago, and keeps tens of millions in realized profits for itself on assets it never really owned, never paid for, and took no risk holding.

 

[Tummy]

@Pschiff - Back in March 2024 i asked Qenta specifically about the status of my physical silver and whether it had been liquidated into USD - they told me it had NOT been liquidated.... Qenta wrote;

"Thank you for getting in touch. We sincerely appreciate your patience and understanding as we navigate through this process together. Regarding your inquiry about your precious metal holdings at EPB, I want to assure you that your assets remain intact and have not yet been converted into cash. Please be advised that all assets held in Euro Pacific Bank accounts are securely managed by the receiver until the liquidation and migration procedures are finalized. As a valued client scheduled for migration to Qenta, rest assured that we are committed to ensuring a smooth transition for you."

They were very clear to me "I want to assure you that your assets remain intact and have not yet been converted into cash"

Happy to email over this email chain over to you Peter, it might be helpful?

 

[danielboros]

There are only two legally permissible options. 1 Qenta returns the exact number of ounces of gold and silver it received, and the exact number of mutual fund shares. 2. Qenta sells the gold and silver at the current market price, liquidates the mutual funds at the current price, and returns all cash proceeds to the bank. There is no option 3 where Qenta sells the gold, silver and mutual funds, sends the bank the cash value of those assets as of three years ago, and keeps tens of millions in realized profits for itself on assets it never really owned, never paid for, and took no risk holding.

I wish someone with authority would say that. Like OCIF. Why can they hold press conferences to s**t on people but not for any other ocasion.

 

[SCHLOSSFINANZ]

they do their regulatory job. Compliance is important even in a banana republic.

 

[Pschiff]

Oh yes he is sneaky little ******** indeed. Anyway as mentioned we have to counter them and thats it.

He is sneaking. In his letter to customers he wrote that he would return assets "as they were originally received." But in is letter to the Receiver, he wrote that he would be "returning to you all assets received on or around September 30, 2022 at their receipt values as of their receipt date." So he told the customers one thing and the receiver another. He didn't want customers to know what he was doing until it was too late. He hoped the receiver was dumb enough not to realize how much gold and silver had gone up in value and would be willing to pay the crazy $5 million termination payment, or maybe negotiate it down a bit. He also hoped I would never see a copy of his letter to the receiver until it was too late. Luckily I was able to get a copy and let the receiver know that he was being conned, and not to make a deal with this devil.

 

[SCHLOSSFINANZ]

I am sure everyone here wants to know what sort of DEEP DD you did on Qenta before signing the SPA. You seem to evade that part of the story.

 

[Pschiff]

I am sure everyone here wants to know what sort of DEEP DD you did on Qenta before signing the SPA. You seem to evade that part of the story.

It was four years ago. It's clear that their financial situation deteriorated a lot over the past year or two, I think since that SPAC fell through.

 

[Octopus]

All in all it makes sense now why they went silent on Peter and clients for a long while.

Also makes you wonder if Qenta wanted the negotiations with the Receiver to fail. Once they saw how much these assets had appreciated, actually completing the acquisition probably started to look a lot less appealing than sabotaging it and appropriating the upside. A cynic would argue that not being able to “find agreeable terms” with the Receiver might not have been an unavoidable impasse, but bad faith dealing dressed up as negotiation.