Euro Pacific bank is a scam

Deposit stablecoin. Instantly receive virtual card. Spend anywhere VISA is accepted.
CALL US ON +971 50 4467827 - TO SETUP YOUR NON-CRS COMPANY STRUCTURE IN DUBAI.

spartan7510

New member
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.
[email protected] --> Mr. Wigberto Lugo

  • OCIF suspended Euro Pacific Bank and appointed a receiver (or “trustee”) to manage all bank operations and assets on June 30, 2022

2022-11-22 11_32_54-Re_ EuroPacific Bank Holdings - Message (HTML).png
 

epbliquidation

New member
hi all, I am also one of the customers and I hired a lawyer in Puerto Rico to make sure to have something written on the paper in case things don't work out. For who is interested the firm is: Mcvpr.

They require a retainer and right now are trying to manage a correspondence with OCIF / Receiver. No reply yet. The commissioner just closed another entity in the same way: First Finance (no minimum capital, same fine, same trustee).

I think that gathering all customers with a lawyer is not a bad idea to try to put more pressure to OCIF - I am not sure it will work. Starting something against EPB is not a smart move, they have to pay back all the creditors and won't have capital left once this is over.
 

Radko

New member
hi all, I am also one of the customers and I hired a lawyer in Puerto Rico to make sure to have something written on the paper in case things don't work out. For who is interested the firm is: Mcvpr.

They require a retainer and right now are trying to manage a correspondence with OCIF / Receiver. No reply yet. The commissioner just closed another entity in the same way: First Finance (no minimum capital, same fine, same trustee).

I think that gathering all customers with a lawyer is not a bad idea to try to put more pressure to OCIF - I am not sure it will work. Starting something against EPB is not a smart move, they have to pay back all the creditors and won't have capital left once this is over.
No one should start any type of litigation against anyone, it's not going to make any difference other than waste your money and drag the process even more, lawyers will happily take your money of course, all I'm trying to say is that we should try to find out what's going on, why things are a stand still, or so it seems, that's all.
Do not get involved in any type of lawsuit until the situation becomes more clear, I hope Peter Schiff gives an update.
 

spartan7510

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, no further updates on this including nothing on EPB website since 1st November. Any chance of getting your lawyer involved to resolve this with NOVO BANK?
 

spartan7510

New member

Euro Pacific’s serious insolvency situation constitutes sufficient legal justification for OCIF to
undertake the administrative action announced today in order to avoid irreparable harm to the
interests of the international financial entity and/or the persons or entities that own funds or
assets in the institution. To safeguard adequately the rights of all interested parties, OCIF
designated attorney and CPA Wigberto Lugo Mender, a professional with vast experience in
these processes, to serve as Euro Pacific Trustee effective immediately.
 

ATNTESTING

New member
We used to be updated every weeks. Now nothing since 1st november. All good! I guess EPB guys know about our discussion in this thread. Well, hopefully we will all forget about our money...
 

Radko

New member
We used to be updated every weeks. Now nothing since 1st november. All good! I guess EPB guys know about our discussion in this thread. Well, hopefully we will all forget about our money...
Peter Schiff is on holidays in Dubai, I've messaged him directly begging him to provide an update, his wife answered saying that "he will", unfortunately there isn't any additional information to share, frustrating being in total limbo.
At the very least they should keep customers informed of the situation.
Mr Wigberto Lugo sure knows how to impose control of everything, but he obviously doesn't know how to solve this horrible situation so innocent customers stop suffering the consequences and paying the price for other people's misconduct.
Not providing updates on a regular basis shows lack of care for the victims.
Other EPB customers I know have seen their whole life's savings gone in the blink of an eye, some of them are retired and have nothing else to live off.
I hope things work out and customers can gain access to ALL of their money.
The bank keeps charging account fees, plus a negative rate of -0.60% on Euro deposits, while the ECB has a positive 1.5% rate on Euro deposits (Euro Pacific says "it's Novo bank that is charging negative rates" which seems almost impossible as no other bank that I know of is charging this -0.60% on Euro deposits) I wonder were they are deducting the fees from since the money is obviously nowhere to be seen.
Fingers crossed , that as much as customers can do.
 

ATNTESTING

New member
Peter Schiff is on holidays in Dubai, I've messaged him directly begging him to provide an update, his wife answered saying that "he will", unfortunately there isn't any additional information to share, frustrating being in total limbo.
At the very least they should keep customers informed of the situation.
Mr Wigberto Lugo sure knows how to impose control of everything, but he obviously doesn't know how to solve this horrible situation so innocent customers stop suffering the consequences and paying the price for other people's misconduct.
Not providing updates on a regular basis shows lack of care for the victims.
Other EPB customers I know have seen their whole life's savings gone in the blink of an eye, some of them are retired and have nothing else to live off.
I hope things work out and customers can gain access to ALL of their money.
The bank keeps charging account fees, plus a negative rate of -0.60% on Euro deposits, while the ECB has a positive 1.5% rate on Euro deposits (Euro Pacific says "it's Novo bank that is charging negative rates" which seems almost impossible as no other bank that I know of is charging this -0.60% on Euro deposits) I wonder were they are deducting the fees from since the money is obviously nowhere to be seen.
Fingers crossed , that as much as customers can do.
Thanks mate for your input. Wow I feel sorry for those who had a lot of money there. Hopefully it's not gone like you said. I used to have around 200 000 USD 2 years ago but I withdrew all to purchase a property. After that, I move all my monthly income to my personal account once it's been received. Now i "just" have 12000 usd stuck but I obviously don't want to lose it! Finger crossed, yes...
By the way, here is what they replied to me about "Credit Interest-Capitalise Schedule" and "Account Charge-Capitalise Schedule": "For the monthly fees, essentially during the during the past three months the bank's fixed costs related to maintaining static accounts with regard to AML/CFT requirements have not gone away, and the monthly fees are basically what allow us to maintain the accounts in good standing with regard to our Compliance obligations. Even when no transactions are occurring, the monthly fees are necessary for maintaining a static account in good standing. The also applies to negative interest rates"
 

Radko

New member
Thanks mate for your input. Wow I feel sorry for those who had a lot of money there. Hopefully it's not gone like you said. I used to have around 200 000 USD 2 years ago but I withdrew all to purchase a property. After that, I move all my monthly income to my personal account once it's been received. Now i "just" have 12000 usd stuck but I obviously don't want to lose it! Finger crossed, yes...
By the way, here is what they replied to me about "Credit Interest-Capitalise Schedule" and "Account Charge-Capitalise Schedule": "For the monthly fees, essentially during the during the past three months the bank's fixed costs related to maintaining static accounts with regard to AML/CFT requirements have not gone away, and the monthly fees are basically what allow us to maintain the accounts in good standing with regard to our Compliance obligations. Even when no transactions are occurring, the monthly fees are necessary for maintaining a static account in good standing. The also applies to negative interest rates"
"This also applies to negative interest rates" "Maintaining a static account in good standing" what a bunch of horseshit!
My grandma, who was an accountant at a multinational corporation, would always tell me "banks are thieves, remember that" boy was she right!
The nerve to keep charging fees and negative rates while depriving customers of their money, if that is not plain stealing then I don't know what it is.
Hope you get your cash back, make sure you don't ever leave money in a bank, open an account with a broker and invest it, at least you'll have Stocks or ETFs to your name if that broker goes down.
 

ATNTESTING

New member
I guess most of you guys have also received the same email today saying:

"Dear Euro Pacific Bank Customer,
This notice is to inform you that you currently appear to have one or more than one partial outgoing wire in the outgoing wires queue. A partial outgoing wire is a wire that is not for the entire balance of the account.

Please note that for all opt-out clients the bank’s OCIF-appointed receiver has stipulated that all outgoing wires must be for the full balance of the account. If you wish to opt-out of the migration to Qenta, we kindly ask you to please do the following
blabla"

Is it a joke??????????
When I first make my transfer, I couldn't send all for some reasons and 200 usd was left.
Now I have a negative balance of 110 usd because they keep charging me their fees.
And now they say I attempt to transfer more than what I have??
If at least they could assure me it is the final step before getting paid, I could do it... but what is the next step?? Asking 3 months later to cancel my wire and make another one because they took another 300 usd to me??
 
Last edited:

regi

New member
One is for sure. Many businesses will die before the problem will see the end. I am wondering how many people will have to eat leafs from the trees. It is horrible abuse that each day they take money from each account and do not allow to access it and operate on it. Anyway someone must win when someone else must lose.
 

spartan7510

New member
One is for sure. Many businesses will die before the problem will see the end. I am wondering how many people will have to eat leafs from the trees. It is horrible abuse that each day they take money from each account and do not allow to access it and operate on it. Anyway someone must win when someone else must lose.
Its not good at all, also the lack of updates and communication is frustating. I heard on one of the QENTA townhalls a woman talk about all her business funds locked up in this and she is unable to make payroll for employees as a result. Another South African man was talking about all his clients investments tied up and he was looking at getting legal involved. This is just going to get out of control until EPB and the reciever start to provide clear and transparent updates..
 

Radko

New member
One is for sure. Many businesses will die before the problem will see the end. I am wondering how many people will have to eat leafs from the trees. It is horrible abuse that each day they take money from each account and do not allow to access it and operate on it. Anyway someone must win when someone else must lose.
I'm sorry to hear that, but they do not care one single bit!
All they want is your money!

Its not good at all, also the lack of updates and communication is frustating. I heard on one of the QENTA townhalls a woman talk about all her business funds locked up in this and she is unable to make payroll for employees as a result. Another South African man was talking about all his clients investments tied up and he was looking at getting legal involved. This is just going to get out of control until EPB and the reciever start to provide clear and transparent updates..
A friend that has an account with EPB just received an internal message asking him to submit a new FATCA form to "keep his account in good standing" even though this guy is not a U.S. citizen, he doesn't live in the U.S., he has no investments whatsoever, only cash, and he is waiting to opt-out, but they bother him with a FATCA form, this is where the fees are going, to pay employees who have no idea of what they are doing.
Peter Schiff, the OCIF, the appointed trustee Mr.Wigberto Lugo and Euro Pacific Bank, are nothing but a pack of thieves!
  • I hope someone liks the email addresses of all the customers so they can get together and show up at Peter Schiff front door, is his bank, he is responsible for solving this matter, but he is on holidays in Dubai, that says everything!

I'm sorry to hear that, but they do not care one single bit!
All they want is your money!


A friend that has an account with EPB just received an internal message asking him to submit a new FATCA form to "keep his account in good standing" even though this guy is not a U.S. citizen, he doesn't live in the U.S., he has no investments whatsoever, only cash, and he is waiting to opt-out, but they bother him with a FATCA form, this is where the fees are going, to pay employees who have no idea of what they are doing.
Peter Schiff, the OCIF, the appointed trustee Mr.Wigberto Lugo and Euro Pacific Bank, are nothing but a pack of thieves!
  • I hope someone liks the email addresses of all the customers so they can get together and show up at Peter Schiff front door, is his bank, he is responsible for solving this matter, but he is on holidays in Dubai, that says everything!
Ment to say "leaks" not "liks" (doesn't allow me to edit)
 
Last edited:

regi

New member
I agree. Indeed it looks like nobody cares. Fat salary is fair enough to keep the situation rolling. Most of us are in this s**t now. I am also facing the problem of insolvency. Many bills to be paid and I have to do it from my personal savings. Everything just in order to save my face in front of customers and cooperators. One day personal savings will also disappear. I hope big meteor will hit the Earth before that day.

I'm sorry to hear that, but they do not care one single bit!
All they want is your money!
 

Radko

New member
I agree. Indeed it looks like nobody cares. Fat salary is fair enough to keep the situation rolling. Most of us are in this s**t now. I am also facing the problem of insolvency. Many bills to be paid and I have to do it from my personal savings. Everything just in order to save my face in front of customers and cooperators. One day personal savings will also disappear. I hope big meteor will hit the Earth before that day.
I'm really sorry, I really am, it's going to be a tough Christmas for many customers of EPB.
Some of them have lost everything, their lives savings gone just like that!
I hope that meteor goes straight to Peter's Schiff home, the OCIF of Puerto Rico and EPB.
I hope things are solved somehow and customers get back ALL of their money, ALL of it, I seriously doubt anyone will stay with Qenta after this..
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
I'm really sorry, I really am, it's going to be a tough Christmas for many customers of EPB.
Some of them have lost everything, their lives savings gone just like that!

I honestly thought there would be far more people complaining online on Trustpilot etc. But seems a lot of people are hush I wonder why ange¤%&. My sympathy to those with legit and declared funds and bad luck to those who used EPB to hide ilicit funds.
 

regi

New member
There will be no Christmas. Years spent for building success and a few months for watching how it collapse. I could make new season "Seconds from disaster". Everything for well sold title on the newspaper.
 

milhous

New member
Unfortunately still no news from Euro Pacific. I sent them an email about the current status.
This is their reply:

-----------------------------------------------------------------------
Thank you for your email.


There are currently delays resulting from the OCIF-appointed receiver’s ongoing discussions with our custodians, i.e. our correspondent bank for outgoing wire transfers.



Unfortunately, we have limited involvement in this process, as our custodians are required to deal exclusively with the receiver. This matter however will be resolved as soon as possible.



Please note that all requests will be honored.
------------------------------------------------------------------------------

I sent them another email that it would be nice if the receiver (mr. Wigberto Lugo) could reach out to the customers of Euro Pacific so we know where we are standing.


Hope to hear from them soon

I just received an email from Euro Pacific
More news beginning of December. More waiting

-------------------------------------------------
Thank you for your email.



Unfortunately we do not have any updates on the wires at this time.


Kindly note regarding the website updates, we will be posting a new update to the website at the beginning of December.
-----------------------------------
 
Last edited:

Radko

New member
Unfortunately still no news from Euro Pacific. I sent them an email about the current status.
This is their reply:

-----------------------------------------------------------------------
Thank you for your email.


There are currently delays resulting from the OCIF-appointed receiver’s ongoing discussions with our custodians, i.e. our correspondent bank for outgoing wire transfers.



Unfortunately, we have limited involvement in this process, as our custodians are required to deal exclusively with the receiver. This matter however will be resolved as soon as possible.



Please note that all requests will be honored.
------------------------------------------------------------------------------

I sent them another email that it would be nice if the receiver (mr. Wigberto Lugo) could reach out to the customers of Euro Pacific so we know where we are standing.


Hope to hear from them soon

I just received an email from Euro Pacific
More news beginning of December. More waiting

-------------------------------------------------
Thank you for your email.



Unfortunately we do not have any updates on the wires at this time.


Kindly note regarding the website updates, we will be posting a new update to the website at the beginning of December.
-----------------------------------
Thank you for sharing.

"OCIF-appointed receiver's ongoing discussions with our custodians"
Wondering what those "ongoing discussions" are that is taking them months to discuss, what else is there to discuss other than retuning the money to the customers.

Wigberto, come out, come out wherever you are!!!
 

Latest Threads

Top