Euro Pacific bank is a scam

[Radko]

But of the $50 million asset value stated, Qenta only offered to return $38 million to the bank. But its really $38 million out of $80. Qenta wants to retain the other $42 million.

$42 million is a good reason for Qenta to want to fight this all the way to the Supreme court.

I hope the Reciever protects the interest of the Customers.

 

[Pschiff]

Here is the letter Qenta sent to the Receiver. You can see for yourself the absurdity of Qenta's claim and their deceptive listing of value of gold and silver and mutual funds at their 2022 values. The receiver should reject this offer and demand the immediate return of the $80 million in bank assets held by Qenta. The receiver can authorize Qenta to withhold the $500K it originally sent to the bank to pay for those assets from the cash amount it returns. All other claims Qenta may have are subject to arbitration in NY.

 

[Radko]

Here is the letter Qenta sent to the Receiver. You can see for yourself the absurdity of Qenta's claim and their deceptive listing of value of gold and silver and mutual funds at their 2022 values. The receiver should reject this offer and demand the immediate return of the $80 million in bank assets held by Qenta. The receiver can authorize Qenta to withhold the $500K it originally sent to the bank to pay for those assets from the cash amount it returns. All other claims Qenta may have are subject to arbitration in NY.

So Qenta wants to keep the Mutual Funds ($5.8 million), plus $5 million termination fee, plus the return of the $500K, a total of $11.6 million. And they want to return Gold & Silver at the value of 2022.

They will make more money than the customers and the Receiver by just being part of the agreement, great deal for Qenta! What a JOKE!

 

[Pschiff]

So Qenta wants to keep the Mutual Funds ($5.8 million), plus $5 million termination fee, plus the return of the $500K, a total of $11.6 million. And they want to return Gold & Silver at the value of 2022.

They will make more money that the customers and the Receiver by just being part of the agreement, great deal for Qenta! What a JOKE!

Plus they want to keep the three subsidiaries and charge the bank almost $400 to unwind them. The biggest joke is that the receiver is considering their offer to return just $38 million in cash, instead of $80 million in assets, which includes over $19 million in cash, over $50 million in gold and silver, and over $7.5 million in mutual funds.

 

[Radko]

The biggest joke is that the receiver is considering their offer.

How do you know what the Reciever is considering?

 

[Pschiff]

How do you know what the Reciever is considering?

The receiver sent an email to one of the bank's customers. That customer posted the receiver reply on this thread. Here is another screeenshot.

 

[Radko]

The receiver sent an email to one of the bank's customers. That customer posted the receiver reply on this thread. Here is another screeenshot.

All that it says is that it is being "reviewed by the bank's legal advisor"

I'd be very surprised if the Reciever agrees to those terms.

 

[Marpots]

I opted in to keep my gold with Qenta and received the email that they are no longer involved. Please can someone tell me what I need to do in order to claim my holdings? Is there a real-time chat group with other affected people that I can join? Is there a joint legal action group I could join? Would be very grateful for some guidance.

 

[Pschiff]

All that it says is that it is being "reviewed by the bank's legal advisor"

I'd be very surprised if the Reciever agrees to those terms.

Yes, but he did not write that he rejected it out of hand. That's a bd sign. He should demand the Qenta return all the assets. The worst part is that he wrote that he does not consider the $50 million in gold or silver to be part of the banks assets that he is administering under the liquidation. So he does not care what happens to the gold and silver, and recommended the customer hire a lawyer take it up with Qenta. But if the receiver agree to accept Qenta's terms, Qenta owes customers nothing. The bank retains the full liability for $50 million in gold and silver, but it will only have $25 million in cash to satisfy that liability. Qenta gets to keep that other $25 million free and clear of any liabilities to the bank's customers.

 

[Radko]

Yes, but he did not write that he rejected it out of hand. That's a bd sign. He should demand the Qenta return all the assets. The worst part is that he wrote that he does not consider the $50 million in gold or silver to be part of the banks assets that he is administering under the liquidation. So he does not care what happens to the gold and silver, and recommended the customer hire a lawyer take it up with Qenta. But if the receiver agree to accept Qenta's terms, Qenta owes customers nothing. The bank retains the full liability for $50 million in gold and silver, but it will only have $25 million in cash to satisfy that liability. Qenta gets to keep that other $25 million free and clear of any liabilities to the bank's customers.

Euro Pacific is still your bank, you should try to find a way to talk to the Reciever to make sure he rejects those terms, it's insane what Qenta is proposing.

This has to go to arbitration!

 

[Pschiff]

Euro Pacific is still your bank, you should try to find a way to talk to the Reciever to make sure he rejects those terms, it's insane what Qenta is proposing.

This has to go to arbitration!

Ive send him like 20 unanswered emailed explaining the entire thing. I have two lawyers working on this on my own. I can't take action on the part of the bank, but I will do what I can personally. But it would be much easier, less costly, and more effective, if the receiver worked with me.

 

[Pschiff]

Euro Pacific is still your bank, you should try to find a way to talk to the Reciever to make sure he rejects those terms, it's insane what Qenta is proposing.

This has to go to arbitration!

It's my bank, but the receiver has complete legal control. So I can't do anything legally regarding the bank. I can only act for my personal interest. I have a personal interest if the receiver dissipates the bank's assets to unjustly enrich Qenta.

 

[Radko]

Ive send him like 20 unanswered emailed explaining the entire thing. I have two lawyers working on this on my own. I can't take action on the part of the bank, but I will do what I can personally. But it would be much easier, less costly, and more effective, if the receiver worked with me.

Thank you for trying to help Peter.

Maybe you or your lawyers can call the Reciever, I'm sure there is a phone number where the Receiver can be reached.

 

[SCHLOSSFINANZ]

makes one wonder who negotiated that incomplete and amateurish SPA with Qenta?

 

[Pschiff]

The receiver sent an email to one of the bank's customers. That customer posted the receiver reply on this thread. Here is another screeenshot.

One of the frauds of this letter from Qenta to the receiver is that it lists the assets as "received/liquidated assets." But none have the received assets where liquidated. Yet Qenta values those assets as if they were liquidated on Sept 30th 2022, rather than liquidated today at the current marker prices. By what right can Qenta sell the gold and silver now, send the bank $25 million to distributed the owners of that gold and silver, and keep the other $25 million it receives for itself?

 

[Radko]

One of the frauds of this letter from Qenta to the receiver is that it lists the assets as "received/liquidated assets." But none have the received assets where liquidated. Yet Qenta values those assets as if they were liquidated on Sept 30th 2022, rather than liquidated today at the current marker prices. By what right can Qenta sell the gold and silver now, send the bank $25 million to distributed the owners of that gold and silver, and keep the other $25 million it receives for itself?

What about the Mutual Funds, Qenta wants to keep all of it!

The fact that Brent De Jong thinks that he is entitled to all that is worrying.

 

[danielboros]

It's my bank, but the receiver has complete legal control. So I can't do anything legally regarding the bank. I can only act for my personal interest. I have a personal interest if the receiver dissipates the bank's assets to unjustly enrich Qenta.

You can act on my behalf. It's not like the receiver considered any of our interest.

 

[Pschiff]

You can act on my behalf. It's not like the receiver considered any of our interest.

I am acting on my behalf, but in reality it's on behalf of the bank's customers, as there is no financial gain in this for me. All of the money I am trying to save will go to the bank's customers.

 

[Pschiff]

When do you start to understand that a bank liquidator DOES NOT NEED banking experience by law???
Ask FINMA (Switzerland), FCA (UK), AMF (France) for example!!!
A liquidator needs to be a lawyer in the respective jurisdiction and this guy is a PR lawyer.
It's sad but that is the current situation law wise. Makes no sense at all.

You brought Qenta, you sold to Qenta that is your ULTIMATE responsibility.

I didn't buy Qenta. Assets and liabilities to Opt-in customers were sold to Qenta. Qenta terminated that deal. From what I know know it should have been terminated almost two years ago due to Qenta's breech. But I did not know they breached until after they terminated the agreement. Qenta admits it still has the $80 million of assets in its possession. Its not my fault if the receiver fails to recover those assets. Hopefully he will. But all of my efforts to consult with him only resulted in his lawyer contacting me to threaten me with litigation if I didn't stop emailing him, or spreading miss-information. I asked for a clarification on what specific information that I have shared was inaccurate. I am still waiting for that reply.

I opted in to keep my gold with Qenta and received the email that they are no longer involved. Please can someone tell me what I need to do in order to claim my holdings? Is there a real-time chat group with other affected people that I can join? Is there a joint legal action group I could join? Would be very grateful for some guidance.

Qenta has possession of the gold, but the bank still owns it on your behalf. But Qenta is tying to get the receiver to agree to sell it and only give the bank the value it would have received on Sept. 30th 2022, when gold was half its current price. I'm trying to make sure he does not agree, but he never replied to any of my emails to convince him not to, and then his attorney warned me to stop emailing him about this or any issues related to the bank.

 

[SCHLOSSFINANZ]

I said you brought Qenta in the deal not BOUGHT Qenta. From what you know now you never should have done that asset deal with Qenta with a bad reputation and ZERO financial service licence in a credible jurisdiction!