Euro Pacific bank is a scam

[ATNTESTING]

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 agree it's only 3 months. I'm patient like most of us here but since I heard lame excuses such as Eastnet and wiring funds to the US, I feel that something wrong is going on in the background.
And wiring what? I thought they couldn't wire anything because of Eastnet issue.
I don't understand why Peter accepts to heard these excuses. Is there an agreement with EPB/Peter/Qenta/Novo/OCIF/Receiver that we're not aware of?
I'm not into conspiracy but if we wait too long, I'm not sure it's going to be in our favor.
Then, do we really need a leader to start doing something? Not sure. Let's make a group and discuss a possible lawsuit or hiring a lawyer in Puerto Rico who can assist us and put the right pressure to the receiver.

When I heard the lame excuses, I don't know why EPB and Peter didn't take the initiative to hire a lawyer. Some of them are already in Puerto Rico.

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.

I agree with your idea to work with a lawyer in Puerto Rico. Or in the US, I don't know.

 

[Radko]

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.

Interesting that the Receiver feels entitled to take customers funds from Novo, which are in foreign currencies, and exchange those funds into USD at whatever exchange rate he gets, plus all the fees associated with that type of transaction, he is obviously not thinking about the customers.
On top of that he now wants to review every wire, one by one, so 11 months of waiting around hasn't give him enough time to do all that? This is really getting Ridiculous.

All this seems to be getting worse and worse just because the Receiver is highly incompetent.

I feel like a pig in a truck on my way to the slaughter house.

 

[regi]

Interesting that the Receiver feels entitled to take customers funds from Novo, which are in foreign currencies, and exchange those funds into USD at whatever exchange rate he gets, plus all the fees associated with that type of transaction, he is obviously not thinking about the customers.
On top of that he now wants to review every wire, one by one, so 11 months of waiting around hasn't give him enough time to do all that? This is really getting Ridiculous.

All this seems to be getting worse and worse just because the Receiver is highly incompetent.

I feel like a pig in a truck on my way to the slaughter house.

We've known about incompetence for some time. Information about checking transfers one by one has two subliminal information. One: you're still waiting for the money. Two: you will pay me for that, I do time-consuming work.

 

[ATNTESTING]

All this seems to be getting worse and worse just because the Receiver is highly incompetent.

I don't think he's incompetent. We just don't have the right update.

 

[Pschiff]

It's now been a full 11 months since OCIF unnecessarily put the bank into receivership, rather than the alternative of allowing Qetna to buy it. Had that sale taken place, the Novo freeze never would have happened. The trigger for the freeze was the OCIF press conference to announce the closure of the bank, where the IRS and J5 pretended that their failed money laundering and tax evasion investigation was a success. Then the media falsely reported that the OCIF action related to the J5 investigation. OCIF never wanted to push back against those false allegations made by the media. I think that's why they didn't go out of their way to pressure the Portugese government to release the freeze sooner. I had been trying to get them to do that. After months of truing they finally sent a letter to the Portugese government, but it was not nearly as strongly worded as I had hoped it would be. Hopefully OCIF will feel some pressure not to let a full year go by without customers getting their money. I have already accepted the fact that I will not be getting one penny of the $10 million in capital I invested in the bank. Had the sale to Qetna been allowed, I would have been paid $25 million in cash and Qetna stock, and not a single customer would have been inconvenienced.

 

[Radko]

It's now been a full 11 months since OCIF unnecessarily put the bank into receivership, rather than the alternative of allowing Qetna to buy it. Had that sale taken place, the Novo freeze never would have happened. The trigger for the freeze was the OCIF press conference to announce the closure of the bank, where the IRS and J5 pretended that their failed money laundering and tax evasion investigation was a success. Then the media falsely reported that the OCIF action related to the J5 investigation. OCIF never wanted to push back against those false allegations made by the media. I think that's why they didn't go out of their way to pressure the Portugese government to release the freeze sooner. I had been trying to get them to do that. After months of truing they finally sent a letter to the Portugese government, but it was not nearly as strongly worded as I had hoped it would be. Hopefully OCIF will feel some pressure not to let a full year go by without customers getting their money. I have already accepted the fact that I will not be getting one penny of the $10 million in capital I invested in the bank. Had the sale to Qetna been allowed, I would have been paid $25 million in cash and Qetna stock, and not a single customer would have been inconvenienced.

I don't think OCIF cares whether this goes on for another month or another year, they could've avoided all this very easily. They closed the bank, that was the main objective, customers are collateral damage as far as the OCIF is concerned.

 

[ATNTESTING]

It's now been a full 11 months since OCIF unnecessarily put the bank into receivership, rather than the alternative of allowing Qetna to buy it. Had that sale taken place, the Novo freeze never would have happened. The trigger for the freeze was the OCIF press conference to announce the closure of the bank, where the IRS and J5 pretended that their failed money laundering and tax evasion investigation was a success. Then the media falsely reported that the OCIF action related to the J5 investigation. OCIF never wanted to push back against those false allegations made by the media. I think that's why they didn't go out of their way to pressure the Portugese government to release the freeze sooner. I had been trying to get them to do that. After months of truing they finally sent a letter to the Portugese government, but it was not nearly as strongly worded as I had hoped it would be. Hopefully OCIF will feel some pressure not to let a full year go by without customers getting their money. I have already accepted the fact that I will not be getting one penny of the $10 million in capital I invested in the bank. Had the sale to Qetna been allowed, I would have been paid $25 million in cash and Qetna stock, and not a single customer would have been inconvenienced.

Peter, do you really believe the receiver when he says he's struggling with Eastnet software and think about wire the funds in a US bank?

 

[Pschiff]

Peter, do you really believe the receiver when he says he's struggling with Eastnet software and think about wire the funds in a US bank?

The Eastnet problem is real, but I think but for the receiver it would have already been solved.

 

[ATNTESTING]

The Eastnet problem is real, but I think but for the receiver it would have already been solved.

Peter, how can you believe that? I work for more than 20 years in IT and such a software company like Eastnet providing sensitive service like SWIFT hosting to many big financial institutions will NEVER let one of his clients struggling more than one day without quick assistance! One month later, still stuck with this? Sure... Peter, when you hear a lame excuse like that, you and EPB should quickly hire a lawyer in Puerto Rico! They are clearly fooling us!!

 

[Pschiff]

Peter, how can you believe that? I work for more than 20 years in IT and such a software company like Eastnet providing sensitive service like SWIFT hosting to many big financial institutions will NEVER let one of his clients struggling more than one day without quick assistance! One month later, still stuck with this? Sure... Peter, when you hear a lame excuse like that, you and EPB should quickly hire a lawyer in Puerto Rico! They are clearly fooling us!!

No, there was an update to swift while the bank's Novo account was frozen. Nothing was done to update the bank's account. Also, Novo has the original wire instructions Eastnet send about 7 months ago, but they refuse to accept those instructions as they claim they are to old. Until the problem with Eastnet is resolved, the bank can not send updated instructions. They are basically the same, just with a more recent date.

 

[Radko]

Peter, how can you believe that? I work for more than 20 years in IT and such a software company like Eastnet providing sensitive service like SWIFT hosting to many big financial institutions will NEVER let one of his clients struggling more than one day without quick assistance! One month later, still stuck with this? Sure... Peter, when you hear a lame excuse like that, you and EPB should quickly hire a lawyer in Puerto Rico! They are clearly fooling us!!

This EastNet issue is taking too long to get resolved, and opening an account for the bank in CA shows how lost this process is, no wonder nothing is happening.

No, there was an update to swift while the bank's Novo account was frozen. Nothing was done to update the bank's account. Also, Novo has the original wire instructions Eastnet send about 7 months ago, but they refuse to accept those instructions as they claim they are to old. Until the problem with Eastnet is resolved, the bank can not send updated instructions. They are basically the same, just with a more recent date.

And round and round we go....

 

[ATNTESTING]

No, there was an update to swift while the bank's Novo account was frozen. Nothing was done to update the bank's account. Also, Novo has the original wire instructions Eastnet send about 7 months ago, but they refuse to accept those instructions as they claim they are to old. Until the problem with Eastnet is resolved, the bank can not send updated instructions. They are basically the same, just with a more recent date.

that's what you told us 1 month ago... after one month, still no progress? They even laugh at us to see how gullible we are! They just need the pressure of another lawyer but for some reasons, you don't want...

 

[Kruger]

@Pschiff how does repeating the sorry saga on twitter every few days help us as clients? Surely your focus should be directed at placing more pressure on those holding back the progress. All that the tweets accomplish is invite the "#bitcoin solves" this brigade.

 

[Radko]

@Pschiff how does repeating the sorry saga on twitter every few days help us as clients? Surely your focus should be directed at placing more pressure on those holding back the progress. All that the tweets accomplish is invite the "#bitcoin solves" this brigade.

I wouldn't let the story die, keeping it alive helps, directly or indirectly, no one cares about the BTC lovers, they have nothing else to do other than try to pump BTC.
Although I do agree on complaining to the Receiver and OCIF for their lack of action and ridiculous ideas that only hurt customers.

 

[James123456]

EPB’s account with Novo Bank is STILL blocked. Our client paid us (erroneously) after the 30/6 2022 freeze (they paid in August 2022) and our client has still not got their money sent back:

This week our client’s bank sent another Swift message to Novo Banco requesting the money to be sent back and this was the written SWIFT answer from Novo Bank this week:

“Please be advised that we cannot return the funds as indicated, because our clients account in blocked for debits due to internal policy”

 

[Radko]

EPB’s account with Novo Bank is STILL blocked. Our client paid us (erroneously) after the 30/6 2022 freeze (they paid in August 2022) and our client has still not got their money sent back:

This week our client’s bank sent another Swift message to Novo Banco requesting the money to be sent back and this was the written SWIFT answer from Novo Bank this week:

“Please be advised that we cannot return the funds as indicated, because our clients account in blocked for debits due to internal policy”

Interesting, disconcerting and depressing.

 

[Kruger]

I wouldn't let the story die, keeping it alive helps, directly or indirectly, no one cares about the BTC lovers, they have nothing else to do other than try to pump BTC.
Although I do agree on complaining to the Receiver and OCIF for their lack of action and ridiculous ideas that only hurt customers.

I fully agree that the story needs to be kept alive. The content needs to be alot more assertive and directed at those responsible for the delay by using hashtags etc. In its current form it has very little, if any ,impact

 

[ATNTESTING]

Sorry Peter to repeat myself again but why EPB and yourself don't consider hiring a lawyer in Puerto Rico to follow up the liquidation with the receiver? There's clearly something wrong going on in the background and you know it! Is there agreement with you/EPB/OCIF or receiver that we are not aware of?
Like Radko said, we are like pigs in the truck on the way to the slaughter house. And drivers are Peter, EPB, receiver, OCIF. And something a quick update for the pigs to calm them down...

 

[Pschiff]

@Pschiff how does repeating the sorry saga on twitter every few days help us as clients? Surely your focus should be directed at placing more pressure on those holding back the progress. All that the tweets accomplish is invite the "#bitcoin solves" this brigade.

I can't place any pressure on OCIF or the receiver. There already is a lawyer involved that talks with OCIF and the Receiver on behalf of the bank. I hired his firm on my own. No bank money was used. I cant even really criticize OCIF as they forced me to sign a mutual non-disparagement agreement.

 

[regi]

they forced me to sign a mutual non-disparagement agreement.

Nice deal. They planned to shut you up with consent and endlessly suck money out of your clients' accounts. From a distance it looks like a planned action (not by you).