Euro Pacific bank is a scam

[spiderman]

What about stuck incoming wires that were never deposited to EPB customers accounts? My client has a stuck wire that he keeps asking me about. He was generous enough to re-send it to my new bank account, however.

 

[ATNTESTING]

What about stuck incoming wires that were never deposited to EPB customers accounts? My client has a stuck wire that he keeps asking me about. He was generous enough to re-send it to my new bank account, however.

this happened to me as well but last year just after our account were being frozen. Then my client informed me that the money returned back to him.

 

[Pschiff]

There was no communication while the Novo account was frozen by the Portugese government as we were trying to comply with Portugese AML laws so as not to elongate the process. Recently its just a problem of having to re-engage some antiquated systems, which requires additional work, some of which can only be done by the Receiver, as he is the only one legally authorized to represent the bank. He is taking a long time to get this stuff done, partially because he wants to run stuff by OCIF, which also takes a long time to coordinate. None of this was necessary, but unfortunately for all involved, this is the path OCIF choose for the bank and its customers. They just did not anticipate all the obstacles that would come up along the way.

 

[spiderman]

this happened to me as well but last year just after our account were being frozen. Then my client informed me that the money returned back to him.

Thanks for the info. I have raised a ticket with EPB to clarify about my case. Seems to be inconsistent if some wires were returned and others not.

 

[ATNTESTING]

There was no communication while the Novo account was frozen by the Portugese government as we were trying to comply with Portugese AML laws so as not to elongate the process. Recently its just a problem of having to re-engage some antiquated systems, which requires additional work, some of which can only be done by the Receiver, as he is the only one legally authorized to represent the bank. He is taking a long time to get this stuff done, partially because he wants to run stuff by OCIF, which also takes a long time to coordinate. None of this was necessary, but unfortunately for all involved, this is the path OCIF choose for the bank and its customers. They just did not anticipate all the obstacles that would come up along the way.

Peter, we all appreciate your time replying to our questions but not enough for a good communication. Why don't we have an official update from OCIF/Receiver/EPB? And your lawyer if any? To be honest, the only communication that matters so far for me was the PDF "release Novo Freeze" and this article Clientes de bancos internacionales recuperan su dinero
Before we had a townhall with Qenta. That was better than nothing. But how about another one with receiver/EPB/Qenta/lawyer?
Well it's just one hour... we can all be on mute and we raise hand to ask a question.
I'm sorry but from what you say, it's like we can meet each other in one year for the next update if any

A number of us have tried to call the Receiver but only to be told he wasn't in or call back in 2 hours - you just get given the run around.

The lack of information from the Receiver/EPB is the ideal situation for conspiracy/scam theories to develop.

Sorry, I haven't followed up everything but has someone every tried to contact OCIF? I see they have a page for that Querellas y Consultas
And info such as
By email: [email protected] or [email protected]

Telephones: Metro Area (787) 723-8445
Toll Free (800) 981-7711
Fax: (787)
723-4225

Again, I would not try to contact them if we had CLEAR and OFFICIAL updates, which we don't have so far. And I don't wanna hear we're not patient enough...
And journalist here Clientes de bancos internacionales recuperan su dinero wrote on April 18th that we'll be paid within 60 days.
We can also try to inform her on June 18th coz I unfortunately think nothing will be done until this date.

 

[orion7352]

Again I would not call the receiver, as it will only create additional unnecessary work for him to do. We don't want to do anything to delay his doing the things he needs to do to allow deposits to be returned to customers or transferred to Qenta.

Well I haven't tried to call him since you suggested it would only delay him. But it doesn't seem to make any difference anyway. He's never there and he never seems to make any progress.

The only progress he makes is adding to his own bank balance at our expense! This is just legalised robbery.

So @Pschiff can you tell us what the Receiver is supposed to be doing because he doesn't tell us anything.

 

[regi]

There was no communication while the Novo account was frozen by the Portugese government as we were trying to comply with Portugese AML laws so as not to elongate the process. Recently its just a problem of having to re-engage some antiquated systems, which requires additional work, some of which can only be done by the Receiver, as he is the only one legally authorized to represent the bank. He is taking a long time to get this stuff done, partially because he wants to run stuff by OCIF, which also takes a long time to coordinate. None of this was necessary, but unfortunately for all involved, this is the path OCIF choose for the bank and its customers. They just did not anticipate all the obstacles that would come up along the way.

There are a few important points to be raised. The matter of some antiquated systems, the fact that he (the receiver) is taking a long time to get the stuff done, and the most importnant - they just did not anticipate all the obstacles that would come up along the way. Who are they ? Are they some random people taken on the street ? For such a ignorance there should be one direction. Exit doors. All of this looks like a conscious act to the detriment of the customer.

 

[Feisty]

I’m sorry, but it’s been a year, and absolutely no result what so ever. Peter Schiff is a scam, the receiver, Quinta and everything that surrounds the bank. Schiff blaming everyone but himself does not help. Stop blaming everyone and solve this! If you hadn’t run your bank into so many problems OCIF would have never freezed your bank. If OCIF hadn’t stopped your madness, god knows where the bank would be now and in how much dept. And blaming 60 seconds and the rest of the world is just a pathetic excuse. If you want to clear you name and have people remember you Schiff for someone good, please get your affairs in place, including OCIF, the bank and anyone else involved and stop blaming the world. It’s your bank and customers are fed up of excuses. We want solutions, real ones. All promises until now have fallen short, very short. Not a single promise from the bank has come true. this whole ordeal is an absolute nightmare, and your false promises have only created more anger, as every time we think we are finally there, we will get our money back. Just not true! Lost so much money and continue to do so with your bank, and right now you are the only person responsible for this. So fed up with your crap. Solve the issue, stop spitting crap about OCIF and the receiver, communicate and talk to your customers through official channels, stop using this medium to feel better for you self, and you podcasts to release all the crap No one wants to know about. I don’t feel sorry for you, I’m sorry, you went into this business to make money. You messed up, and all you can do now is solve it, because if not you are going to end up getting a hell lot of litigations and customers complaining.

 

[Pschiff]

The only problem the bank had was losses related to the false allegations of money laundering and tax evasion. The bank also lost the ability to transact in U.S. dollars, and lost the new card program deal it signed with American Express., due to those false allegations. So I sold the bank to Qetna for $25 million in cash and stock. Qenta would not have been willing to buy the bank had I run it into the ground as you suggest. I was not even running the bank, Mark Anderson was. However, to keep the bank going and protect customers I injected $7 million in capital to cover operating losses until Qetna could take it over. There was no valid reason for OCIF to have denied the sale to Qetna. The only reason given was OCIF objected to my 4.15% ownership of Qetna stock. There was also no valid reason to have put the bank into receivership. But once the bank went into Receviership, I lost all authority to do anything at the bank. So I bare no responsibility for anything that has happened since the bank went into receivership.

I’m sorry, but it’s been a year, and absolutely no result what so ever. Peter Schiff is a scam, the receiver, Quinta and everything that surrounds the bank. Schiff blaming everyone but himself does not help. Stop blaming everyone and solve this! If you hadn’t run your bank into so many problems OCIF would have never freezed your bank. If OCIF hadn’t stopped your madness, god knows where the bank would be now and in how much dept. And blaming 60 seconds and the rest of the world is just a pathetic excuse. If you want to clear you name and have people remember you Schiff for someone good, please get your affairs in place, including OCIF, the bank and anyone else involved and stop blaming the world. It’s your bank and customers are fed up of excuses. We want solutions, real ones. All promises until now have fallen short, very short. Not a single promise from the bank has come true. this whole ordeal is an absolute nightmare, and your false promises have only created more anger, as every time we think we are finally there, we will get our money back. Just not true! Lost so much money and continue to do so with your bank, and right now you are the only person responsible for this. So fed up with your crap. Solve the issue, stop spitting crap about OCIF and the receiver, communicate and talk to your customers through official channels, stop using this medium to feel better for you self, and you podcasts to release all the crap No one wants to know about. I don’t feel sorry for you, I’m sorry, you went into this business to make money. You messed up, and all you can do now is solve it, because if not you are going to end up getting a hell lot of litigations and customers complaining.

The main problem the bank had was losses related to the false allegations of money laundering and tax evasion. The other problem was the bank lost the ability to transact in U.S. dollars and the new card program deal it signed with American Express., due to those false allegations. So I sold the bank to Qetna for $25 million in cash and stock. Qenta would not have been willing to buy the bank had I run it into the ground as you suggest. I was not even running the bank, Mark Anderson was. However, to keep the bank going and protect customers I personally injected $7 million in capital to cover operating losses until Qetna could take it over. There was no valid reason for OCIF to have denied the sale to Qetna. The only reason given was OCIF objected to my 4.15% ownership of Qetna stock, due to the bad publicity about me. There was also no valid reason to have put the bank into receivership. But once the bank went into Receviership, I lost all authority to do anything on behalf of the bank. So I bare no responsibility for anything that has happened since the bank went into receivership.

 

[orion7352]

The only problem the bank had was losses related to the false allegations of money laundering and tax evasion. The bank also lost the ability to transact in U.S. dollars, and lost the new card program deal it signed with American Express., due to those false allegations. So I sold the bank to Qetna for $25 million in cash and stock. Qenta would not have been willing to buy the bank had I run it into the ground as you suggest. I was not even running the bank, Mark Anderson was. However, to keep the bank going and protect customers I injected $7 million in capital to cover operating losses until Qetna could take it over. There was no valid reason for OCIF to have denied the sale to Qetna. The only reason given was OCIF objected to my 4.15% ownership of Qetna stock. There was also no valid reason to have put the bank into receivership. But once the bank went into Receviership, I lost all authority to do anything at the bank. So I bare no responsibility for anything that has happened since the bank went into receivership.

Peter can you tell us what the Receiver now needs to do facilitate the return of customers money.

Customers are just tired of this whole situation and just want to get on with their lives and put the while thing behind them.

It's just that it seems a never ending situation, so naturally people start to vent their anger.

 

[Pschiff]

Peter can you tell us what the Receiver now needs to do facilitate the return of customers money.

Customers are just tired of this whole situation and just want to get on with their lives and put the while thing behind them.

It's just that it seems a never ending situation, so naturally people start to vent their anger.

No, I'm not sure what is needed other than resolving the issue with Eastnet. Nor can I say for sure that once the Eastnet issue is resolved, some other issue will not come up. One thing I know about is that the receiver opened up an account for the bank at a U.S. bank in California, that can only deal in U.S. dollars. He told Qetna and I of his intent to transfer all the funds now at Novo to this California bank, and then use the Cal. bank to send funds to customers. We are trying to get the receiver to give up on this idea, as it will take a lot more time, and add substantial costs due to unnecessary and likely very high FX fees, as well as higher wire fees. Also, the receiver said he wants to personally review each wire before it goes out for compliance reason. Qetna and I have informed him that such reviews are not necessary. Hopefully he takes this advice.

 

[orion7352]

No, I'm not sure what is needed other than resolving the issue with Eastnet. Nor can I say for sure that once the Eastnet issue is resolved, some other issue will not come up. One thing I know about is that the receiver opened up an account for the bank at a U.S. bank in California, that can only deal in U.S. dollars. He told Qetna and I of his intent to transfer all the funds now at Novo to this California bank, and then use the Cal. bank to send funds to customers. We are trying to get the receiver to give up on this idea, as it will take a lot more time, and add substantial costs due to unnecessary and likely very high FX fees, as well as higher wire fees. Also, the receiver said he wants to personally review each wire before it goes out for compliance reason. Qetna and I have informed him that such reviews are not necessary. Hopefully he takes this advice.

Thank you for replying.

Oh no this guy seems ridiculous and seems more motivated to prolong the process to increase his fees. Depressingly it sounds as far away as ever of customers getting their money back.

 

[ATNTESTING]

I lost all authority to do anything on behalf of the bank

But why OCIF or receiver only reply to you and ignore all of us?

Sorry but we don't know how to trust at this point.
We want official updates from OCIF/receiver/Qenta/Novo bank.
Even now, EPB doesn't reply to my email about a mOTP issue.

And you still haven't updated us with the call you were supposed to have with the receiver.
Well, sorry but I believe more and more about a scam... but I'll fight to get back my money!

 

[Pschiff]

I have not spoken to anyone at OCIF since the bank went into Receivership. I have only been on conference calls with the receiver and Qenta. I have not been speaking to him directly. I have sent him some emails and received some replies. Again, my role is extremely limited. I can make suggestions, but I have no authority to do anything.

 

[ATNTESTING]

I have not spoken to anyone at OCIF since the bank went into Receivership. I have only been on conference calls with the receiver and Qenta. I have not been speaking to him directly. I have sent him some emails and received some replies. Again, my role is extremely limited. I can make suggestions, but I have no authority to do anything.

why they only reply to you and not to us?
and on top of that, you ask us not to bother them.
then we can only rely on your updates... not enough for me!

I don't understand they way you guys work.
I do that with my clients and they stop working with me right away!!

Then may we know what was the outcome of your call with them?

 

[orion7352]

I have not spoken to anyone at OCIF since the bank went into Receivership. I have only been on conference calls with the receiver and Qenta. I have not been speaking to him directly. I have sent him some emails and received some replies. Again, my role is extremely limited. I can make suggestions, but I have no authority to do anything.

Well I hope you can dissuade the Receiver from using a US bank. That is definitely one way to have our money frozen forever. I think the Receiver wants our money frozen forever so he can steal it all in never ending fees.

 

[Martin Everson]

One thing I know about is that the receiver opened up an account for the bank at a U.S. bank in California, that can only deal in U.S. dollars. He told Qetna and I of his intent to transfer all the funds now at Novo to this California bank, and then use the Cal. bank to send funds to customers. We are trying to get the receiver to give up on this idea, as it will take a lot more time, and add substantial costs due to unnecessary and likely very high FX fees, as well as higher wire fees.

So there is clearly a lot more going on in the background. This does not sound like full story to me. Sounds like Novo is or has ended relationship with EPB and asked for an account the funds can be sent to which would make sense. Otherwise these actions are truly bizarre.

Also, the receiver said he wants to personally review each wire before it goes out for compliance reason.

Very telling and sounds like a lengthy process.

 

[JoeOhNo]

Can PR be sued in US court?

 

[Pschiff]

So there is clearly a lot more going on in the background. This does not sound like full story to me. Sounds like Novo is or has ended relationship with EPB and asked for an account the funds can be sent to which would make sense. Otherwise these actions are truly bizarre.



Very telling and sounds like a lengthy process.

That is not true. Moving the money to the Cal. bank was an idea the receiver came up with on his own. As soon as a learned about this I strongly advised against it.

 

[orion7352]

I notice no customers from the USA are here on this victim forum. Have they been secretly paid their funds?