Euro Pacific bank is a scam

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spartan7510

New member
Yes I agree. The only reason I didn't fight OCIF was to make sure the customers got their money back quicker. I didn't want tied up in receivership for years, with expenses ultimately causing customers to lose money. But I had thought all the money would have been returned months ago. Customers are just collateral damages in the IRS's effort to make me look bad, and pretend that by shutting down the bank they are tough on tax evasion and money laundering.
Hi Peter,

Where are funds currently been held (That is if someone has executed an outgoing wire transfer still currently pending)? Is this money still held at EuroPacific or at correspondant bank - Novo Bank in Portugal?
Just concerned about risk exposure if held with NOVO BANK concerning the European banking situation...

Thanks
 

wellington

Entrepreneur
Yes I agree. The only reason I didn't fight OCIF was to make sure the customers got their money back quicker. I didn't want tied up in receivership for years, with expenses ultimately causing customers to lose money. But I had thought all the money would have been returned months ago. Customers are just collateral damages in the IRS's effort to make me look bad, and pretend that by shutting down the bank they are tough on tax evasion and money laundering.
Hey Peter, great to see you on here, watched your really long video explaining everything, just shocking, stay well.
 

Tom

New member
If I understood the legal situation correctly, EBP has ceased to exist.
Bank transfers by "opt out" customers - a nice term - have not yet been carried out.
The court-appointed administrator is a disaster.
 

Radko

New member
If they do not release next week we will need to hire a Portugese lawyer to legal force Novo to do it. The question is why are they dragging their feet. I know if the bank had been allowed to liquidate on is own, without a receiver, all the funds would have been returned months ago. That's whats so especially frustrating. Of course it would have been even better for all parties had the sale of the bank been approved, either to Qenta, or several other parties who wanted to buy the bank. But "bank sold" was not the headline they were after. They want "bank closed." That was the best way to create the false impression the bank did something wrong.
Hi Peter, could you please provide an update on EPB, the deadline of November the 9th came and went without anything happening, in other words, things are at a standstill and clients continue without access to their funds, but they continue getting charged account fees even if their accounts are frozen, and Euro deposits are still being charged negative rates (-0.60%) every single day, even if the ECB has positive rates on euro deposits at the moment.
Some clients are starting to believe they’ve been robbed of their savings, other clients that had company accounts have not been able to make payroll, and as for Qenta, it turns out they are not a bank, so they don’t offer any investment services, other than the possibility of buying Gold, but other than, that they’re not even able to offer a pre-paid card so customers can somehow access their money, they’ve also announced Mutual Funds will be discontinued, forcing clients to liquidate their Mutual Funds, many of those at a loss, Company accounts are not even welcome at Qenta... all and all, a disastrous situation where innocent clients are paying the price, Literally.
 

Mavpu

New member
adding just that, from what I see in the news, Novo Banco which currently holds EPB funds is looking for an IPO
 

ATNTESTING

New member
Hello guys, happy to see I'm not alone...
Well, at least EPB replied to me yesterday "As we are waiting on the completion of the OCIF appointed receiver and correspondent banking institution process, we do not yet have a confirmed date when these transfers will be processed. We will provide you with updates as more information becomes available."
Nothing that you guys already know. Frustrating for all of us :(
 

FinTech Avenger

FinTech Guru
Mentor Group Gold
I believe that at least chances of recovery via US territory regulator/legal process in due course are way much higher (even given that PR is such a dunphole) compared to the scenario of EPB being still licensed in the SVG. While it could take a few years in Puerto Rico, it would have taken 5+ years in SVG - see Loyal Bank liquidation saga
 

spartan7510

New member
adding just that, from what I see in the news, Novo Banco which currently holds EPB funds is looking for an IPO
Are you sure they currently holds funds? I have been asking this question with Europacific bank and as far as I am aware funds are still at EPB. IF NOVO BANK are holding the funds then there must be some recourse to make a complaint if you ar ein europe to the financial regulator in this regard?
 

Luveria

New member
Hi everybody,
I'm one of the many with the account currently frozen waiting to opt-out.
I still believe that this will happen at some point, just don't want to find out that one day I've been holding the bag.
So... the question is, has anyone file a lawsuit or anyway access a lawyer to put things down on paper ?
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
The receiver has no incentive to speed up the process of anyone getting their money back if they are being paid on a daily rate.

At same time I can only speculate that EPB funds held in the correspondence accounts at Novo Banco are being examined by European tax agencies and other parties for any offenses etc committed.

I think people will get their money and some may get a letter from the taxman but it will take time.
 

Radko

New member
Hello guys, happy to see I'm not alone...
Well, at least EPB replied to me yesterday "As we are waiting on the completion of the OCIF appointed receiver and correspondent banking institution process, we do not yet have a confirmed date when these transfers will be processed. We will provide you with updates as more information becomes available."
Nothing that you guys already know. Frustrating for all of us :(
After more than 4 months of waiting, what else do they need to do so they return the funds to the customers?
It's hard to believe anything at this point, they sound like a broken record, "the receiver and the correspondent bank are working on it"
That's all they tell you, and the question is "what do they need to work out, after almost 5 months, if they really have the funds, why not return the funds immediately?"
Something else is obviously happening, they are just not telling you unfortunately.
 

spartan7510

New member
After more than 4 months of waiting, what else do they need to do so they return the funds to the customers?
It's hard to believe anything at this point, they sound like a broken record, "the receiver and the correspondent bank are working on it"
That's all they tell you, and the question is "what do they need to work out, after almost 5 months, if they really have the funds, why not return the funds immediately?"
Something else is obviously happening, they are just not telling you unfortunately.
Personally I think it is NOVO BANK in Portugal that have seen an opportunity and holding the funds, making every excuse to hold onto it. If you are in the EU then we need to complain to banking regulators, start to draw spotlight on this bank.
 

Radko

New member
Personally I think it is NOVO BANK in Portugal that have seen an opportunity and holding the funds, making every excuse to hold onto it. If you are in the EU then we need to complain to banking regulators, start to draw spotlight on this bank.
That's what it seems and it's easy to come to that conclusion, but unfortunately EPB is not saying much, that famous deadline of November 9 came and went, and after that not a word, other than "they are working on it" which is just an excuse, I'm sure they know what's going on, but the longer it goes the worse it gets.
At some point customers should get together and work as a group by getting a lawyer in Puerto Rico that could represent them.
The fact is, the Regulator informed EPB they were not meeting the minimum working capital required to operate in their jurisdiction, at least a year went by and Peter Schiff didn't comply with the demands of the Regulator, he could have closed the bank himself or he could have added more working capital to the bank, but none of this happened and he ignored the Regulator, finally they close the bank and the nightmare started.
Now innocent clients are suffering the consequences with no end in sight.
 

spartan7510

New member
That's what it seems and it's easy to come to that conclusion, but unfortunately EPB is not saying much, that famous deadline of November 9 came and went, and after that not a word, other than "they are working on it" which is just an excuse, I'm sure they know what's going on, but the longer it goes the worse it gets.
At some point customers should get together and work as a group by getting a lawyer in Puerto Rico that could represent them.
The fact is, the Regulator informed EPB they were not meeting the minimum working capital required to operate in their jurisdiction, at least a year went by and Peter Schiff didn't comply with the demands of the Regulator, he could have closed the bank himself or he could have added more working capital to the bank, but none of this happened and he ignored the Regulator, finally they close the bank and the nightmare started.
Now innocent clients are suffering the consequences with no end in sight.
Trying to take a company in liquidation to court like EPB would be a pointless excercise. Not sure what would be acheived by this.
From my comms with EPB, my understanding is that the money is been held at correspondant bank NOVO BANK in Portugal whom are refusing to release the funds (for whatever reason). As I understand operations @ EPB are now been executed by QENTA, so effectively EPB is a none entity.
What needs to happen is Peter Schiff needs to get his lawyer involved to deal with NOVO BANK, that is what he inferred in an earlier post.

wish it were that simple, but as it seems we are at the mercy of the "reciever", OCIF and this correspondant bank.
Has anyone else messaged the appointed "trustee" - Mr. Wigberto Lugo?
 
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Radko

New member
Trying to take a company in liquidation to court like EPB would be a pointless excercise. Not sure what would be acheived by this.
From my comms with EPB, my understanding is that the money is been held at correspondant bank NOVO BANK in Portugal whom are refusing to release the funds (for whatever reason). As I understand operations @ EPB are now been executed by QENTA, so effectively EPB is a none entity.
What needs to happen is Peter Schiff needs to get his lawyer involved to deal with NOVO BANK, that is what he inferred in an earlier post.

wish it were that simple, but as it seems we are at the mercy of the "reciever", OCIF and this correspondant bank.
Has anyone else messaged the appointed "trustee" - Mr. Wigberto Lugo?
Maybe someone could get on the phone and call the OCIF, the phone number is on their website, and just ask them what's going on?
Supposedly all customers funds were accounted for, and according to Peter Schiff statements, customers will get all their money back, so the obvious question is "Novo bank" why are they holding the funds? Obviously something is going on, maybe calling Novo Bank and asking them?
I don't think Qenta is in charge to be honest, until the funds are transfered, EPB is still the holder of the funds, who knows maybe Qenta won't go through with the deal and the Regulator will have no choice but to liquidate the bank on its own, anyway, it's pointless to speculate until someone finds out exactly what's going on ....
 

spartan7510

New member
Maybe someone could get on the phone and call the OCIF, the phone number is on their website, and just ask them what's going on?
Supposedly all customers funds were accounted for, and according to Peter Schiff statements, customers will get all their money back, so the obvious question is "Novo bank" why are they holding the funds? Obviously something is going on, maybe calling Novo Bank and asking them?
I don't think Qenta is in charge to be honest, until the funds are transfered, EPB is still the holder of the funds, who knows maybe Qenta won't go through with the deal and the Regulator will have no choice but to liquidate the bank on its own, anyway, it's pointless to speculate until someone finds out exactly what's going on ....
Done that already, my wife speaks spanish fluently, the OCIF are about as useful as a chocolate teapot, like most inefficient and poorly run government institutions. They deflected to appointed trustee - Mr. Wigberto Lugo
Funds are not held in EPB from my discussion with EPB, they are under recievership and as I understand held in account at correspondant bank NOVO BANK. NOVO BANK probably cottoned onto the closure of EBP with the notion of "money laundering" as an excuse to hold onto the funds and making it difficult to get them released all the while they get interest on the funds. As someone else pointed out in earlier post, they are also seeking an IPO....

I think the alternative is to lodge complaints with EU banking regulator against NOVO BANK. Was looking at this post yesterday on FOS:

 

Radko

New member
Done that already, my wife speaks spanish fluently, the OCIF are about as useful as a chocolate teapot, like most inefficient and poorly run government institutions. They deflected to appointed trustee - Mr. Wigberto Lugo
Funds are not held in EPB from my discussion with EPB, they are under recievership and as I understand held in account at correspondant bank NOVO BANK. NOVO BANK probably cottoned onto the closure of EBP with the notion of "money laundering" as an excuse to hold onto the funds and making it difficult to get them released all the while they get interest on the funds. As someone else pointed out in earlier post, they are also seeking an IPO....

I think the alternative is to lodge complaints with EU banking regulator against NOVO BANK. Was looking at this post yesterday on FOS:

Unfortunately I've always known OCIF is highly incompetent, so is there a way to get in touch with Mr. Wigberto Lugo? He should know what's going on.
Novo cannot hold on to the funds with the excuse of "money laundering" they have no legal authority to make that claim, they are just a bank, very likely Novo is also the correspondent bank for other financial institutions, how easy and convenient would be to assume that every financial institution is laundering money and then use that excuse to keep the funds for themselves.
Peter Schiff said he would have to get a lawyer in Portugal, so he still has the responsibility of solving this nightmare.
I just don't know why EPB, or Qenta, or OCIF, or Mr. Wigberto Lugo are not informing the customers, almost 5 months gone by and nothing has happened, obviously something is wrong.
 

Peter69

New member
just to let you know about my observations.
I have a corporate account with EPB , got the same information as everyone here.
Over the last 4 month i did request outgoing payments to pay open bills every month. Not even one got approved and got wired. So far ok and Novo Banco shut be responsable for that.
Last Week i asked to cancel all small transactions and i will do a full opt out in one transfer.
They did cancel all small transfers and i was able to make 1 bigger transfer, what of corse will be hold by Novo Banco......
Raises the question, how was this possible ? They claim that Novo banco is holding back all transfers, but they are able to cancel them internally and put all money back in the account ? That is not heading up. As all was done in 1 day. Sounds more like a story you tell for time reasons......
 

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