Euro Pacific bank is a scam

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mrbrush

New member
i just called the bank, i talked to someone not working for them, she said she doesnt know whats happening, she said the statement is gone from the website and she doenst know whats going on, she took my phone number and she said she doenst know who will call me back and where the message goes she is sending...
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
That's really messed up. Maybe send a tweet to Peter Schiff.
 

mrbrush

New member

Bank Operations Update: August 1, 2022​

Prior to the suspension, Euro Pacific Bank was in the process of being acquired by a larger financial institution. Instead of allowing the sale, regulators placed the bank into receivership. Further, despite multiple offers to buy the bank, regulators have decided that the bank must be liquidated.
As a result, we proposed a plan to allow customers a period to withdraw their funds, or allow their funds to be transferred to another bank outside of Puerto Rico. We have already selected a bank that we think is best positioned to offer excellent services to our customers.
Unfortunately, we are still waiting for approval from the Puerto Rico Office of the Commissioner of Financial Institutions (OCIF), and it’s taking a lot longer than we expected for them to complete this process.
We understand many of you are looking for a clearer timeline. At the same time, we are required to follow the financial regulatory authority’s lead. Thank you for your continued patience and understanding.
Summary:
  • The Puerto Rico financial regulator in late-June requested that Euro Pacific Bank pause its operations. In response, we complied by pausing all transactions to review the details of their request. In the meantime, a trustee has been appointed to administer the standard affairs of the bank to assure safekeeping and preservation of funds.
  • After the regulatory hearing scheduled on July 14th, Euro Pacific Bank and the Puerto Rico financial regulator entered negotiations for the continuation of bank operations.
  • We can confirm that we are now in advanced discussions with the regulator, and we will share with you results as soon as it is permitted.
  • As usual, Euro Pacific Bank maintains a full-reserve ratio, meaning we make no loans and keep all client deposits on-demand.
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member

Bank Operations Update: August 1, 2022​

Prior to the suspension, Euro Pacific Bank was in the process of being acquired by a larger financial institution. Instead of allowing the sale, regulators placed the bank into receivership. Further, despite multiple offers to buy the bank, regulators have decided that the bank must be liquidated.
As a result, we proposed a plan to allow customers a period to withdraw their funds, or allow their funds to be transferred to another bank outside of Puerto Rico. We have already selected a bank that we think is best positioned to offer excellent services to our customers.
Unfortunately, we are still waiting for approval from the Puerto Rico Office of the Commissioner of Financial Institutions (OCIF), and it’s taking a lot longer than we expected for them to complete this process.
We understand many of you are looking for a clearer timeline. At the same time, we are required to follow the financial regulatory authority’s lead. Thank you for your continued patience and understanding.
Summary:
  • The Puerto Rico financial regulator in late-June requested that Euro Pacific Bank pause its operations. In response, we complied by pausing all transactions to review the details of their request. In the meantime, a trustee has been appointed to administer the standard affairs of the bank to assure safekeeping and preservation of funds.
  • After the regulatory hearing scheduled on July 14th, Euro Pacific Bank and the Puerto Rico financial regulator entered negotiations for the continuation of bank operations.
  • We can confirm that we are now in advanced discussions with the regulator, and we will share with you results as soon as it is permitted.
  • As usual, Euro Pacific Bank maintains a full-reserve ratio, meaning we make no loans and keep all client deposits on-demand.

RIP Euro Pacific Bank a bankrupt bank and former home to shell companies and tax evaders.

Whatever you do DO NOT use their recommended bank to transfer assets to unless it is a bank with credible financials. Don't repeat the same mistake and live and learn.
 

nobel

Active Member
RIP Euro Pacific Bank a bankrupt bank and former home to shell companies and tax evaders.

Whatever you do DO NOT use their recommended bank to transfer assets to unless it is a bank with credible financials. Don't repeat the same mistake and live and learn.
So is there a possibility to get my money back?
 

Rick Ross 305

BANNED MEMBER
Did you have securities or deposits? If your money was on- balance sheet probably not or with a big haircut but if it was off-balance sheet (securities in custody) might take time but you should receive
 

nobel

Active Member
Did you have securities or deposits? If your money was on- balance sheet probably not or with a big haircut but if it was off-balance sheet (securities in custody) might take time but you should receive
A little cash. Fortunately, I had already deducted 90% 2 week before.
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
So is there a possibility to get my money back?

Yes if the money is actually still all there...lol. Just be first in line.

As a result, we proposed a plan to allow customers a period to withdraw their funds, or allow their funds to be transferred to another bank outside of Puerto Rico. We have already selected a bank that we think is best positioned to offer excellent services to our customers.

Lets see if customers can really send funds to a bank of their choice. Or whether usual EPB wire excuses will in reality force funds to be sent to this new bank ns2.

P.S Very odd they said "another bank outside of Puerto Rico". Client funds are not welcome at other banks in Puerto RIco? :confused:
 
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Mavpu

New member
so now we have to wait that either OCIF announces something (either the ok to move the funds or the date of the first liquidator announcement) or that the liquidator contacts us?
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
You see they were planning to automatically transfer your funds to a new bank unless you opt out. I imagine opting out would be difficult.

In any case the liquidators are not gonna miss a huge pay day. So if liquidation does happen before accounts are transferred then expect it to take years like Loyal Bank, Satabank liquidation etc. The 1000's of accounts will be individually processed manually and liquidator will get to retire rich from all the work and daily rate....lol.

--- quote start

Bank Operations Update: August 4, 2022​

Prior to the suspension on June 30, 2022, Euro Pacific Bank was in the process of being acquired by a larger financial institution. Instead of allowing the sale, regulators halted its operations and placed the bank into receivership. Unfortunately, despite continued offers from financial institutions to purchase the bank, regulators have decided that the bank must be liquidated.

In response, we have proposed to the Puerto Rico Office of the Commissioner of Financial Institutions (OCIF) a plan to allow all accounts to be transferred to another bank outside of Puerto Rico. We have already selected a bank that we believe is best positioned to offer excellent services to our customers. This plan also requests that clients be given a reasonable period to withdraw their funds to an alternative bank account, if they wish to opt out of the automatic transfer to the outside bank.

We are currently waiting for OCIF to approve this plan. Unfortunately, it’s taking a lot longer than we expected for them to complete this process. While we understand many of you are looking for a clearer timeline, we are required to follow the financial regulatory authority’s lead. Thank you for your continued patience and understanding.

How does this affect Euro Pacific Bank’s subsidiaries?​

As some of you are aware, Euro Pacific Securities offers the Euro Pacific Trader brokerage account. Prior to the suspension, brokerage accounts were in the process of being migrated.

This process will continue, although there is a pause on securities transfers to the new brokerage accounts until we get clarification on how the bank liquidation affects its non-Puerto Rico subsidiaries.

Euro Pacific Funds, which offers mutual funds such as the International Balanced, International Growth, Natural Resources, and Gold & Precious Metals is also expected to provide an update on how it will or will not be impacted by the bank’s liquidation.


---- quote end
 

Mavpu

New member
yes i saw it and as you say liquidators could have a big payday, i don't see why they would allow the funds transfers if this means they'll bill less hours
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member

How does this affect Euro Pacific Bank’s subsidiaries?​

As some of you are aware, Euro Pacific Securities offers the Euro Pacific Trader brokerage account. Prior to the suspension, brokerage accounts were in the process of being migrated.

This process will continue, although there is a pause on securities transfers to the new brokerage accounts until we get clarification on how the bank liquidation affects its non-Puerto Rico subsidiaries.

Euro Pacific Funds, which offers mutual funds such as the International Balanced, International Growth, Natural Resources, and Gold & Precious Metals is also expected to provide an update on how it will or will not be impacted by the bank’s liquidation.

Seems like bad news on the above if the below holds true in Puerto Rico :confused:.

---- quote start

Insolvency of parent companies​

Wholly-owned subsidiaries are independent businesses that are owned by a single shareholder that is also a business. Consequently, the insolvency of the parent doesn't necessarily have to affect the operations of the subsidiary, since the parent's debts are its own. However, the parent's ownership interest in a subsidiary is an asset, and the parent has the right to liquidate it to pay the bills, in the same way that a person can cash in stocks or sell the family car to relieve financial difficulties. The parent company also can pull money out of the subsidiary to pay its own bills. Basically, a subsidiary with an insolvent parent is at risk of complete upheaval at any time.

--- quote end

yes i saw it and as you say liquidators could have a big payday, i don't see why they would allow the funds transfers if this means they'll bill less hours

If we look at satabank liquidation costs below for EY :oops:......hopefully their liquidator is cheaper.


---- quote start

Satabank said the international team rates range from €269 an hour for a senior official, to €689 an hour for partners. Managers are paid €372 and senior managers get €535.

--- quote end
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member

------- quote start

In that settlement, Mr. Schiff agreed to return $66.7 million in deposits, using several million in gold to cover any cash shortfalls. He has also agreed to pay $300,000 in fines, according to a copy of the settlement.

He acknowledged that two years ago the bank was about $4 million short, because it had, he said, inadvertently been using clients’ deposits toward operating expenses. He said he had remedied the problem by pouring his own money into the bank.


------ quote end


Exactly as I thought. 100% reserve banking...lol. He admitted he was dipping into client funds to fund the banks operations. And people wondered why EPB was finding excuses to delay out-going payments etc. Well I say no more folks. At least he is covering any shortfall.

I said back in 2019 there is a reason they do no publish audited financials ;).
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member

He never mentioned the bank dipped into client funds to pay operating expenses. But does gloss over and mention making depositors whole ;) .

In end it is good news for depositors so far. Hopefully they really get to wire money to bank of their choice "outside of Puerto Rico" unhindered ;).
 

jjrapy

Active Member
Thanks to this forum I didn’t proceed with this recommendation
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thu&¤#
 
I have been a customer of this bank for the last 8 years and I have never had problems with them before a little over 4 months ago where they suddenly closed / blocked my account. I have about $ 45,000 left in the bank and they say they will not release the money unless I send proof of all the money to them. I have tried to explain that all the money comes from crypto trading and therefore I do not have any documents on the transactions. I have asked them to send the money to my local bank, they have simply not responded! Stay away from that bank.
This bank is under a through regulatory process of the Authorities
 

csp dubai

Active Member
intersting when they received the funds they credited no qustion ask , now they require kyc, hm it look like us not beter than other **** place like cyprus, uk , cayman , dubai etch, i ma seroiulsy thinking to bank in trasnistria at leat there i can take out cash at will
 
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