Euro Pacific bank is a scam

[milhous]

Welcome to 2023 EPB customers.

Anyone got their money yet?

No

 

[ATNTESTING]

Welcome to 2023 EPB customers.

Anyone got their money yet?

Unfortunately, no update since 16th december. By the way, that would be great to be updated by EPB’s OCIF-appointed receiver or custodian institution. What is the blocking issue so far? No EPB customers know... And EPB probably know more than what they say. I see Peter is still active on social network but looks like he already forgot us and moved on.

 

[Radko]

Unfortunately, no update since 16th december. By the way, that would be great to be updated by EPB’s OCIF-appointed receiver or custodian institution. What is the blocking issue so far? No EPB customers know... And EPB probably know more than what they say. I see Peter is still active on social network but looks like he already forgot us and moved on.

Unfortunately everyone involved in this situation is happy with things as they are.
Peter Schiff has sold the bank and has moved on abandoning all the customers.
EPB is happy to keep charging fees and negative rates on Euro deposits without having to give customers any type of services, imagine having a business that collects money in exchange for nothing.
The Receiver makes more money the longer this situation drags on, it's a law firm, we all know what lawyer are about.
Qenta doesn't have anything ready, when they took over the bank they were not able to accommodate any other currency except for USD. They are not able to hold silver deposit, only Gold. They are not able to offer Mutual Funds so those have been discontinued, they are not able to offer a debit or a pre-paid card, so the longer this situation lasts the better for Qenta.
By the way, if or when this situation is resolved and customers hopefully will be able to access their funds, let me remind you that Qenta will be based in Dubai, and as some of you may know if Qenta goes bust, just as EPB has, there is zero protection, in other words in Dubai there is no regulator that will guarantee anything, so if anyone wants to bank in Dubai you better find a strong financial institutions where you know that your money is safe, Qenta is not a bank, Qenta is not even a proper EMI, it's a digital company trying to popularize their proprietary Gcoin, a token that it supposedly valued on your Gold deposits, unfortunately Peter Schiff sold the bank to a pretty useless company.
And this is the sad truth about this whole situation, I guess costumes may find more news whenever Qenta holds another virtual town meeting, although most likely they will tell customers the same old useless excuse "we are waiting for the Receiver and the Correspondent bank to solve the situation"

 

[ATNTESTING]

I wonder why back in 25th october EPB wrote this to me:

We are currently still waiting on the bank's OCIF-appointed receiver and custodian institution to complete their process, all funds should be wired out by the end of October. The latest possible date will be the first week of November.

What kind of info did they have at that time to assert this?
That would be great to at least exchange with EPB on this thread. But for sure, I know they usually check what we say.

 

[Radko]

I wonder why back in 25th october EPB wrote this to me:

We are currently still waiting on the bank's OCIF-appointed receiver and custodian institution to complete their process, all funds should be wired out by the end of October. The latest possible date will be the first week of November.

What kind of info did they have at that time to assert this?
That would be great to at least exchange with EPB on this thread. But for sure, I know they usually check what we say.

There was a deadline for the whole process to end by November 9, but obviously something happened and no one is telling the truth, only they know what's happened to all the Deposits, and only they know why they are not informing the customers.
I strongly encourage everyone to reach out to Peter Schiff and his wife via Twitter.

 

[orion7352]

I just found this topic. Unfortunately I have funds in EPB.

The reason for the account freeze at Novo Bank is the Portuguese government is investigating the Bank. There was a deadline for the accounts to be released but the Portuguese government extended the freeze to January.

Should we form a class action lawsuit against the Portuguese government as one possible idea?

 

[ATNTESTING]

I just found this topic. Unfortunately I have funds in EPB.

The reason for the account freeze at Novo Bank is the Portuguese government is investigating the Bank. There was a deadline for the accounts to be released but the Portuguese government extended the freeze to January.

Should we form a class action lawsuit against the Portuguese government as one possible idea?

At least that would be great if we had someone in the Portuguese government who could update us?

And what do you guys think if we can collect all our email addresses and send an email to EPB asking them for clear update? We could also ask them to reply in this thread? Mine is [email protected]

 

[Radko]

I just found this topic. Unfortunately I have funds in EPB.

The reason for the account freeze at Novo Bank is the Portuguese government is investigating the Bank. There was a deadline for the accounts to be released but the Portuguese government extended the freeze to January.

Should we form a class action lawsuit against the Portuguese government as one possible idea?

Where did you get the information about the "Portuguese government investigating the bank" and where did you get that "the deadline was extended to January"?
Please post where you got that information from...

 

[orion7352]

At least that would be great if we had someone in the Portuguese government who could update us?

And what do you guys think if we can collect all our email addresses and send an email to EPB asking them for clear update? We could also ask them to reply in this thread? Mine is [email protected]

I am sure all the bank staff know most of what's happening but they have to stick to the official line , you know the "receiver and the correspondent bank continue to work on the process" blah blah.

I don't know much about banking operations but for those that do , could they refund customers another way other than through Novo Bank ?

 

[orion7352]

Where did you get the information about the "Portuguese government investigating the bank" and where did you get that "the deadline was extended to January"?
Please post where you got that information from...

I am not going to name anyone because it was in confidence but I believe it to be reliable information. Perhaps others can confirm it too

 

[Martin Everson]

I am not going to name anyone because it was in confidence but I believe it to be reliable information. Perhaps others can confirm it too

Would not be unusual if other governments like UK etc have asked Portugal government for mutual assistance. UK's HMRC is after clients of the bank who allegedly used it to evade taxes.

HMRC issues warning to UK taxpayers of Euro Pacific Bank

https://www.mishcon.com/news/hmrc-issues-warning-to-taxpayers-following-euro-pacific-bank-probe Don't know how I missed this conf/(%. But good luck to Euro Pacific customers who live in UK or used UK companies. ----- quote start On 30 June 2022, it was announced that the Office of the...

www.offshorecorptalk.com

 

[milhous]

At least that would be great if we had someone in the Portuguese government who could update us?

And what do you guys think if we can collect all our email addresses and send an email to EPB asking them for clear update? We could also ask them to reply in this thread? Mine is [email protected]

Hi Antoine,
could me helpful. I have no idea how many customers have funds at euro pacific? a few dozen, hundreds of may be thousand?
does anybody have any idea?

I just sent an email again to euro pacific why we are being kept in the dark so long and why the receiver does not communicate with the EP customers.
When it is clear what the reason is why funds are not being wired (could be the novo bank which is investigating?) then it might be helpful to respond as 1 (via 1 email adress / 1 lawer / 1 .... etc etc) so we can make a fist.

ps- if novo bank is investigating are there any customers who had some response from Novo??

 

[Martin Everson]

could me helpful. I have no idea how many customers have funds at euro pacific? a few dozen, hundreds of may be thousand?
does anybody have any idea?

According to press articles they had around 15,000 customers in 2019.

Crypto skeptic Peter Schiff-founded bank gets classified as insolvent by regulators

U.S. economist and crypto skeptic Peter Schiff stated he intends to fight to sell Euro Pacific International Bank in Puerto Rico.

finbold.com

When it is clear what the reason is why funds are not being wired (could be the novo bank which is investigating?) then it might be helpful to respond as

I did say the below back on Nov 15 2022:

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.

This was based on the below and other sources. When investigations are underway they cannot really make any meaningful comment.

‘Long history of non-compliance’: US celebrity’s offshore bank suspended

Euro Pacific Bank has been suspended and some of its Australian customers have been fined for tax evasion following a long-running investigation.

www.theage.com.au

 

[Radko]

I am not going to name anyone because it was in confidence but I believe it to be reliable information. Perhaps others can confirm it too

Yeah don't worry I knew that's exactly what you were going to answer.

Those who have nothing better to do than come here to engage in fearmongering go somewhere else please, we've had enough of antivaccines fearmongering and it hasn't worked.

To the rest of you beautiful people who are legitimately waiting to see if you'll get your money back, don't worry about the Portuguese Government or UK's HMRC.

By the way the appointed Receiver is liquidating 2 other banks at the moment and those customers have also not seen a single penny yet.

Have a peaceful evening.

 

[milhous]

Yeah don't worry I knew that's exactly what you were going to answer.

Those who have nothing better to do than come here to engage in fearmongering go somewhere else please, we've had enough of antivaccines fearmongering and it hasn't worked.

To the rest of you beautiful people who are legitimately waiting to see if you'll get your money back, don't worry about the Portuguese Government or UK's HMRC.

By the way the appointed Receiver is liquidating 2 other banks at the moment and those customers have also not seen a single penny yet.

Have a peaceful evening.

Hi radko,

Don't worry about the Portugese government? That's ironic? Or do you have more information?

Do you have a link or source regarding the other banks?
I am quite curious about that

 

[Radko]

Hi radko,

Don't worry about the Portugese government? That's ironic? Or do you have more information?

Do you have a link or source regarding the other banks?
I am quite curious about that

Hi,

All the information regarding all the banks that have recently been closed by the OCIF is available on their website, you can also read there how the OCIF contacted EPB back in October 2021 and told them to increase the minimum capital requirements needed to operate in PR, as well as the obligation to submit a number of documents, unfortunately EPB ignored the OCIF's request, so by June 30 2022 the OCIF closed the bank. It's worth reading, the OCIF details step by step everything all the way up to the suspension of EPB operations, although most of the information published by the OCIF is in Spanish.
There's only one person responsible for this situation, and that's Peter Schiff, he literally ignored the demands of the OCIF for many months and went about trying to sell the bank, for whatever reason that did not happen soon enough and the OCIF got tired.

As of 10 days ago Novo Bank had no access to the list of EPB's customers, so I don't see how the Portuguese government is investigating anyone. And by the way, there are approximately 52 financial institutions in Puerto Rico, many of those are using the same correspondent bank (Novo) with thousands and thousands of accounts, most of the beneficiaries of those accounts are foreigners, is the Portuguese government now going to start investigating every single account from all those financial institutions? Suddenly the Portuguese government can start knocking on all those financial institutions even though they are based in a foreign jurisdiction? Novo bank is also the Correspondent bank for a number of financial institutions based in Dubai, is the Portuguese government going start investigating all those accounts based in the UAE jurisdiction?

Anyway, Qenta will be providing more information soon, I hope they give customers valuable information and not the same old excuse.

 

[milhous]

Thanks for your reply
We just have to wait and see.

What frustrates me the most is not the waiting itself but the fact that it is not clear why we are waiting.

No communication at all besides the bla bla bla .

 

[Martin Everson]

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[Radko]

Thanks for your reply
We just have to wait and see.

What frustrates me the most is not the waiting itself but the fact that it is not clear why we are waiting.

No communication at all besides the bla bla bla .

I completely agree with you, not informing the customers shows how little they care, and Peter Schiff has abandoned everything, it's shameful.
Also the fact that EPB keeps charging fees and negative rates on Euro deposits, I don't know of any other bank that is doing that at the moment, especially given the ECB has a positive deposit rate of 2%, this is getting insulting!

 

[orion7352]

Yeah don't worry I knew that's exactly what you were going to answer.

Those who have nothing better to do than come here to engage in fearmongering go somewhere else please, we've had enough of antivaccines fearmongering and it hasn't worked.

To the rest of you beautiful people who are legitimately waiting to see if you'll get your money back, don't worry about the Portuguese Government or UK's HMRC.

By the way the appointed Receiver is liquidating 2 other banks at the moment and those customers have also not seen a single penny yet.

Have a peaceful evening.

Radko

I am sorry you have reacted to information I believe to be accurate. Let me remind you I am a victim too.

We should be sticking together and helping each other and trying to devise a strategy to get our funds back.

If I name my source then I am not going to get any more information from them am I, which I could then pass on here.

Unfortunately the Receiver doesn't reply to any emails requesting information about what the problem is, so we are left having to look for other sources.
EPB in its last email to me said the Receiver was going to start replying to customers but so far , nothing.