Euro Pacific bank is a scam

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Golden Fleece

Entrepreneur
Peter may indeed be just ranting but we know the bank is actually insolvent.

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Zequeira Diaz confirmed the bank, headquartered in the Puerto Rican capital San Juan, was insolvent and that Schiff was the sole remaining shareholder. She said a trustee had been appointed to liquidate the bank’s assets and return all deposits.

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The one thing that gives me pause here, in terms of trusting the media narrative, is my distrust of government in general and the extremely high level of corruption and incompetence in Puerto Rico.

It will be interesting to see how the actual facts unfold.
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
The one thing that gives me pause here, in terms of trusting the media narrative, is my distrust of government in general and the extremely high level of corruption and incompetence in Puerto Rico.

That's why Peter Schiff chose to move there and set up a bank and an asset management company in Puerto Rico right? What does that say about him...lol?
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member

Sols

Staff member
Mentor Group Gold
It's not. That's the point. It just doesn't have enough excess regulatory capital. But since the bank has no loans, it's not really needed. The rules were written for banks with risky loans on their balance sheets. My bank has none.

Wow. This is why you hire bankers, not media talking heads, podcasts hosts, and whatever else it is Peter Schiff to run a bank. Hopefully he has someone actually qualified to run a bank on payroll to help him sort this out and make a clean shutdown.
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
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Last Thursday, the OCIF issued a cease-and-desist order and appointed certified public accountant Wigberto López Mender as IFI’s receiver, after concluding that EPB has been operating in insolvency for at least three years. This is the first time that OCIF has appointed a receiver for an IFI. If the OCIF so concludes, the receivership must end with the liquidation of the IFI.

In issuing the order, OCIF also imposed a fine of about $765,000 and ordered the delivery of the reserve certificate required to these entities, which totals another $300,000.

---- quote end

 

nobel

Active Member
EPB: As usual, Euro Pacific Bank maintains a full-reserve ratio, meaning we make no loans and keep all client deposits on-demand eek¤%&
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
EPB: As usual, Euro Pacific Bank maintains a full-reserve ratio, meaning we make no loans and keep all client deposits on-demand eek¤%&

"on-demand"? Well thats a lie by the bank. You can't demand and get your money back today 08 July 2022 can you? smi(&%.

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The Puerto Rico financial regulator recently requested that Euro Pacific Bank pause its operations. In response, we are complying by pausing all transactions and reviewing the details of their request.

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Luveria

New member
Hi,
I'm new here: I have an account Euro Pacific and card top-up and transfers are frozen.
Internet banking shows a notice about an incoming hearing on July 14th, does anybody know what's next ?
July 09 around 1900 UTC.jpg
 

Sols

Staff member
Mentor Group Gold
I'd say there are three possible outcomes.
  1. The bank resumes operations like before. This is the least likely scenario. The news coming out about the bank are not good.
  2. The bank is sold to a new owner and after a many months (maybe years) of due diligence and audits, the new owners open the bank again.
  3. The bank is dissolved. A process that will take years begin, whereby creditors and depositors are slowly and gradually repaid from what's left in the company.
 

nobel

Active Member
I'd say there are three possible outcomes.
  1. The bank resumes operations like before. This is the least likely scenario. The news coming out about the bank are not good.
  2. The bank is sold to a new owner and after a many months (maybe years) of due diligence and audits, the new owners open the bank again.
  3. The bank is dissolved. A process that will take years begin, whereby creditors and depositors are slowly and gradually repaid from what's left in the company.
What about the customers who switched to Interactive Brokers US? EPB offered this last weeks. Is the money safe with Interactive Brokers US?
 

Luveria

New member
Just out of curiosity, can you still use the card? I mean the money you loaded onto the card before the bank stopped operating.
Hi Marie Manila,
the card (Mastercard) it's a revolving one and works.
So to answer your question, YES I managed to get money at the ATM but I can't top-up anymore so it's now useless.
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
To which he said yes, he would ;)
But who would want to buy such a bank anyway. Would probably be the last thing right now.

Exactly. His bank is gone but he will spin the narrative that it was governments fault. When in fact it is his fault alone for being insolvent. He cannot simply make up his own rules.

P.S I would really want to know too what any alleged buyer would be paying for here ca#"!.
 

Stephen2030

New member
Incoming transfer? ...

What happens to the transfers received on the account since the suspension? Will they be returned to sender?
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
Incoming transfer? ...

What happens to the transfers received on the account since the suspension? Will they be returned to sender?

The bank is halted meaning no operations permitted. Funds sent to any account in bank now may just sit on the banks correspondence account. However if that correspondence account is blocked it may bounce back to sender.
 
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