Euro Pacific bank is a Scam!

[Dorothy Atwater]

It's Euro Pacific Intl. Bank Inc now they changed name. Euro Pacific Bank is just trading name.. see below from bottom of their own webpages.

Euro Pacific Intl. Bank Inc. is licensed and regulated by the Office of the Commissioner of Financial Institutions (OCIF) in Puerto Rico as an International Financial Entity (license # IFE-033). International Financial Entities (IFEs) are licensed and regulated by the Office of the Commissioner of Financial Institutions pursuant to Act No. 273 of September 25, 2012, as amended (the IFE Act) and Regulation No. 5653. Euro Pacific Intl. Bank Inc. is authorized to trade as Euro Pacific Bank. Euro Pacific Bank is not insured by the FDIC in the United States.

Euro Pacific Bank is a scam! Stay far, far, away!

 

[Martin Everson]

Euro Pacific Bank is a scam! Stay far, far, away!

Couldn't agree more. It's a bank that claims to be a 100% reserve bank and maintain a "100% Deposit Ratio" but does not produce a single iota of evidence to back this claim...I wonder why? . Yet there continues to be gullible clients who use the bank thinking their money is safe in a opaque shell bank based in a bankrupt South American third world country . It is classic client madness or what I would call blind faith. I challenge the CEO, who appears to be an Americaan guy called Mark Anderson to prove the bank is solvent, profitable and not a ponzi scheme like what Allen Sanford ran for years via an Antigua offshore bank. In that case Allen Sanford (see below link) used the banks money to fund a lavish lifestyle of yachts etc . I am not sure why EPB clients are not demanding proof of 100% Deposit Ratio....well actually I do and its because 99% of them hold undeclared accounts and cannot open an account anywhere else for offshore entities so they are willing to risk loosing it all like Choice Bank clients .

Victims of Allen Stanford's $7B Ponzi Scheme Will Wait Years to Be Repaid - D Magazine

 

[Dorothy Atwater]

Couldn't agree more. It's a bank that claims to be a 100% reserve bank and maintain a "100% Deposit Ratio" but does not produce a single iota of evidence to back this claim...I wonder why? . Yet there continues to be gullible clients who use the bank thinking their money is safe in a opaque shell bank based in a bankrupt South American third world country . It is classic client madness or what I would call blind faith. I challenge the CEO, who appears to be an Americaan guy called Mark Anderson to prove the bank is solvent, profitable and not a ponzi scheme like what Allen Sanford ran for years via an Antigua offshore bank. In that case Allen Sanford (see below link) used the banks money to fund a lavish lifestyle of yachts etc . I am not sure why EPB clients are not demanding proof of 100% Deposit Ratio....well actually I do and its because 99% of them hold undeclared accounts and cannot open an account anywhere else for offshore entities so they are willing to risk loosing it all like Choice Bank clients .

Victims of Allen Stanford's $7B Ponzi Scheme Will Wait Years to Be Repaid - D Magazine

I don't have much money in there. I had reasons for opening the account. Now it's almost impossible to get my money out! They have effectively blocked me even from logging in. Message said I was logging in from an "unknown device" (NOT!) and I had to reset my password. But the the "secret questions" had nothing to do with the ones I originally entered and I couldn't answer them. Call them? Forget it. Now from emails, I needed to make an APPOINTMENT (with a form online) to speak with Devin Baldo, [email protected], supposedly head of Global Client Service. An appointment? Get real! I scheduled my "appointment" to speak with him at 7:40 this morning...although I have explained (complained) about everything in emails.

Although they said they are "in St. Vincent and the Grenadines," I'm pretty sure their governing entity is in Puerto Rico. I'm going to file a complaint against them.

 

[Martin Everson]

Now it's almost impossible to get my money out!

It's probably coincides with the same reason that they will not release their financial statements.

Simple questions to ask Devin:

1. Where is their audited financial report and why is it held in secrecy?
2. Is your money held in overnight money market funds i.e invested?
3. Has Devin ever seen the banks financial statement?
4. Are their liens against client funds?
5. What are the banks outstanding liabilities other than client deposits?

I forget my bankers name...maybe called Vincent Le or something but last time I had an account with the bank he said the CEO did everything personally including approve wires, do client investments and FX conversion etc etc. All other staff were just window dressing and kept in dark and could approve or do nothing. This is huge red flag in dealing with a bank that operates like this i.e. where there is no separation of duty. Last person who acted this way and insisted on doing everything himself was Bernard Madoff and that did not end well folks .

Hopefully everything works out for you.

 

[Dorothy Atwater]

It's probably coincides with the same reason that they will not release their financial statements.

Simple questions to ask Devin:

1. Where is their audited financial report and why is it held in secrecy?
2. Is your money held in overnight money market funds i.e invested?
3. Has Devin ever seen the banks financial statement?
4. Are their liens against client funds?
5. What are the banks outstanding liabilities other than client deposits?

I forget my bankers name...maybe called Vincent Le or something but last time I had an account with the bank he said the CEO did everything personally including approve wires, do client investments and FX conversion etc etc. All other staff were just window dressing and kept in dark and could approve or do nothing. This is huge red flag in dealing with a bank that operates like this i.e. where there is no separation of duty. Last person who acted this way and insisted on doing everything himself was Bernard Madoff and that did not end well folks .

Hopefully everything works out for you.

Euro Pacific Ban has a new (very unfriendly) web site. After getting an "appointment" with Devin for a phone call this morning, we navigated the form, and he wasn't familiar with some of the many "answers" to be given. After 1:40 minutes on the call, I was finally able to ask to close my account. However, the balance given did not indicate whether the "available balance" included their wiring fees, so Devin advised me to deduct $30 from the balance. With having already been charged $30 to originally wire the $4,500 that was returned to EPB, plus my bank's charges, that $4,500 has diminished considerably.
After I finalized the "close account" transaction, a message popped up that the transaction is pending approval! Devin claims this is "standard" for banks. Baloney! NO other bank requires their "permission" from the "compliance department"
to close an account!

So we will see what happens. Euro Pacific Bank has not heard the last from me about their fraudulent practices.

Oh, when Devin claimed that it's a 100% reserve bank, I asked him why the audit was not on their web site. He says it is something kept private but that they send it to clients who ask for it. I DID ask for it, and the promised to email it to me. We will see, won't we? If I get it, I will contact the named auditor to verify in fact that the audit was legitimate.

 

[Dorothy Atwater]

Euro Pacific Ban has a new (very unfriendly) web site. After getting an "appointment" with Devin for a phone call this morning, we navigated the form, and he wasn't familiar with some of the many "answers" to be given. After 1:40 minutes on the call, I was finally able to ask to close my account. However, the balance given did not indicate whether the "available balance" included their wiring fees, so Devin advised me to deduct $30 from the balance. With having already been charged $30 to originally wire the $4,500 that was returned to EPB, plus my bank's charges, that $4,500 has diminished considerably.
After I finalized the "close account" transaction, a message popped up that the transaction is pending approval! Devin claims this is "standard" for banks. Baloney! NO other bank requires their "permission" from the "compliance department"
to close an account!

So we will see what happens. Euro Pacific Bank has not heard the last from me about their fraudulent practices.

Oh, when Devin claimed that it's a 100% reserve bank, I asked him why the audit was not on their web site. He says it is something kept private but that they send it to clients who ask for it. I DID ask for it, and the promised to email it to me. We will see, won't we? If I get it, I will contact the named auditor to verify in fact that the audit was legitimate.

 

[Martin Everson]

After I finalized the "close account" transaction, a message popped up that the transaction is pending approval! Devin claims this is "standard" for banks.

This is CEO having to approve the payment I guess. The times I emailed compliance over payments and they said CEO has to sign them off .

Oh, when Devin claimed that it's a 100% reserve bank, I asked him why the audit was not on their web site. He says it is something kept private but that they send it to clients who ask for it.

Has Devin seen the audit report himself or is he going to now email the CEO and ask where it is? . Would give great confidence to people if they produce this audit report for viewing .

 

[Dorothy Atwater]

Very interesting! Devin did send me a copy of the "audit," but there's no need to contact the "auditor." Guess what? They (KPMG) cite an address in St. Vincent and the Grenadines, but when you go to their web site and click "Locations," St. Vincent and the Grenadines are not listed. And guess who is the Board of Directors? Euro Pacific Intl. Ban, Inc. in San Juan, Puerto Rico. What a joke of an "audit." Read it--and leave comments. It is attached. It does say that "some client funds are deposited with Euro Pacific Securities" (ha, ha) and "it is not the bank's policy to officer loans." Officer? This whole "audit" is no doubt an out-and-out scam.

 

[Martin Everson]

This document by KPMG doesn't offer up much other than clever wording i.e

"the Balance Sheet as at December 31, 2017 did not include any loan or advances to third-parties, our review of the transactions during the year then ended did not indicate any transactions involving loans to third parties."

So are there are loans on the but books just not to third-parties? If not to third-parties then to whom are there loans. i.e are there first-party loans and advances to the director to buy his super yacht or to pay staff and bank operational costs etc . Unless the bank is profitable every year, which is unlikely, it would have to dip into client deposits or its own reserves to pay the bills.....which is it? So my question remains as to where is confirmation of 100% of client money is available on deposit at all times?

This report is only confirmation of third-party loan policy alone. Why do they explicitly not mention first-party or related party loans? They must think people are stupid or something. If there is NO loans issued at all then this audit report statement would have stated that clearly and not played around with idea of just third-party loans. As it stands this raises more questions than it answers, so no wonder they don't make it public.

 

[Dorothy Atwater]

This document by KPMG doesn't offer up much other than clever wording i.e

"the Balance Sheet as at December 31, 2017 did not include any loan or advances to third-parties, our review of the transactions during the year then ended did not indicate any transactions involving loans to third parties."

So are there are loans on the but books just not to third-parties? If not to third-parties then to whom are there loans. i.e are there first-party loans and advances to the director to buy his super yacht or to pay staff and bank operational costs etc . Unless the bank is profitable every year, which is unlikely, it would have to dip into client deposits or its own reserves to pay the bills.....which is it? So my question remains as to where is confirmation of 100% of client money is available on deposit at all times?

This report is only confirmation of third-party loan policy alone. Why do they explicitly not mention first-party or related party loans? They must think people are stupid or something. If there is NO loans issued at all then this audit report statement would have stated that clearly and not played around with idea of just third-party loans. As it stands this raises more questions than it answers, so no wonder they don't make it public.

And it does say that "some client funds are deposited with Euro Pacific Securities." So if this isn't a "loan," then it's an outright gift to Euro Pacific Securities? That flim-flam page is not an audit at all.

 

[Martin Everson]

Warning to people....

Think twice about using a bank like EuroPacific that insists they have to know everything about you and your business to operate an account with them, while at the same time they refuse to tell you anything about themselves and their finances.

If a bank will not show you their balance sheet or annual report then don't keep money there. This is a big red flag you should never ignore. For something as critical as choosing to bank with an financially opaque offshore shell bank based in a bankrupt third world country you need to think about the immense risk you are taking. At some point reality will hit most people and they will be kicking themselves at all the warning signs. Privately owned banks with nothing to hide publish financial records so don't let yourself be lied to.

 

[Martin Everson]

Just look at some of this feedback on the bank

Europacbank is rated "Poor" with 3.5 / 10 on Trustpilot

 

[Nyep]

Just look at some of this feedback on the bank

It's worth noting that Mistertango, which is heavily favored by many here, has similar terrible reviews on Trustpilot. Same is true, and worse, for epayments and others. Unfortunately people must choose between bad and worse in these tricky times.

 

[Martin Everson]

It's worth noting that Mistertango, which is heavily favored by many here, has similar terrible reviews on Trustpilot. Same is true, and worse, for epayments and others. Unfortunately people must choose between bad and worse in these tricky times.

Agreed, but these are not banks that make the claims that EPB does. Never heard of a bank claiming "100% Liquidity, 100% Deposit Ratio, Zero Loans" and refusing to prove it . Such a claim should not be made publicly if cannot be backed up publicly...otherwise this is clearly fraud.

 

[aplusbangla]

I knew Euro pacific bank because of the founder Peter schiff, I like his mindest because he is one of the few people who understand the financial system very well.

But I thought maybe EPB is not good for me, maybe if I was an american then must be good. so I had a call wih them but no more setup, also they don't accept fund from crypto exchanges.

 

[Martin Everson]

Peter Schiff is what made me consider this bank also. However I lost trust in Peter Schiff as he knows absolutely nothing about investing . He is great on camera and podcasts for being able to give 30 minutes talks on the economy of the top of his head and make convincing arguments. However do not put your money anywhere near anything this guy controls and never ever listen to his investment advice ever...lol. Euro Pacific Capital has lost many clients there money which he even admits himself on his podcasts that clients are leaving his company. He also insults crypto as it takes away a lot of his business . After listening to him since even before the financial crisis he has turned out to be nothing but a smooth talking snake oil salesman......just ask any client of his investment company....lol.

Euro Pacific Capital Customer Reviews 2018
https://www.yelp.com/biz/euro-pacific-capital-newport-beach

 

[aplusbangla]

yeah he is against bitcoin, but i think he is smart enough to buy bitcoin for himself in secret. so don't trust eveything you hear and whatch what they do.
But peter is good at analyzing gold price and his advice about gold is very important for your portfolio.

 

[Martin Everson]

But peter is good at analyzing gold price and his advice about gold is very important for your portfolio.

His advice is terrible he has been consistently wrong on everything . He told people to stay out of dollar and US markets ten years ago. The US stock market went on to have a longest bull market in history...etc etc. Just google him and any client feedback he has received it is mostly all negative. He is a laughing stock in the investment industry. Just read the links I posted before on feedback also. He is a confidence trickster who suckers vulnerable clients into loosing all their life savings with lies and "trust me I am Peter Schiff". As an investor Peter Schiff is an incompetent buffoon. He is a complete first rate that CNBC only invite on when they want to laugh at him. I had a close shave with almost investing with him when I approached Euro Pacific Capital. As they don't accept non-US clients they recommended EPB. How lucky I was that EPB turned out to be such a bad bank I didn't bother investing or checking out their investments which some have since being discontinued due to bad performance.

Bottom line is he has zero clue about gold price after telling people to buy gold at $1,900. He has never got any gold call right. Gold is as useful to a portfolio as is cyanide for a headache. In a crisis gold price jumps and then falls massively quickly due to a sell off and profit taking as people move back into income producing assets. That cycle will always exist as you cannot eat gold and gold is historically very very volatile to keep as anything more than a very small part of your portfolio.

Did you read the feedback?

Euro Pacific Capital Customer Reviews 2018

 

[Dubsize]

Did you read the feedback

God damn it... how can someone put a dime in EPB after reading the reviews.. some of it makes me puke

 

[totalholistic]

yeah he is against bitcoin, but i think he is smart enough to buy bitcoin for himself in secret. so don't trust eveything you hear and whatch what they do.
But peter is good at analyzing gold price and his advice about gold is very important for your portfolio.

Followed you on another trend. Any tips for more success in online business? Would be nice to have a chat.