Euro Pacific bank is a scam

[Pschiff]

Whatever the case may be, EPB/Receiver is the only one in the entire world that is charging negative rates on Euro deposits, no other bank in the world is doing this, it's called Stealing!

Here we are, June 6th 2023, and all that we know is that almost a year ago customers woke up one morning and found out that they had lost access to their funds, many deadlines have been given since then, and many excuses have been given for the delay, i.e. a freeze that was lifted back in February, and customers still can't access their funds.

I hope the bank's lawyer is actively working with the Receiver to try to speed up the process, and some type of update with a definitive deadline would be appreciated.
As of right now it seems that we will never get our money back, and if we do, we have no idea how much of the money will be returned to customers as the Receiver's fees are piling on (I often wonder what is it that the Receiver does on a daily basis as the weeks go by and nothing happens.)

The receiver has been billing the bank about $10,000 per month for his "services" I have no idea what he is actually doing to earn that money. I know his incompetence blew a $500,000 receivable the bank would have collected from Currency Matters. I have requested a complete audit of all monies that have been paid out of the bank's account. I am still waiting to receive it. EPB is no longer in operation. It exists only to return funds to customers and transfer balances to Qetna. We are all just waiting on the Receiver to accomplish these tasks, and offering to help in any way we can.

 

[Radko]

The receiver has been billing the bank about $10,0000 per month for his "services" I have no idea what he is actually doing to earn that money. I know his incompetence blew a $500,000 receivable the bank would have collected from Currency Matters. I have requested a complete audit of all monies that have been paid out of the bank's account. I am still waiting to receive it. EPB is no longer in operation. It exists only to return funds to customers and transfer balances to Qetna. We are all just waiting on the Receiver to accomplish these tasks, and offering to help in any way we can.

I hope at some point you can hold the Receiver accountable for the $500K, his incompetence should only affect him, not the bank, I'm sure a judge would agree with that.

 

[spiderman]

The receiver has been billing the bank about $10,0000 per month for his "services" I have no idea what he is actually doing to earn that money. I know his incompetence blew a $500,000 receivable the bank would have collected from Currency Matters. I have requested a complete audit of all monies that have been paid out of the bank's account. I am still waiting to receive it. EPB is no longer in operation. It exists only to return funds to customers and transfer balances to Qetna. We are all just waiting on the Receiver to accomplish these tasks, and offering to help in any way we can.

$100k per month?? And what does the bank earns in fees and interests from depositors per month?

 

[Pschiff]

$100k per month?? And what does the bank earns in fees and interests from depositors per month?

I typed in an extra zero by mistake. $10K per month.

 

[Radko]

I typed in an extra zero by mistake. $10K per month.

$10K per month? In exchange for what? Make sure you get an audit of the monies, he might be spending half of his days at a Golf course, I'm not kidding, maybe hiring a private investigator would be worth it, he is obviously not in a rush.

 

[spiderman]

I typed in an extra zero by mistake. $10K per month.

Knowing the other side of the equation would be useful, ie. the income generated by depositor's monthly fees & interests.

 

[Martin Everson]

$10K per month? In exchange for what?

Is that all he is charging? That's actually very cheap service receiver is charging. That's like only $500 a day....lol. Compared to Satabank which cost 10m and EY was billing 700 euros an hour per an employee. Oh and Satabank had 300m in deposits and 12,000 clients. Not a million miles away in terms of size.

EY charges MFSA over €10 million for Satabank job

The local branch of international auditing firm Ernst & Young (EY), which was appointed by direct order in 2018 by former MFSA CEO Joseph Cuschieri to act as the ‘competent person’ to manage the affairs of Satabank, has charged the financial regulator over €10 million in fees for its assignment...

theshiftnews.com

 

[PavelK]

Any constructive ideas to retrieve life savings? Any class lawsuit ideas to speed up the process? Maybe somebody would identify a law office specializing in class lawsuits and start preparing by organizing clients that are currently victims of EPB/OCIF?

 

[spiderman]

Any constructive ideas to retrieve life savings? Any class lawsuit ideas to speed up the process? Maybe somebody would identify a law office specializing in class lawsuits and start preparing by organizing clients that are currently victims of EPB/OCIF?

Sounds to me this will just slow down the process, not speeding it up (ref. @Pschiff).

 

[regi]

Any constructive ideas to retrieve life savings? Any class lawsuit ideas to speed up the process? Maybe somebody would identify a law office specializing in class lawsuits and start preparing by organizing clients that are currently victims of EPB/OCIF?

Only pressure on that lazy guy with office in McDonald can speed up the process. Here we need a solution.

 

[orion7352]

I am speaking to a Puerto Rico lawyer later today about how they could help customers.

I also managed to speak to someone in the Receiver's office. They told me a statement is going to be released by OCIF about the situation but they wouldn't say what it would contain.

Doesn't sound like good news if OCIF has to release a statement?

 

[regi]

Doesn't sound like good news if OCIF has to release a statement?

... or someone opened the eyes and realized what kind of mess they created.

 

[ATNTESTING]

I am speaking to a Puerto Rico lawyer later today about how they could help customers.

I also managed to speak to someone in the Receiver's office. They told me a statement is going to be released by OCIF about the situation but they wouldn't say what it would contain.

Doesn't sound like good news if OCIF has to release a statement?

Official communication from OCIF/receiver or lawyer is what I am looking for since the beginning! Good or bad news...

 

[Radko]

The only statement they need to give us is a definitive date to return our funds, you can write that in one short sentence, anything else will just be more of same.
We are dealing we very cynical people, the fact that the lack of action by the Receiver has cost the bank to lose $500K in receivable explains everything.

 

[Kruger]

... or someone opened the eyes and realized what kind of mess they created.

She has received correspondence from more than one of the members of this group so hopefully this has prompted the release of a statement.

 

[Winston Smith]

The receiver has been billing the bank about $10,000 per month for his "services" I have no idea what he is actually doing to earn that money. I know his incompetence blew a $500,000 receivable the bank would have collected from Currency Matters. I have requested a complete audit of all monies that have been paid out of the bank's account. I am still waiting to receive it. EPB is no longer in operation. It exists only to return funds to customers and transfer balances to Qetna. We are all just waiting on the Receiver to accomplish these tasks, and offering to help in any way we can.

The receiver has been billing the bank about $10,000 per month for his "services" I have no idea what he is actually doing to earn that money. I know his incompetence blew a $500,000 receivable the bank would have collected from Currency Matters. I have requested a complete audit of all monies that have been paid out of the bank's account. I am still waiting to receive it. EPB is no longer in operation. It exists only to return funds to customers and transfer balances to Qetna. We are all just waiting on the Receiver to accomplish these tasks, and offering to help in any way we can.

Over the last year, in one of the many statements via Qenta/EPB, we were told that the problem was no longer the receiver and that Novo Banco were keeping our money. And then, when we almost mounted a legal defence in Portugal, we were told that it was all hush hush and the Portuguese Government itself were investigating us all. Then we were told that Novo Banco were holding our money again. Last month, EPB told us our money had been released from Novo Banco but changes in the SWIFT system meant that Qenta/EBP were having trouble making the transfers. When I mentioned that this excuse was ridiculous it went very quiet.

And now, out of the blue we are back to the bloody receiver and more whining about how much it is costing Mr Schiff but unlike Mr Schiff, EPB clients can’t afford the Luxury of the Grosvenor apartments in Mayfair or flights to Connecticut.

Once more, we need to start a class action together to fight to get our money back. As it it is, it is obvious that Schiff is setting this up to return pennies on the dollar.

 

[Radko]

Over the last year, in one of the many statements via Qenta/EPB, we were told that the problem was no longer the receiver and that Novo Banco were keeping our money. And then, when we almost mounted a legal defence in Portugal, we were told that it was all hush hush and the Portuguese Government itself were investigating us all. Then we were told that Novo Banco were holding our money again. Last month, EPB told us our money had been released from Novo Banco but changes in the SWIFT system meant that Qenta/EBP were having trouble making the transfers. When I mentioned that this excuse was ridiculous it went very quiet.

And now, out of the blue we are back to the bloody receiver and more whining about how much it is costing Mr Schiff but unlike Mr Schiff, EPB clients can’t afford the Luxury of the Grosvenor apartments in Mayfair or flights to Connecticut.

Once more, we need to start a class action together to fight to get our money back. As it it is, it is obvious that Schiff is setting this up to return pennies on the dollar.

Peter Schiff has nothing to do with everything that's going on right now, EPB and its destiny is in the hands of the OCIF/Receiver, they are the ones you should complain to, but the chances of winning a lawsuit against them in a Puerto Rican Court House are very low.
Right now we should wait until things clear up and we find out if we are going to get all our money back, or just part of it, or nothing. Then we can decide the best course of action, a lawsuit against OCIF would be lengthy and expensive unless we all agree to pay for it as a group, but for now as frustrating as it is, I'm going to wait.
There is no point in making things worse until we know for sure that's the only option left.

 

[Winston Smith]

Peter Schiff has nothing to do with everything that's going on right now, EPB and its destiny is in the hands of the OCIF/Receiver, they are the ones you should complain to, but the chances of winning a lawsuit against them in a Puerto Rican Court House are very low.
Right now we should wait until things clear up and we find out if we are going to get all our money back, or just part of it, or nothing. Then we can decide the best course of action, a lawsuit against OCIF would be lengthy and expensive unless we all agree to pay for it as a group, but for now as frustrating as it is, I'm going to wait.

What Schiff and Qenta are responsible for is a steady flow of misdirection and misinformation designed specifically to prevent us, EPB clients, from mounting a coherent defence.

 

[Radko]

What Schiff and Qenta are responsible for is a steady flow of misdirection and misinformation designed specifically to prevent us, EPB clients, from mounting a coherent defence.

The "misdirection and misinformation" is coming from the Receiver and OCIF, they control the bank, they are the ones responsible for the lack of info.

 

[orion7352]

I just had a good online meeting with one of the top lawyers in Puerto Rico. They have acted for OCIF in other liquidations.

They know this case very well and are already acting for a number of EPB customers.

They asked me not to mention their name at this stage because they are not acting for me right now.

They know that Lugo Mender is a poor communicator and OCIF is also aware that the communication with EPB customers has been bad.

Basically OCIF is taking charge of the situation and there are some legal changes required to Qenta's purchase of EPB to be done before OCIF can make the announcement.

OCIF is somehow going to do the wire transfers. The guy didn't know precisely the mechanics of this . Customers will have to resubmit their wires because the old ones have expired.

I asked about whether there would be deductions. They said at this stage that customers are likely to be repaid in full.

This law firm didn't think at this stage that EPB customers had a claim against the Receiver or OCIF. So we left it that if the situation did not work as planned that I would then re-engage with this law firm.

Like everything with the EPB saga we will only believe it when we see it.

But the call was encouraging.