Euro Pacific bank is a scam

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Radko

Active Member
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Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
So were customers who elected to have funds transferred to Qenta informed the funds had already been transferred?

So according to him multiple regulators are to blame then.
 

Radko

Active Member
So were customers who elected to have funds transferred to Qenta informed the funds had already been transferred?

So according to him multiple regulators are to blame then.
Nope!
Qenta hasn't said a word so far, Qenta said they would hold another virtual town hall meeting at the beginning of January but so far nothing has happened.

Yes, according to P. Schiff multiple Regulators are holding up the process, one would be the OCIF, the other one would be the Portuguese regulator I guess.
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
Nope!
Qenta hasn't said a word so far, Qenta said they would hold another virtual town hall meeting at the beginning of January but so far nothing has happened.

The question then is why has Qenta not said anything to customers if as Peter said on twitter the funds have already been transferred. Hopefully its just a announcement mismatch but one would expect communication to be a bit more coordinated between Peter, EPB and Qenta especially when its of a serious nature like this.
 

Tulliola92

New member
Does someone speak Portuguese? Could someone please call there and ask about the situation?
As far as I know there's only one Novo Bank in Portugal, it's the 4th largest bank of Portugal.

I will do the same!

[email protected]


There he lies - as always - his bank was closed because of money laundering, illegal transactions and lack of funds and Peter Schiff had to pay millions in fines to avoid even worse.
I have just retweeted to your recent post, Ciceroniana92.
 

ATNTESTING

New member
Hi All - I am new here. On the 3rd of November PETER SCHIFF wrote the following by e-mail....

"Euro pacific bank has no ability to wire any funds to customers. The bank's account has been frozen. The bank is working to remove the freeze, which is set to expire on Jan 23rd. We are not allowed to discuss the details of the freeze, but it has nothing to do with anything at the bank, OCIF, or the Receiver.

Best,

Peter Schiff"
today 25th... any update with 23rd deadline?
 

uplana

Corporate Services
Mentor Group Gold
There will not be any update on your money, you may write it off and live with it. This guy run with your money, they are resident of a very shady jurisdiction where it is impossible to do any real lawsuite that bring money on the table.
 

spartan7510

New member
There will not be any update on your money, you may write it off and live with it. This guy run with your money, they are resident of a very shady jurisdiction where it is impossible to do any real lawsuite that bring money on the table.

Your talking out your backside fella. This was not some back street deal with a shady lawyer, this was a deal with Government regulators including the J5, we all have the correspondance assuring us the money will be returned to customers, so at best they have accountability to ensure this is followed through or be subject to lawsuits
 

uplana

Corporate Services
Mentor Group Gold
How much money do you think there is left after the lawyers and other instances have been at the table and had a lovely meal.

Let's see who is going to receive something or anything.
 

spartan7510

New member
How much money do you think there is left after the lawyers and other instances have been at the table and had a lovely meal.

Let's see who is going to receive something or anything.

All customer funds will be returned, any operating costs is down to the bank and Peter Schiff to fund. I think everyone including myself is hopeful in the situation, however we are aware of an alternate reality. No need to blow your over-inflated ego and try state the obvious. Please go somewhere else if you don’t have money in EPB, your fear mongering is unnecessary and does not help
 

ATNTESTING

New member
All customer funds will be returned, any operating costs is down to the bank and Peter Schiff to fund. I think everyone including myself is hopeful in the situation, however we are aware of an alternate reality. No need to blow your over-inflated ego and try state the obvious. Please go somewhere else if you don’t have money in EPB, your fear mongering is unnecessary and does not help
Uplana is looking for attention. Don't waste your time replying to him.
 

Sols

Staff member
Mentor Group Gold
All customer funds will be returned
If the bank is being liquidated, creditors have first dibs on the money.

There is no deposit insurance applicable here. Even if there is one for banks in Puerto Rico, EPB was never licensed as a bank. AFAIK, there is no regulatory requirement to hold 100%+ reserve for the type of entity EPB is. Your funds are not protected beyond the bare minimum set out in whatever consumer protection laws there are in Puerto Rico, and the decisions of the Puerto Rican courts and regulators when deciding how and to whom the money will be returned.

If EPB is liquid and profitable, there is hopefully enough cash in the bank to pay creditors and depositors back in full. Only time will tell for sure.

Based on similar liquidations in the past, the process can take many years and while you may get money back, it might not be everything.

any operating costs is down to the bank and Peter Schiff to fund.
As long as he has fulfilled his legal obligations as director, Peter Schiff personally has no liability or obligations here. Don't expect him to pay the running costs of a dead bank out of pocket, unless a court threatens/compels him to.
 

Radko

Active Member
All customer funds will be returned, any operating costs is down to the bank and Peter Schiff to fund. I think everyone including myself is hopeful in the situation, however we are aware of an alternate reality. No need to blow your over-inflated ego and try state the obvious. Please go somewhere else if you don’t have money in EPB, your fear mongering is unnecessary and does not help
Exactly!
Whatever Wigberto Lugo is charging, the bank is paying for it, it has nothing to do with the deposits, apples and oranges.
The Funds are there, but "something" is holding up the transfer of the funds, I wish Qenta would inform...
 

spartan7510

New member
If the bank is being liquidated, creditors have first dibs on the money.

There is no deposit insurance applicable here. Even if there is one for banks in Puerto Rico, EPB was never licensed as a bank. AFAIK, there is no regulatory requirement to hold 100%+ reserve for the type of entity EPB is. Your funds are not protected beyond the bare minimum set out in whatever consumer protection laws there are in Puerto Rico, and the decisions of the Puerto Rican courts and regulators when deciding how and to whom the money will be returned.

If EPB is liquid and profitable, there is hopefully enough cash in the bank to pay creditors and depositors back in full. Only time will tell for sure.

Based on similar liquidations in the past, the process can take many years and while you may get money back, it might not be everything.


As long as he has fulfilled his legal obligations as director, Peter Schiff personally has no liability or obligations here. Don't expect him to pay the running costs of a dead bank out of pocket, unless a court threatens/compels him to.

And creditors to the bank are... the customers, since it was a full reserve bank. Suggest you go back and read the court transcript and agreement to liquidate the bank, that was to return ALL cusotmer deposits, not a portion thereof...
 

Radko

Active Member
If the bank is being liquidated, creditors have first dibs on the money.

There is no deposit insurance applicable here. Even if there is one for banks in Puerto Rico, EPB was never licensed as a bank. AFAIK, there is no regulatory requirement to hold 100%+ reserve for the type of entity EPB is. Your funds are not protected beyond the bare minimum set out in whatever consumer protection laws there are in Puerto Rico, and the decisions of the Puerto Rican courts and regulators when deciding how and to whom the money will be returned.

If EPB is liquid and profitable, there is hopefully enough cash in the bank to pay creditors and depositors back in full. Only time will tell for sure.

Based on similar liquidations in the past, the process can take many years and while you may get money back, it might not be everything.


As long as he has fulfilled his legal obligations as director, Peter Schiff personally has no liability or obligations here. Don't expect him to pay the running costs of a dead bank out of pocket, unless a court threatens/compels him to.
The bank had no creditors and no debtors, full reserve bank, the cost of liquidation is being paid by the bank, please go somewhere else and stop wasting our time, you're too late to the party
 

Sols

Staff member
Mentor Group Gold
Go to the OFIC website and show me where it says EPB is a bank.

EPB was formed in SVG, where they obtained an offshore bank license. When they moved to Puerto Rico, they were never granted a banking license. Since the move to Puerto Rico, they were a bank in name only, not in a regulatory sense.

They are licensed as an International Financial Institution (Entidades Financieras Internacionales). Not as one of the Bancos Comerciales, not even among the Entidades Bancarias Internacionales.

I hope everyone gets their money out, though.
 

spartan7510

New member
Go to the OFIC website and show me where it says EPB is a bank.

EPB was formed in SVG, where they obtained an offshore bank license. When they moved to Puerto Rico, they were never granted a banking license. Since the move to Puerto Rico, they were a bank in name only, not in a regulatory sense.

They are licensed as an International Financial Institution (Entidades Financieras Internacionales). Not as one of the Bancos Comerciales, not even among the Entidades Bancarias Internacionales.

I hope everyone gets their money out, though.


So they are licensed by the OCIF as a Financial Entity offering "Banking Products", but they are not a Bank?

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Here is the link to the OCIF document - https://ocif.pr.gov/Consumidores/Lista Concesionarios/Entidades Financieras Internacionales.pdf

** NOTE - EPB listed as a "bank" along with other banks...
 

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