Euro Pacific bank is a scam

[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.

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!

Well the financial problems I know now about started well after I did the deal. But so long as the receiver does not agree to accept Qenta's offer, or anything like it, the bank should recover all of the assets that where transferred to Qenta. I am doing everything I can in my personal capacity to make sure that happens. OCIF vetted Qenta and De Jung too and never found any issues. All they came up with was a Syrian connection, that turned out to be mistaken identity.

 

[SCHLOSSFINANZ]

ehmmm sorry OCIF rejected Qenta to buy the bank due to connections to SANCTIONED individuals according to your own PR campaign website! Connex to Serbia and Africa as well.

 

[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.

The biggest fraudulent statement in a letter full of fraud is Brent assuring Wigberto that he is "convinced that this course of action prioritize customer interests." So he prioritizes customer's interests by stealing $40 million from them. Brent claims there is an impasse, but he can easily return the $80 million in bank assets he is holding within one week, if not one day.

 

[Pschiff]

ehmmm sorry OCIF rejected Qenta to buy the bank due to connections to SANCTIONED individuals according to your own PR campaign website! Connex to Serbia and Africa as well.

That Syrian connection turned out to be a case of mistaken identity. They only rejected the sale as a PR stunt for the J5. A former OCIF commissioner lead an investor group interested in buying the bank shortly after it went into receivership, and before we did the asset sale to Qenta. I strongly preferred that offer as I would have been paid several million dollars by the buyer and it would have been seamless for customers. But the OCIF commissioner refused to even consider their offer for the same reason she rejected Qenta's. She was doing a favor for the IRS and the rest of the J5.

 

[john8899]

They only rejected the sale as a PR stunt for the J5.

Imagine if the OCIF approved your sale of EPB to Qenta, maybe all customers will already have their assets go to zero. So despite all your screeching about OCIF rejecting the sale to Qenta, it turned out to be the right move and even if the receiver agrees to Qenta's cursed terms, at least people will get 70% to 80% of their money back, rather than 0%.

 

[Pschiff]

Imagine if the OCIF approved your sale of EPB to Qenta, maybe all customers will already have their assets go to zero. So despite all your screeching about OCIF rejecting the sale to Qenta, it turned out to be the right move and even if the receiver agrees to Qenta's cursed terms, at least people will get 70% to 80% of their money back, rather than 0%.

Well Qenta was required to add $8 million in capital. That would have resulted in the bank having over $10 million total. So its hard to say. They would have been regulated, with independent audits every year. But after the sale to Qenta was rejected, and before we did the asset sale to Qenta, a well funded investor group headed by a former OCIF Commissioner tried to buy the bank. The Commissioner wouldn't even consider their offer. Plus, had the IRS and ATO not helped the media frame the bank for tax evasion and money laundering, I never would have had to sell the bank in the first place. It would be far larger now, now customers would have lost anything, and the market value of the bank would be several hundred million dollars, perhaps over a billion. So let's not forget about that.

 

[Pschiff]

$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.

It can't go that far. if they fight they will lose in arbitration. There will be no appeal. There is no argument they can make to defend an indefensible position.

 

[Octopus]

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.

I agree, it reads like a "holding response", essentially saying he's “awaiting legal advice” – not rejecting the offer out of hand in a response to a single customer enquiry may also simply be a formality for legal reasons. While questioning his authority over the metals holdings is concerning, I think that part of his response is difficult to fully interpret without knowing the wording of the forum user's original email.

However, the fact that he hasn't signed off on anything or indicated his intent to reject Qenta's offer makes it even more critical for more customers to explicitly object to these terms before a decision is made: this preserves our rights by making objection explicit, and may bolster any future claims for damages or restitution. As a trustee, the Receiver is obligated to administer and preserve trust assets for the benefit of the depositors (as “beneficiaries”), rather than for any other party.

Thanks Peter for making the full letter publicly available and alerting customers to this sordid development.

 

[Pschiff]

I agree, it reads like a "holding response", essentially saying he's “awaiting legal advice” – not rejecting the offer out of hand in a response to a single customer enquiry may also simply be a formality for legal reasons. While questioning his authority over the metals holdings is concerning, I think that part of his response is difficult to fully interpret without knowing the wording of the forum user's original email.

However, the fact that he hasn't signed off on anything or indicated his intent to reject Qenta's offer makes it even more critical for more customers to explicitly object to these terms before a decision is made: this preserves our rights by making objection explicit, and may bolster any future claims for damages or restitution. As a trustee, the Receiver is obligated to administer and preserve trust assets for the benefit of the depositors (as “beneficiaries”), rather than for any other party.

Thanks Peter for making the full letter publicly available and alerting customers to this sordid development.

Sure. I could not take a chance on letting this deal happend. But I have no say it whether it does or doesn't. The receiver won't communicate with me so I'm completely in the dark. I hope he does the right thing, but I didn't want to keep quite and rely purely on hope.

 

[Octopus]

Sure. I could not take a chance on letting this deal happend. But I have no say it whether it does or doesn't. The receiver won't communicate with me so I'm completely in the dark. I hope he does the right thing, but I didn't want to keep quite and rely purely on hope.

You're absolutely right strategically - it's essential to leave no room for doubt while the opportunity still exists.

 

[Pschiff]

Some people are blaming me for choosing to sell the bank to Qenta in the fist place. Put yourself in my position. The bank's business is imploding. It's losing 250K to 300K per month. I am covering those losses out of my own pocket each month. I've got thousands of customers (though about 70% jumped off the sinking ship in under a year) and 70 or so employees. Every customer who left got 100% of heir money back. All this is happening because I was falsely accused by the media of using my bank to help organized criminals launder money and evade taxes. At the same time I'm a plaintiff in a defamation lawsuit in Australia, which I eventually won two years later. I'm also juggling Euro Pacific Asset Management, Schiff Gold, and my podcast. I could have just immediately shut the bank down. But I thought there was still a viable business there if someone bought it and completely rebranded it. The OCIF Commissioner gave me a short window to find a buyer. Most potential buyers would not even touch the bank with a 10-foot poll, given the fear of guilt by association. That really narrowed my pool of potential buyers. Brent talked a good game, and his G-coin business really appealed to me. We seemed to have a lot in common, and it look to me like he was building a solid organization. OCIF apparently did lots of their own diligence on Qenta and its key principals, and they came up with nothing that concerned me. Had they found something I might have backed out. But I never wanted to sell the bank to anyone in the first place. I had big plans for the bank and really wanted to build it up. But my banking reputation was destroyed by a conspiracy among tax chiefs in five nations and reporters in two. Ultimately it's those corrupt government officials and "journalists" who are to blame. Hopefully my federal civil rights lawsuit against the conspirators is not thrown out so I can fully expose this crime to the world.

 

[Marie Manila]

Some people are blaming me for choosing to sell the bank to Qenta in the fist place.

These are just a few people whose main task in life is probably to find fault with other people and badmouth them. As if they have never made a mistake themselves.
And as the saying goes: if you haven't made a mistake, you haven't lived!
Such users do not help to solve the problem. It would therefore be better if they simply looked for another platform.

So from my side: Thank you very much for your help and contribution, Peter!

 

[danielboros]

* People forget that they had the option to OPT IN or OPT OUT
* People forget that the gains Qenta is stealing was only possible because they could OPT IN
* People forget that Peter was the only person talking to us and helping even though he was blocked in every turn by the people who have been ignoring us and hiding vital information from us for 3 years.