Euro Pacific bank is a scam

[milhous]

Why can't Novo Bank just send the money to customers end accounts? Why this convoluted idea of sending it through a Californian bank? It doesn't seem to make any sense . What's his reasoning for doing this ?

As of now the Receiver's plan is to have Novo send all the money for the opt-out customers to a small online bank in California. The bank only has a U.S. dollar account, so all the currencies will be converted to U.S. dollars by that bank's correspondent bank, which is also in California. I can't imagine the FX rates will be good. Then the receiver plans on mailing U.S. dollar denominated checks to the physical address of record of each customer. I have tried my best to change his mind, but it appears to be made up, and there is really nothing I can do about it. Personally I think the opt-in customers will get access to their money much sooner. I have asked that all opt-out customers be offered a second chance to opt-in, but I have not idea if my recommendation will be followed.

That would be a disaster. In the Netherlands no bank will accept a cheque in dollars to cash in.

 

[orion7352]

That would be a disaster. In the Netherlands no bank will accept a cheque in dollars to cash in.

It's important that we all write to the OCIF Commissioner complaining about the plans and the length of times of the plans.

Her email address I have for her is

[email protected]

 

[milhous]

It's important that we all write to the OCIF Commissioner complaining about the plans and the length of times of the plans.

Her email address I have for her is

[email protected]

just sent an email about complaining of the lack of communication and the fact that there is a rumour that the receiver is planning of sending a cheque

just sent an email about complaining of the lack of communication and the fact that there is a rumour that the receiver is planning of sending a cheque

In this stage I think it is very important that as many account holders as possible sent an email regarding this rumour about the cheque. Just checked it but banks in Europa will NOT accept cheques any more since 2021!. That means that if you receive a cheque you cannot cash it and you money will be gone forever

 

[StEPB]

"The core banking system will stop after June 30, 2023" and the opt-in customers and Qenta are gone and have their fair share. It seems that Qenta was the only one able to push somewhat. Now the opt-outs are the last in line without any communication options (never get an answer to my emails). Also some shady deals with California bank and receiver. The only hope is to get an opportunity to become an opt-in customer with Qenta in time, otherwise it could become a never-ending process.

 

[orion7352]

Well, sending US checks seem a good option to them. We won't receive anything, that will be the fault of post office in your country and case is closed! And the physical address I gave to EPB was a place where I lived 5 years ago. I moved to so many different places in the meantime. I don't know how I can change my address as nobody at EPB replies...

So complain to OCIF in the first instance.

 

[Radko]

Those of you that are opting-out should wait until the liquidation report is published at the end of July, then you will find out exactly the arrangements made by the Receiver regarding the return of your funds.
I'm sure you will be able to complain and in case the plan is to mail you a check, which seems crazy to me as that envelope can easily get lost, I'm sure you will be able to arrange a wire transfers from the California bank, or maybe you will be able to have your funds transferred to Qenta, I don't see why you wouldn't be able to opt-in, obviously I would insist on letting you Opt-in, in theory you should get your money back sooner and with less fees, but for now I think it's prudent to wait until we know that Novo bank has released the funds, and we get the liquidation report (I don't think there's anything Peter can do at this stage.)

 

[orion7352]

Those of you that are opting-out should wait until the liquidation report is published at the end of July, then you will find out exactly the arrangements made by the Receiver regarding the return of your funds.
I'm sure you will be able to complain and in case the plan is to mail you a check, which seems crazy to me as that envelope can easily get lost, I'm sure you will be able to arrange a wire transfers from the California bank, or maybe you will be able to have your funds transferred to Qenta, I don't see why you wouldn't be able to opt-in, obviously I would insist on letting you Opt-in, in theory you should get your money back sooner and with less fees, but for now I think it's prudent to wait until we know that Novo bank has released the funds, and we get the liquidation report (I don't think there's anything Peter can do at

The money is already back from Novo as far as I can see.

I disagree with you that opt-out customers should wait. We have to protect our own interests, as you protect yours.

 

[Pschiff]

Why can't Novo Bank just send the money to customers end accounts? Why this convoluted idea of sending it through a Californian bank? It doesn't seem to make any sense . What's his reasoning for doing this ?

Charges that were made to Swift while the funds were tied up that the bank didn't keep up with. For some reason the Receiver refuses to work with Eastnet to make the necessary updates. Qenta told him what he needs to do, and their staff is at his disposal to help, but he refuses to do what needs to be done. He has chosen the slowest, most expensive way to return customer funds. \However. It will work out very well for the Receiver, and he will be able to make a lot more money for himself. I have sent multiple complaint emails to the receiver and copied the OCIF Commissioner that this course is unnecessary, will delay and increase the cost of returning customer funds and the liquidation of the bank. The Commissioner has done nothing. I have also written the receiver that he needs to give the opt-out customers a second change to opt-in, to avoid the delay and added cost, but so far he refuses to do so.

@Pschiff I don't don't see why Novo Bank can't just send the money to where customers originally wanted it to go to? I don't see why it has to go to a Californian bank?

There is nothing I can do. The receiver makes all the decisions. I have no authority to do anything. Trying to help speed up the process has been a complete waste of my time, when the person in charge of the process has a vested interest in slowing it down. The OCIF Commissioner appointed him, when such an appointment was completely unnecessary. I have copied the Commissioner on my written complaints to the receiver to no avail. I can only assume the Commissioner doesn't care, or is actually pleased by the delay and added cost. After all, there was a much quicker, less expensive way to liquidate the bank and return customer funds, but she deliberately chose the slowest most expensive way. She also chose to avoid the best solution, which was to allow the seamless sale to Qenta or another buyer that stepped up, but the Commissioner refused to allow any alternative to liquidation through her hand-picked receiver who had zero prior banking experience.

 

[orion7352]

Charges that were made to Swift while the funds were tied up that the bank didn't keep up with. For some reason the Receiver refuses to work with Eastnet to make the necessary updates. Qenta told him what he needs to do, and their staff is at his disposal to help, but he refuses to do what needs to be done. He has chosen the slowest, most expensive way to return customer funds. \However. It will work out very well for the Receiver, and he will be able to make a lot more money for himself. I have sent multiple complaint emails to the receiver and copied the OCIF Commissioner that this course is unnecessary, will delay and increase the cost of returning customer funds and the liquidation of the bank. The Commissioner has done nothing. I have also written the receiver that he needs to give the opt-out customers a second change to opt-in, to avoid the delay and added cost, but so far he refuses to do so.


There is nothing I can do. The receiver makes all the decisions. I have no authority to do anything. Trying to help speed up the process has been a complete waste of my time, when the person in charge of the process has a vested interest in slowing it down. The OCIF Commissioner appointed him, when such an appointment was completely unnecessary. I have copied the Commissioner on my written complaints to the receiver to no avail. I can only assume the Commissioner doesn't care, or is actually pleased by the delay and added cost. After all, there was a much quicker, less expensive way to liquidate the bank and return customer funds, but she deliberately chose the slowest most expensive way. She also chose to avoid the best solution, which was to allow the seamless sale to Qenta or another buyer that stepped up, but the Commissioner refused to allow any alternative to liquidation through her hand-picked receiver who had zero prior banking experience.

Can you tell us which email address that you use for the Commissioner?

I may have the wrong one. The lawyer I consulted urged customers to complain to the Commissioner but I don't know if I have the right email.

 

[Radko]

The money is already back from Novo as far as I can see.

I disagree with you that opt-out customers should wait. We have to protect our own interests, as you protect yours.

And where do get that Novo Bank has released the funds? No official statement has ever said that the funds deposited at Novo Bank have been released.

I'm not in the side of the Receiver, but until the Receiver tells you in the liquidation report what's going to happen to the Opt-out customers, there's nothing to complain about.
I'm sure the Receiver will not force opt-out customers to accept his scheme, he must find a way to work with you based in your personal circumstances.

 

[orion7352]

And where do get that Novo Bank has released the funds?

It's back in my account and EPB customer services confirmed it yesterday.

But EPB say they want to reestablish the wires with Novo. So it's all pretty confusing.

 

[Radko]

It's back in my account and EPB customer services confirmed it yesterday.

What do you mean the funds are back in your account, sorry but you are completely lost.
You cannot see from your account anything related to the Correspondent bank.

The vast majority of the funds are still deposited at Novo Bank in Portugal, the Receiver clearly said it, nothing has been transferred out of Novo, and I guarantee you those funds will not go to your account, they will either go to Qenta or to that bank in California.

 

[orion7352]

What do you mean the funds are back in your account, sorry but you are completely lost.
You cannot see from your account anything related to the Correspondent bank.

The vast majority of the funds are still deposited at Novo Bank in Portugal, the Receiver clearly said it, nothing has been transferred out of Novo, and I guarantee you those funds will not go to your account, they will either go to Qenta or to that bank in California.

Before I could see it wasn't in my current account and was in a transfer. Now it's back in the current account .

EPB confirmed what I saw.

 

[Radko]

Before I could see it wasn't in my current account and was in a transfer. Now it's back in the current account .

What you are seeing is just an entry in your account, that's most likely a wire transfers that you tried to make a while ago, what I'm talking about is the actual deposits, the cash itself, which is not at EPB.
EPB was using two banks to keep the deposits, one was a bank in Puerto Rico, the other one was Novo bank in Portugal, most of the deposits were with Novo and as of today Novo has NOT released those funds, so the liquidation of EPB and the return of the funds is subject to the recovery of the funds from the Correspondent bank, Novo Bank.
According to the update given today by EPB, some of the funds have already been transferred to Qenta for the opt-in customers, I imagine those funds are the ones that were deposited at the bank in Puerto Rico, but until the Receiver is able to recover the funds from Novo, there will not be anything for anyone, as Novo has most of the cash.

Honestly, for all of you who opted-out I would relax and I guarantee you that you will be able to review and reply to the liquidation proposal, you will have 60 days to do that, plenty of time to communicate directly with the Receiver, although most likely it will be through EPB.

I understand that you would like to communicate with the Receiver right now, but I'm sure it will not make any difference until the funds are recovered from Novo and the Receiver publishes the Liquidation Report.

 

[orion7352]

What you are seeing is just an entry in your account, that's most likely a wire transfers that you tried to make a while ago, what I'm talking about is the actual deposits, the cash itself, which is not at EPB.
EPB was using two banks to keep the deposits, one was a bank in Puerto Rico, the other one was Novo bank in Portugal, most of the deposits were with Novo and as of today Novo has NOT released those funds, so the liquidation of EPB and the return of the funds is subject to the recovery of the funds from the Correspondent bank, Novo Bank.
According to the update given today by EPB, some of the funds have already been transferred to Qenta for the opt-in customers, I imagine those funds are the ones that were deposited at the bank in Puerto Rico, but until the Receiver is able to recover the funds from Novo, there will not be anything for anyone, as Novo has most of the cash.

Honestly, for all of you who opted-out I would relax and I guarantee you that you will be able to review and reply to the liquidation proposal, you will have 60 days to do that, plenty of time to communicate directly with the Receiver, although most likely it will be through EPB.

I understand that you would like to communicate with the Receiver right now, but I'm sure it will not make any difference until the funds are recovered from Novo and the Receiver publishes the Liquidation Report.

Well you can believe the information you have, and I can believe the information I have.

Stop telling other people what to do!

 

[Radko]

Well you can believe the information you have, and I can believe the information I have.

You should read the document sent by the Receiver himself the other day, he clearly says "subject to the recovery of the funds from the Correspondent bank."
EPB is just a digital bank, they don't have any cash whatsoever, they've never had the deposits, they must use proper banks such as Novo Bank to keep the funds.
And if and when the funds are released from Novo I guarantee you that those funds will not go to EPB, they will go to another bank.

There are two major hurdles ahead of us, one is Novo bank and up to now it has always been a problem, and the other one is the useless Receiver, as no one knows how much is he planning to steal from us (as Peter said, the Receiver is out for himself and he is going to squeeze as much as he can until the very last day.)

Trust me, I'm not used to getting fucked so hard and not being able to do much about it, they have the power, but if these corrupted people end up taking a lot of our money, we should join forces and sue them, Peter already said that he would collaborate if needed.

 

[orion7352]

You should read the document sent by the Receiver himself the other day, he clearly says "subject to the recovery of the funds from the Correspondent bank."
EPB is just a digital bank, they don't have any cash whatsoever, they've never had the deposits, they must use proper banks such as Novo Bank to keep the funds.
And if and when the funds are released from Novo I guarantee you that those funds will not go to EPB, they will go to another bank.

There are two major hurdles ahead of us, one is Novo bank and up to now it has always been a problem, and the other one is the useless Receiver, as no one knows how much is he planning to steal from us (as Peter said, the Receiver is out for himself and he is going to squeeze as much as he can until the very last day.)

Trust me, I'm not used to getting fucked so hard and not being able to do much about it, they have the power, but if these corrupted people end up taking a lot of our money, we should join forces and sue them, Peter already said that he would collaborate if needed.

I have read the document. I don't think the Receiver knows everything.

Are you running the bank ?

Anyway you believe what you want to believe and don't be so patronising to other people.

 

[Radko]

I have read the document. I don't think the Receiver knows everything.

Are you running the bank ?

Anyway you believe what you want to believe and don't be so patronising to other people.

Patronizing? I'm explaining to you how things work since you obviously have zero knowledge of banking, and saying that you don't believe the Receiver knows everything is such an ignorante statement to make, he is in charge of the EPB, he is the only one that knows EVERYTHING.

Best of luck, sorry I wasted my time trying to explain things to you.

 

[orion7352]

Patronizing? I'm explaining to you how things work since you obviously have zero knowledge of banking, and saying that you don't believe the Receiver knows everything is such an ignorante statement to make, he is in charge of the EPB, he is the only one that knows EVERYTHING.

Best of luck, sorry I wasted my time trying to explain things to you.

You've just proved my point in being both insulting and patronising!

 

[Radko]

You've just proved my point in being both insulting and patronising!

The only thing that you have proven is that you're incapable of listening to the truth and the facts, and because you don't like the truth you resort to insults, pathetic!