Euro Pacific bank is a scam

[Pschiff]

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

The bank didn't have any U.S. customers. We had planned to start accepting them, but the false allegations of money laundering and tax evasion put an end to that plan.

 

[JoeOhNo]

So, anyone have knowledge if its possible to sue Puerto Rico in US court?

 

[orion7352]

The bank didn't have any U.S. customers. We had planned to start accepting them, but the false allegations of money laundering and tax evasion put an end to that plan.

So Peter , what do you think customers should do now ? These plans to go through a Californian bank and also only using a US dollar account, clearly make no sense.

We are "officially " being kept in the dark by the Receiver/EPB on these developments. So should we be writing to EPB objecting to these proposals?

I personally believe that you are acting in the best interests of customers. Maybe people will call me naive. But so far you are the only one to keep customers informed. But I understand those that are angry and emotional because no progress has been made in 11 months.

Customers are just exhausted by events.

 

[ATNTESTING]

I've emailed Wigberto Lugo Mender through his website. Yeah I'm probably naive but sick to wait for updates in this group.
And I've also emailed a journalist who wrote an article about this case in october 2022. Just in order to keep her/him updated about what's going on. We had many articles from september to december 2022. Now nothing. Tomorrow I'll search for other journalists. Time to wake them up.

If someone can speak spanish, you can email [email protected]
They wrote this Clientes de bancos internacionales recuperan su dinero
Maybe they have clearer/better updates?

 

[orion7352]

I've emailed Wigberto Lugo Mender through his website. Yeah I'm probably naive but sick to wait for updates in this group.
And I've also emailed a journalist who wrote an article about this case in october 2022. Just in order to keep her/him updated about what's going on. We had many articles from september to december 2022. Now nothing. Tomorrow I'll search for other journalists. Time to wake

I think we all have to seriously think about going to Puerto Rico . What the Receiver is planning is a situation that sounds like another account freeze would happen in USA.

That would give the Receiver an ideal situation for him where he gets to charge more fees until all our money ends up in his bank account.

@ATNTESTING - sadly I don't think you are going to get a reply from the Receiver. He doesn't care about customers , that's one thing that is clear. Otherwise he would be more forthcoming with information on the EPB website.

 

[ATNTESTING]

I think we all have to seriously think about going to Puerto Rico . What the Receiver is planning is a situation that sounds like another account freeze would happen in USA.

That would give the Receiver an ideal situation for him where he gets to charge more fees until all our money ends up in his bank account.

@ATNTESTING - sadly I don't think you are going to get a reply from the Receiver. He doesn't care about customers , that's one thing that is clear. Otherwise he would be more forthcoming with information on the EPB website.

I don't believe about the Eastnet issue or the account in the US.
I don't say Peter is lying but he's just reporting what they told him.
They clearly try to fool us and save as much time as they can. Why? I have no idea.
What they need is pressure!
Pressure from journalists/medias? from a lawyer? from customers? Going there like a tourist won't change anything to them I think.

 

[orion7352]

I don't believe about the Eastnet issue or the account in the US.
I don't say Peter is lying but he's just reporting what they told him.
They clearly try to fool us and save as much time as they can. Why? I have no idea.
What they need is pressure!
Pressure from journalists/medias? from a lawyer? from customers? Going there like a tourist won't change anything to them I think.

Well maybe we can hire a lawyer in Puerto Rico then to pressure the Receiver but then how can we be sure a lawyer in Puerto Rico can be trusted to do a good job on our behalf?

Ultimately the Receiver is only answerable to OCIF - the ones who started this whole mess in the beginning!

 

[ATNTESTING]

Well maybe we can hire a lawyer in Puerto Rico then to pressure the Receiver but then how can we be sure a lawyer in Puerto Rico can be trusted to do a good job on our behalf?

Ultimately the Receiver is only answerable to OCIF - the ones who started this whole mess in the beginning!

We are supposed to have a lawyer but impossible to talk to him or know who he is...
But I'm definitely okay to share the fees altogether!

 

[orion7352]

We are supposed to have a lawyer but impossible to talk to him or know who he is...
But I'm definitely okay to share the fees altogether!

Well that lawyer was in Portugal dealing with the freeze on the account there. He wouldn't be relevant for any problems in Puerto Rico. We would need a Puerto Rico lawyer.

So we could hire a lawyer to represent customers interests and make representation to the Receiver/OCIF?

So what do others think of that idea?

 

[maurof]

Well that lawyer was in Portugal dealing with the freeze on the account there. He wouldn't be relevant for any problems in Puerto Rico. We would need a Puerto Rico lawyer.

So we could hire a lawyer to represent customers interests and make representation to the Receiver/OCIF?

So what do others think of that idea?

I think we should attack OCIF in all possible way. Email bombing, social media exposure shitty storm with faces of the responsible peoples exposed and the story of what’s going to happen. The same for Lugo Mender Group to destroy their credibility. Low rating everywhere google, LinkedIn, Facebook and so on…

 

[regi]

So what do others think of that idea?

The question is how long will we wait for any move with our funds and what will this lawyer be able to do then. Peter said a few pages ago that any involvement of third parties in the process of releasing money can extend it. So the key question is which way is faster. I would be in favor of taking a person there to speak on our behalf. But if we end up spending the money on the rep and losing the extra months on negative interest. Then it might be a dead end.

 

[ATNTESTING]

I think we should attack OCIF in all possible way. Email bombing, social media exposure shitty storm with faces of the responsible peoples exposed and the story of what’s going to happen. The same for Lugo Mender Group to destroy their credibility. Low rating everywhere google, LinkedIn, Facebook and so on…

I feel you're pissed like all of us but hiring a lawyer would be more reasonable I think haha. But I agree with involving medias. I sent an email to one of them already. The one who wrote this Schiff/Euro Pacific Bank (EPB) and Puerto Rican Regulator reach agreement on details of final liquidation of EPB and guarantee return of all depositors' funds, as promised by Schiff her email [email protected] .
But would be great if you could reach the one who wrote this Clientes de bancos internacionales recuperan su dinero
Anyone speak spanish here?

 

[orion7352]

The question is how long will we wait for any move with our funds and what will this lawyer be able to do then. Peter said a few pages ago that any involvement of third parties in the process of releasing money can extend it. So the key question is which way is faster. I would be in favor of taking a person there to speak on our behalf. But if we end up spending the money on the rep and losing the extra months on negative interest. Then it might be a dead end.

Yes all fair points you make. It's difficult to know what the right thing to do is . But at the moment it seems the Receiver is pursuing actions that might actually harm customers interests.

 

[ATNTESTING]

The question is how long will we wait for any move with our funds and what will this lawyer be able to do then. Peter said a few pages ago that any involvement of third parties in the process of releasing money can extend it. So the key question is which way is faster. I would be in favor of taking a person there to speak on our behalf. But if we end up spending the money on the rep and losing the extra months on negative interest. Then it might be a dead end.

I'm sure the receiver has been informed of the novo bank release the first day, means 22nd february...
What did he do so far?
And we can't put pressure on this little thing because it might harm him and slow down everything?

 

[regi]

Yes all fair points you make. It's difficult to know what the right thing to do is . But at the moment it seems the Receiver is pursuing actions that might actually harm customers interests.

What did he do so far?

All our doubts lead to one conclusion. We need to get all of them OCIF/Receiver/Novo to keep us informed of their progress. We can't wait like this. We are the victims here and we deserve it. What's more, if something doesn't work, there must be some goddamn deadline. Acting on the principle of "we do it, when we're done we say it" is clearly playing to our disadvantage.

 

[JoeOhNo]

The eastnet issue seems like a bad excuse, especially now when suddenly the receiver opened a bank account in US and wants to transfer the funds there. So, the money is in Novo Banco and there is no problem with transfering them to some US bank account but they cant be migrated to Qenta? Seems a bit fishy at least.

Im sorry for being blunt but Im mentally depleted with this situation and have no vitality to beat around the bush so Ill just be straight.
All those ideas like, mail bombing, media involvement, physical presence in PR - in my opinion are childishly naive and worth crap.
Its like 20-30 pages of comments allready of these kind of ideas and no serious plan. Are we at kindergarden? Please get serious.

The only possible plan is a class action lawsuit, against OCIF, preferably ,if thats even possible, in US court. Its the only way to make an actuall impact.

If we dont start organising towards some real solution instead of running around like children shouting around then we will be threated like children and eventually we will get screwed.

We need a leader, someone serious enought about a case, but someone that has both his feet on the ground.

 

[ATNTESTING]

The eastnet issue seems like a bad excuse, especially now when suddenly the receiver opened a bank account in US and wants to transfer the funds there. So, the money is in Novo Banco and there is no problem with transfering them to some US bank account but they cant be migrated to Qenta? Seems a bit fishy at least.

Im sorry for being blunt but Im mentally depleted with this situation and have no vitality to beat around the bush so Ill just be straight.
All those ideas like, mail bombing, media involvement, physical presence in PR - in my opinion are childishly naive and worth crap.
Its like 20-30 pages of comments allready of these kind of ideas and no serious plan. Are we at kindergarden? Please get serious.

The only possible plan is a class action lawsuit, against OCIF, preferably ,if thats even possible, in US court. Its the only way to make an actuall impact.

If we dont start organising towards some real solution instead of running around like children shouting around then we will be threated like children and eventually we will get screwed.

We need a leader, someone serious enought about a case, but someone that has both his feet on the ground.

I agree with you!!
And that was the idea of orion7352 on message #989

Who's in?
After maybe start to create a whatsapp/viber group coz we may have to share personal info I guess.

​

 

[JoeOhNo]

There are few problems.
First - I dont see any real leader here ( me included ).
Secondly - its suprising to me but there is not a lot of us. How much money do we actually represent? Ok, one of us is 2 mln USD. Quite a sum. But I assume rest of us, including me, where not holding millions in EPB. Some of us ( not including me this time ) are probably holding below 100k usd in there.
Thirdly - we would need a way to reach possibly all the clients. I have an idea for that but wont say it here on the forum where everyone can see it.
Fourthly - to be honest, its to early for a real class action. Why? Because the portugal freeze was legitimate so if You substract the time the bank was under inspection then its like 3 months of receiver doing his mumbo jumbo. So do we really have something hardcore against him? We need to catch him with his pants down ( probably the act of wiring the funds to US bank and converting it all to USD with terrible FX losses would be such a moment to sue as this would be clear acting against clients of EPB ).

 

[orion7352]

There are few problems.
First - I dont see any real leader here ( me included ).
Secondly - its suprising to me but there is not a lot of us. How much money do we actually represent? Ok, one of us is 2 mln USD. Quite a sum. But I assume rest of us, including me, where not holding millions in EPB. Some of us ( not including me this time ) are probably holding below 100k usd in there.
Thirdly - we would need a way to reach possibly all the clients. I have an idea for that but wont say it here on the forum where everyone can see it.
Fourthly - to be honest, its to early for a real class action. Why? Because the portugal freeze was legitimate so if You substract the time the bank was under inspection then its like 3 months of receiver doing his mumbo jumbo. So do we really have something hardcore against him? We need to catch him with his pants down ( probably the act of wiring the funds to US bank and converting it all to USD with terrible FX losses would be such a moment to sue as this would be clear acting against clients of EPB ).

I was thinking we need a lawyer or someone to represent customers interests so that the Receiver acts in the best interest of all customers, that they can speed up the Receiver and try to dissuade these silly ideas of using a California bank .

At the moment we do have Peter Schiff doing some of this. But I do understand that some don't believe some of the stories coming from the Receiver via Peter. Well we would have that potential problem even from a lawyer if we hired one.

At the moment the biggest problem we have is that we are kept in the dark, so we don't know what the problems are and what urgency there is to fix the problems. Meanwhile the Receiver keeps taking our money for what appears to be very little effort. The Receiver is incentivised to take as long as possible and complicate things unnecessarily.

 

[Martin Everson]

That is not true. Moving the money to the Cal. bank was an idea the receiver came up with on his own.

Now this is worrying if receiver just randomly decided himself to move money to a US mainland bank. Plus having clients suffer the likely high currency conversion and wire costs as you say is not in their interest. It makes no sense for this to be done so I have to assume again there is more to the story than meets the eye.

The eastnet issue seems like a bad excuse, especially now when suddenly the receiver opened a bank account in US and wants to transfer the funds there. So, the money is in Novo Banco and there is no problem with transfering them to some US bank account but they cant be migrated to Qenta? Seems a bit fishy at least.

I agree something is not right here with all of this. You know how difficult it is to open a new correspondence account for an offshore bank and in USD and especially one with reputation like EPB has has right now? What bank would welcome EPB in a correspondence banking relationship right now and why? This receiver performed a miracle in any case or bank he is using in mainland US is so desperate for income they plan on scalping for wire fees and FX to make it worthwhile. However that is speculation on my part based on what Peter has said about likely high FX/wire fees.

Also if it is not a correspondent account that was opened but just a normal account then why is EastNet services and swift connection needed. One would just use banks wire services and wire under the banks name. It simply does not at all add up. You guys are only hearing one side of story here. But I hope you get your money back anyway.

What the Receiver is planning is a situation that sounds like another account freeze would happen in USA.

I agree bringing those funds into mainland US could open doors to other issues if there has been a single client who used EPB for any illicit activities involving the U.S. I am not saying anything wrong will be found but it could delay things.

P.S Worse case some of you are looking at EUR -> USD when money is sent to US bank from Novo and then USD -> EUR when money is sent to you plus wire fees....ouch. Wonder who will cover those loses.