europacbank.com
Those fees should have been minimal. Other than the receiver the bank has had no payroll and no office rent. All the employees were transferred to Qetna. Those that did not go to Qenta quit. Had I been able to liquidate the bank myself, none of those expenses would have been incurred. Plus ,the bank would have received about $500K from Currency Matter, which the receiver blew, and the balance of $700K balance of the $1.2 million paid by Qenta for the accounts. Also had I been allowed to liquidate the bank all funds would have been paid to customers no later than Q4 of 2022.
.I think the main reason the bank has not been liquidated, and customers don't have their funds, is so that the bank can keep paying those fees. The relationships between the Receiver, OCIF, and those receiving those fees needs to be investigated.In that case those winding down fees of over a $1m needs to be audited at some point down the line just so people understand what that money was actually spent on
So now we know more and the whole theory seems to be true. The bank was accused of money laundering. In the meantime, the bank's liquidators decided to launder some of the money themselves. "Winding down fees" sounds like a washing machine.
The bank no longer has a staff. The were all let over 1.5 years ago. Also there is no rent, as the office shut over 15 years ago as well. It's just the receiver and whoever he hired to help him. Though based on what he's done he didn't need any help.
I get very little information. I really gave up trying to help over a year ago when it became obvious I was wasting my time. Initially I expected to at least get a million or two back from the $10 million in capital I put up. I no longer expect tot see a penny. I just hope customers get their money eventually. But I have no authority at all to speed up the process.
The receiver is making too much money off of this to want it to end. That's my opinion. So you need to bring the pressure on OCIF. There is not much I cab do personally, as my hands are tied legally due to the settlement. I had hoped that settlement would have at least expedited the return of customer funds. That's one of the main reasons I agreed to it. But the Novo situation same out of left field and screwed that up. It turned out to be a huge windfall for the receiver.
The better argument is that a receiver never should have been appointed. The better alternative was to allow Qenta to buy the bank. The next best alternative was to allow another buyer. There were other qualified buyers who stepped up. Third best was to allow me to liquidate the bank myself without a receiver. I offered to do the job myself for free, and would have personally guaranteed every customer would have been made whole, even if I had to use my own funds to do it. But that would not have been necessary as there was more than enough money available to pay all customers in full, even without the Currency Matters money the receiver blew.
Puerto Rico's Financial Meltdown: Natalia Zequeira's | Natalia Zequeira
In Puerto Rico, a financial crisis looms with Natalia Zequeira Díaz, Commissioner of Financial Institutions (OCIF), at its center. Allegations of negligence and conflicts of interest depict a grim financial landscape under her leadership.ricanmagazine.com
Peter,I get very little information. I really gave up trying to help over a year ago when it became obvious I was wasting my time. Initially I expected to at least get a million or two back from the $10 million in capital I put up. I no longer expect tot see a penny. I just hope customers get their money eventually. But I have no authority at all to speed up the process.
The receiver is making too much money off of this to want it to end. That's my opinion. So you need to bring the pressure on OCIF. There is not much I cab do personally, as my hands are tied legally due to the settlement. I had hoped that settlement would have at least expedited the return of customer funds. That's one of the main reasons I agreed to it. But the Novo situation same out of left field and screwed that up. It turned out to be a huge windfall for the receiver.
The better argument is that a receiver never should have been appointed. The better alternative was to allow Qenta to buy the bank. The next best alternative was to allow another buyer. There were other qualified buyers who stepped up. Third best was to allow me to liquidate the bank myself without a receiver. I offered to do the job myself for free, and would have personally guaranteed every customer would have been made whole, even if I had to use my own funds to do it. But that would not have been necessary as there was more than enough money available to pay all customers in full, even without the Currency Matters money the receiver blew.
Puerto Rico's Financial Meltdown: Natalia Zequeira's | Natalia Zequeira
In Puerto Rico, a financial crisis looms with Natalia Zequeira Díaz, Commissioner of Financial Institutions (OCIF), at its center. Allegations of negligence and conflicts of interest depict a grim financial landscape under her leadership.
Not true. Had the sale gone through I would have been a 4% minority shareholder in a public company. I would not have been a board member, an officer, or even an employee. Just a passive investor. Also, had OCIF asked we could have restructured the deal to eliminate that ownership. That was just an excuse. OCIF wanted to shut the bank down to send a message that Puerto Rico would not be a haven for tax evaders and money lauders. Not because the bank was actually facilitating either, but due to false allegations made by the media that it was. After OCIF rejected the sale to Qenta, other buyers stepped up. But OCIF refused to allow anyone to buy the bank. The Commissioner wanted it shut down and she wanted all the customers out of Puerto Rico, due to their reputation for being organized criminals, drug dealers, money launderers, and tax evaders, despite knowing none of that was true. The truth didn't matter. All that mattered was the false public perception created by the lies told by the media.
Have you seen compliance salaries in crypto compared to say marketing or devs lol?
This is so sad....
If I'm not mistaken, the chap who organized the initial interaction with the lawyer is the one who sadly decided to bring an end to it all. Apologies if I have the wrong person.
