Euro Pacific bank is a scam

[troubled soul]

My friend whole bank is locked.....what are you expecting with EPB

 

[ATNTESTING]

My friend whole bank is locked.....what are you expecting with EPB

I just expected to be able to log into my account like I could in January.

 

[Tulliola92]

Mine is working.

 

[ATNTESTING]

Hello, I've just talked to someone from EPB to unlock my account. Then I asked her an update about our case and she said it's supposed to be solved in March...

 

[Radko]

Hello, I've just talked to someone from EPB to unlock my account. Then I asked her an update about our case and she said it's supposed to be solved in March...

From your lips to God's ears, but as of now Portugal is blocking the return of the funds.

 

[Martin Everson]

Wonder if this is the reason for the delay Peter Schiff is alluding to .

Two Men have been arrested as part of a multi-million pound tax fraud investigation involving UK customers of Euro Pacific Bank.​

Two men have been arrested as part of a multi-million-pound tax fraud investigation involving UK customers of a collapsed Puerto Rican bank

HM Revenue and Customs (HMRC) officers executed search warrants at three residential and business addresses in Liverpool and arrested two men, aged 40 and 50.

uknip.co.uk

P.S Sorry but only free copy of article I could find without a paywall .

 

[Radko]

Wonder if this is the reason for the delay Peter Schiff is alluding to .

Two Men have been arrested as part of a multi-million pound tax fraud investigation involving UK customers of Euro Pacific Bank.​

Two men have been arrested as part of a multi-million-pound tax fraud investigation involving UK customers of a collapsed Puerto Rican bank

HM Revenue and Customs (HMRC) officers executed search warrants at three residential and business addresses in Liverpool and arrested two men, aged 40 and 50.

uknip.co.uk

P.S Sorry but only free copy of article I could find without a paywall .

"High value assets were also seized, including jewellery, prestige watches, and designer clothing and handbags."
This is as ridiculous as it can get, I wonder what's the value of those "high value assets"


So they have investigated 600 people and they have arrested 2, nice work HMRC, keep it up, I'm sure those watches, dedigner clothes, handbags and jewelry are going to solve the imminent collapse of the UK's economy.

 

[Martin Everson]

So they have investigated 600 people and they have arrested 2, nice work HMRC, keep it up, I'm sure those watches, dedigner clothes, handbags and jewelry are going to solve the imminent collapse of the UK's economy.

Lol....every bit helps.. Labour leader is reported to be claiming UK could be poorer than Poland in 2030 and poorer than Romania in 2040 .

UK on course to be ‘poorer than Poland’ by 2030, claims Labour​

MSN

P.S Anyway if this investigation is the hold up then people will get their money back next month...fingers crossed.

 

[Radko]

Lol....every bit helps.. Labour leader is reported to be claiming UK could be poorer than Poland in 2030 and poorer than Romania in 2040 .

UK on course to be ‘poorer than Poland’ by 2030, claims Labour​

MSN

P.S Anyway if this investigation is the hold up then people will get their money back next month...fingers crossed.

The full impact of Brexit is yet to arrive. At the moment 75% of the British population support joining the EU, I guess they've realized they screwed up, Lol.

The hold up has to do with Portugal, due to all the allegations made against EPB. I know nothing about international banking laws, I don't know under what law Portugal isn't allowing the release of the funds that belong to a bank of a different jurisdiction, if this is legal, then all financial institutions based in PR that are using foreign custodian banks could have their funds seized indefinitely, and that would mean the collapse of PR as a hub for financial institutions, Lol.

 

[spartan7510]

The full impact of Brexit is yet to arrive. At the moment 75% of the British population support joining the EU, I guess they've realized they screwed up, Lol.

The hold up has to do with Portugal, due to all the allegations made against EPB. I know nothing about international banking laws, I don't know under what law Portugal isn't allowing the release of the funds that belong to a bank of a different jurisdiction, if this is legal, then all financial institutions based in PR that are using foreign custodian banks could have their funds seized indefinitely, and that would mean the collapse of PR as a hub for financial institutions, Lol.

Leaving the EU was the correct choice, most are not for unelected officials in the EU making laws for a country they dont represent. The only thing missed was freedom of movement, a price we have to pay.
The majority of population still support Brexit, we do not support the way it has been executed and mismanaged by the governement, treasonous anti-Brexit snakes in our governement trying to make it as painful as possible. The mess here is with the execution causing the problems
UK is doing better than many other EU countries, which is clear when the EU still demands payments from the UK.

BTW, if you ever tried to start a business importing products from outside the EU, you will understand why the EU was not good for business...

 

[Radko]

Leaving the EU was the correct choice, most are not for unelected officials in the EU making laws for a country they dont represent. The only thing missed was freedom of movement, a price we have to pay.
The majority of population stiill support Brexit, we do not support the way it has been executed and mismanaged by the governement, treasonous anti-Brexit snakes in our governement trying to make it as painful as possible. The mess here is with the execution causing the problems
UK is doing better than many other EU countries, which is clear when the EU still demands payments from the UK.

BTW, if you ever tried to start a business importing products form outside the EU, you will understand why the EU was not good for business...

I had to stop doing business with the UK as everything is now subject to import duty and taxes, making it too expensive.
Time will tell but the UK is not what it was, no other European country has an inflation above 10%, full impact of Brexit is yet to be felt unfortunately, not saying that being part of the EU was perfect but you have two choose between the lesser of two evils.

 

[Pschiff]

I can't really talk about why the return of deposits has been delayed, as I don''t want to risk lengthening that delay. Once all funds I have been returned I will reveal all. Just know that I've done all that I could to expedite this process. I was initially told by PR regulators the entire process would be done in under 90 days. The main reason I settled was I thought it was the quickest way to get customer funds returned. The longer this process takes, the less money that will be left over for me. I sold the bank to Qetna in Nov of 2021, as false allegations of money laundering and tax evasion made by the media made it impossible for me to own and operate the bank. The OCIF Commissioner originally supported the sale, then changed her mind without any warning on June 30th 2022. The is nothing anyone can do. No reason to write the Receiver, as he can't do anything either. In fact, reading your emails will just allow him to bill the bank more money. As of now, the receiver is the only one getting paid. I feel bad that governments have done this to us. No one lost most than I did. I had ten million invested, and was to receive about $25 million in cash and stock from Qenta had regulators allowed the sale. In the 10 years that I owned the bank, I never took any salary or dividends. I will get nothing, so for me its a total loss. At least all of the customers will get their money back, they just have to wait. Hopefully not much longer. For those who don't know, the bank's former President, Mark Anderson dies several months ago at age 63, from a heart attack brought on by all the stress related to the media attack on the bank that led to its demise, So as bad as things are for us, no one lost more than Mark. He was a good man.

 

[Radko]

I can't really talk about why the return of deposits has been delayed, as I don''t want to risk lengthening that delay. Once all funds I have been returned I will reveal all. Just know that I've done all that I could to expedite this process. I was initially told by PR regulators the entire process would be done in under 90 days. The main reason I settled was I thought it was the quickest way to get customer funds returned. The longer this process takes, the less money that will be left over for me. I sold the bank to Qetna in Nov of 2021, as false allegations of money laundering and tax evasion made by the media made it impossible for me to own and operate the bank. The OCIF Commissioner originally supported the sale, then changed her mind without any warning on June 30th 2022. The is nothing anyone can do. No reason to write the Receiver, as he can't do anything either. In fact, reading your emails will just allow him to bill the bank more money. As of now, the receiver is the only one getting paid. I feel bad that governments have done this to us. No one lost most than I did. I had ten million invested, and was to receive about $25 million in cash and stock from Qenta had regulators allowed the sale. In the 10 years that I owned the bank, I never took any salary or dividends. I will get nothing, so for me its a total loss. At least all of the customers will get their money back, they just have to wait. Hopefully not much longer. For those who don't know, the bank's former President, Mark Anderson dies several months ago at age 63, from a heart attack brought on by all the stress related to the media attack on the bank that led to its demise, So as bad as things are for us, no one lost more than Mark. He was a good man.

RIP Mark Anderson

 

[spartan7510]

I can't really talk about why the return of deposits has been delayed, as I don''t want to risk lengthening that delay. Once all funds I have been returned I will reveal all. Just know that I've done all that I could to expedite this process. I was initially told by PR regulators the entire process would be done in under 90 days. The main reason I settled was I thought it was the quickest way to get customer funds returned. The longer this process takes, the less money that will be left over for me. I sold the bank to Qetna in Nov of 2021, as false allegations of money laundering and tax evasion made by the media made it impossible for me to own and operate the bank. The OCIF Commissioner originally supported the sale, then changed her mind without any warning on June 30th 2022. The is nothing anyone can do. No reason to write the Receiver, as he can't do anything either. In fact, reading your emails will just allow him to bill the bank more money. As of now, the receiver is the only one getting paid. I feel bad that governments have done this to us. No one lost most than I did. I had ten million invested, and was to receive about $25 million in cash and stock from Qenta had regulators allowed the sale. In the 10 years that I owned the bank, I never took any salary or dividends. I will get nothing, so for me its a total loss. At least all of the customers will get their money back, they just have to wait. Hopefully not much longer. For those who don't know, the bank's former President, Mark Anderson dies several months ago at age 63, from a heart attack brought on by all the stress related to the media attack on the bank that led to its demise, So as bad as things are for us, no one lost more than Mark. He was a good man.

Thank-you for your repsonse, when do they expect to wind this up and return our money then? Is there any sort of time line provided?

 

[Pschiff]

I can't say for sure. Its out to government officials, so no way to know. I am hoping the bank can return funds by the end of the month, but no way to know for sure. Nothing that has happened to the bank should have happened. So its hard to know what more unexpected things will complicate what should have been a simple processs. Actually they just should have allowed the bank to be sold, which would have been seemless for customers. Ot worst case allowed me to liquidate it on my own, without a press conference or putting the bank into receivership. It would have been very simple that way

Thank-you for your repsonse, when do they expect to wind this up and return our money then? Is there any sort of time line provided

 

[Radko]

I can't say for sure. Its out to government officials, so no way to know. I am hoping the bank can return funds by the end of the month, but no way to know for sure. Nothing that has happened to the bank should have happened. So its hard to know what more unexpected things will complicate what should have been a simple processs. Actually they just should have allowed the bank to be sold, which would have been seemless for customers. Ot worst case allowed me to liquidate it on my own, without a press conference or putting the bank into receivership. It would have been very simple that way

Thank you for the update.

Most of us know nothing about international banking laws, but I guess Portugal thinks they have the legal right to hold on to the funds, even if no charges were ever brought forth against EPB, it seems crazy that Portugal can hold on to the funds that belong to a bank that is based in a different jurisdiction, so I guess no one is safe anymore if just "allegations" can be used as an excuse to keep foreign funds.
The OCIF at the press conference said that they were liquidating EPB to protect the interest of the customers, well, they completely accomplished the opposite.

 

[Pschiff]

Thank you for the update.

Most of us know nothing about international banking laws, but I guess Portugal thinks they have the legal right to hold on to the funds, even if no charges were ever brought forth against EPB, it seems crazy that Portugal can hold on to the funds that belong to a bank that is based in a different jurisdiction, so I guess no one is safe anymore if just "allegations" can be used as an excuse to keep foreign funds.
The OCIF at the press conference said that they were liquidating EPB to protect the interest of the customers, well, they completely accomplished the opposite.

Yes customers were never in any danger, as the bank was solvent. The best thing for customers was to allow the sale. But the entire thing was political. The IRS and OCIF had an agenda, and closing the bank likely served that purpose. But OCIF never intended the process to take this long. But they opened the can of worms, and now we are dealing with the unintended consequences.

 

[regi]

Yes customers were never in any danger, as the bank was solvent. The best thing for customers was to allow the sale. But the entire thing was political. The IRS and OCIF had an agenda, and closing the bank likely served that purpose. But OCIF never intended the process to take this long. But they opened the can of worms, and now we are dealing with the unintended consequences.

We are all puppets in the hands of politicians and institutions, regardless of nationality. The puppet show continues. The problem is that it's not a fairy tale. We - puppets - have financial obligations. We have faces and families. How long do we have to wait for our funds. We lose our private money to save face in the eyes of others. Where are all those shining in front of the cameras talking about the big scandal with the bank in the background. Why aren't they here and explain what they did to us. If you are in contact with them, please show them my post. I expect an explanation. My company has been grounded for two years. How much could I earn? How many people could I hire? Will anyone take personal responsibility for this?

 

[Pschiff]

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!

I have not abandoned anyone. I did everything I could to help customers. The only reason I have not informed them of the reason for the latest delay is that lawyers have warned me that doing so will delay the return of funds even further.

 

[Radko]

I have not abandoned anyone. I did everything I could to help customers. The only reason I have not informed them of the reason for the latest delay is that lawyers have warned me that doing so will delay the return of funds even further.

Thank you for taking the time to say something, Qenta has not provided any information during the past months.

The million dollar question is what happens if at the end of this month Portugal still refuses to release the funds, is there anything else that can be done, legal action perhaps, or will customers have to live with the fact that their funds are gone for good?

(Seems strange that Portugal can hold on to funds just because of the allegations made against the bank when a 2-year investigating by the J5 revealed nothing.)