Recent content by Pschiff

Here is what I believe happend to Euro Pacific Bank. Euro Pacific Bank was investigated by a grand jury in California for suspicion of money laundering and tax evasion. The investigation lasted about two years, involved over 2,000 accounts, and over 800,000 pages of documents. The...

Not true. Had the sale gone through I would have been a 4% minority shareholder in a public company. I would not have been a board member, an officer, or even an employee. Just a passive investor. Also, had OCIF asked we could have restructured the deal to eliminate that ownership. That was...

The bank no longer has a staff. The were all let over 1.5 years ago. Also there is no rent, as the office shut over 15 years ago as well. It's just the receiver and whoever he hired to help him. Though based on what he's done he didn't need any help.

I think the main reason the bank has not been liquidated, and customers don't have their funds, is so that the bank can keep paying those fees. The relationships between the Receiver, OCIF, and those receiving those fees needs to be investigated.

Those fees should have been minimal. Other than the receiver the bank has had no payroll and no office rent. All the employees were transferred to Qetna. Those that did not go to Qenta quit. Had I been able to liquidate the bank myself, none of those expenses would have been incurred. Plus...

Correct. But the Commissioner's comments about no evidence of money laundering or tax evasion were in response to reporter's questions. You can watch the press conference here.

Novo has been earning interest on the money, so has no reason to make it easy for the funds to be returned either. Also, to clarify if you recall the bank was unnecessarily placed into receivership on June 30th 2022. The reason given was that the bank was "critically insolvent" and customers...

The problem with Novo started with the OCIF's commissioner's decision to hold a press conferencing giving the IRS and J5 an opportunity to falsely imply the bank was guilty of facilitating tax evasion and money laundering, even though its own two-year extensive investigation exonerate the bank...

The money hasn't been lost. The receiver is spending it. Mostly on himself and his friends is my guess.

I get very little information. I really gave up trying to help over a year ago when it became obvious I was wasting my time. Initially I expected to at least get a million or two back from the $10 million in capital I put up. I no longer expect tot see a penny. I just hope customers get...

That's why I tried so hard to keep the bank out of Receivership. I also got OCFI to agree to let me help with the liquidation. But when I tried to help I got shot down by the Receiver, and none of the bank's counter parties would work with me as I was not the trustee. I even agreed not sue sue...

My guess is this is all part of the Receiver creating extra work to justify his compensation, and to delay the liquidation process for as long as possible. This is a gravy train and he never wants to get off.

Plus I noticed that a lot of money was spent setting up a special website for the liquidation of the bank.

As far as I know some funds are with Novo bank and the rest is with Interactive Brokers. Then there are some funds in the bank's checking account at FIrstBank in Puerto Rico. I don't know. The entire situation was unnecessary and completely political. I don't like the Receiver being able to...

My suspicion is that the Receiver is dragging out the process so he can keep paying himself lots of money. He may also be using bank funds to pay personal expenses, and he may have put his girlfriend on the payroll. I don't know for sure, but that's the way it looks to me.