Euro Pacific bank is a scam

[orion7352]

We just have to wait what the report will say end of July.
I am also an opt out customer and cashing a USD cheque in the Netherlands is IMPOSSIBLE.

Useless paper.

So in case this is the solution I will not agree with this and will ask the receiver to wire the money.

I totally agree with you. That's why I am consulting lawyers right now to avoid this bad plan of the Receiver's. We cannot wait to be forced to accept a bad plan.

 

[milhous]

I totally agree with you. That's why I am consulting lawyers right now to avoid this bad plan of the Receiver's. We cannot wait to be forced to accept a bad plan.

Great. Keep me posted. Assume you are European too?
USD checks cannot be cashed in countries along Europe. There might be exceptions but did not found them yet

 

[Feisty]

Did I miss something? There Was an official annoucement from the receiver, some dates were appointed and suddenly now people start the panic again. Did I missed some new info? Why are You panicking now when things seem to be moving forward slowly but still moving.

I’m not panicking! I’m angry!! I was told bu the bank that opt out cuatomers would not be effected by the euro interest on accounts becuase transfer request for opt out was made before that date. Now I am seeing we are going to be sent a check. By the looks of it that check will contain the amount to date not the amount before transfer request made. That means I as many customers are loosing a lot of money, as explained earlier. That and the fact that we are receiving a check by mail. WTF? A check for auch a high amount and a check that most probably will not be accepted in another international location. Is that more clear for you @JoeOhNo?

My guess is there will be further delays, its bloody obvious. If Sciff and friends haven’t been able to wire our funds in 1 year, do you really think they are going to be able to transfer funda to another bank, from a bank that has not cooroporated, oh and then suddenly pimrint out all thses checks and then send them across the world. Come on who are they trying to kid? We’re going to be in a worse position as 1 year ago. Customers will not get there mobey back, especially in such a more complex way, rather than just sending a wire.

 

[orion7352]

Great. Keep me posted. Assume you are European too?
USD checks cannot be cashed in countries along Europe. There might be exceptions but did not found them yet

Yes I am in Europe too. Banks in Europe are just full of rule following bureaucrats. You turn up with a USD cheque from a Californian bank noone has heard about and all the compliance alarm bells rings. It's a terrible plan by the Receiver and he knows it. Noone can be that stupid.

 

[Feisty]

Why the hell are Opt in customers treated differently than opt out customers anyway? This is a liquidation, not entrance to a plane.

 

[Martin Everson]

Mark Anderson, who ran the bank, was a very honest man. His name was also unfairly smeared by the press. So too were the bank's staff. The government targeted my bank due to my political views, which the government did not like. Here is a link to the original court case from 2002 that exonerated Mark of SEC charges. The SEC appealed, and the appeals court reversed the trial court's ruling. Mark lacked the financial resources to appeal, and ended up going bankrupt.

So the CEO of Euro Pacific Bank already had a history of bankruptcy? Was the OCIF made aware of this or was this not required to be declared to them?

P.S It seems strange to have such a person as CEO of a bank which has now gone the same way.

 

[StEPB]

​

Don't forget​

"Statements. The core banking system will cease after June 30, 2023. So, if you have not, please download your bank statements accordingly." Also make some screenshot. ​

 

[Pschiff]

So the CEO of Euro Pacific Bank already had a history of bankruptcy? Was the OCIF made aware of this or was this not required to be declared to them?

P.S It seems strange to have such a person as CEO of a bank which has now gone the same way.

Mark Anderson filed personal bankruptcy about 20 years ago. Lots of people file for bankruptcy. But Euro Pacific bank was not bankrupt. It had no debt. It was put into bankruptcy by OCIF despite its being the most solvent bank in Puerto Rico. In fact, it might have been one of the most solvent banks in the entire country, given that it made no loans, had no debt, and held all deposits in overnight cash.

I’m not panicking! I’m angry!! I was told bu the bank that opt out cuatomers would not be effected by the euro interest on accounts becuase transfer request for opt out was made before that date. Now I am seeing we are going to be sent a check. By the looks of it that check will contain the amount to date not the amount before transfer request made. That means I as many customers are loosing a lot of money, as explained earlier. That and the fact that we are receiving a check by mail. WTF? A check for auch a high amount and a check that most probably will not be accepted in another international location. Is that more clear for you @JoeOhNo?

My guess is there will be further delays, its bloody obvious. If Sciff and friends haven’t been able to wire our funds in 1 year, do you really think they are going to be able to transfer funda to another bank, from a bank that has not cooroporated, oh and then suddenly pimrint out all thses checks and then send them across the world. Come on who are they trying to kid? We’re going to be in a worse position as 1 year ago. Customers will not get there mobey back, especially in such a more complex way, rather than just sending a wire.

Don't blame me. I have nothing to do with the bank. Had OCIF not taken the bank away from me and put it into receivership, I would have wired everyone back their money a year ago.

Yes we need to find a lawyer who can protect our interests quickly. If anyone has found a Puerto Rican lawyer that is willing to help us then please post it here

Don't you understand that I had nothing to do with this. I was an investor in the bank. I put $10 million of capital in. I never worked at the bank. I was just on the board. I had the bank sold. OCIF rejected the sale. I offered to liquidate the bank myself, to avoid the needless delay of a receiver. OCIF refused. OCIF put the bank under the control of a receiver 1 year ago today. Over that time I have had no authority to do anything. I lost 100% of the 10 million I invested, and the $25 million I would have received had OCIF allowed the sale to Qenta.

I agree with Feisty. You guys cannot trust the person who got you in this mess. His sole purpose of posting on here is to protect his brand and to convince you not to pursue legal action against him. Do not believe anything Peter Schiff says. He is now selling NFT's and attending Bitcoin conferences...and that is after spending a decade saying Bitcoin was going to $0. That tells you the character of Peter Schiff.

Again, sue OCIF if you want, I had nothing to do with this. When OCIF took over the bank there was over 2 million in cash above what was owed depositors. The receiver was supposed to return all funds and liquidate the bank in no more than 90 days. I had no role in the process. OCFI shut me out. I offered to do it all myself, but OCIF wouldn't let me. I've complained on behalf of customers to no avail.

 

[btc100k]

Peter Schiff is still denying that he is not at fault. You guys should have sued him a year ago. You should still sue him today.

 

[Pschiff]

Peter Schiff is still denying that he is not at fault. You guys should have sued him a year ago. You should still sue him today.

Who are you anyway. You are not a customer, just a trouble maker. Also you don't know anything about the law. I was a shareholder in a corporation. You can't sue shareholders, unless they misappropriated corporate funds. I never took one penny out of the bank during the ten years I was a shareholder. So there is no basis to sue me. Just a waste of customer's time and money.

 

[btc100k]

You can't sue shareholders, unless they misappropriated corporate funds.

You used customer money to pay for operating expenses. You paid a fine for it. That is why you got shutdown. So please stop lying to the people on this board.

If the bank really got shutdown because of your "political beliefs" then that too is your fault. You caused it to get shutdown.

 

[jafo]

I could not personally trust any unknown lawyers in PR, as none of them will turn against the state. PR is pretty small country, everybody knows each other and media is also under control of state.

Truer words have NEVER been spoken!

If the bank really got shutdown because of your "political beliefs" then that too is your fault. You caused it to get shutdown.

How? I would love to hear your argument in support of this.

 

[Pschiff]

Truer words have NEVER been spoken!


How? I would love to hear your argument in support of this.

How do you figure.? I have a right to express my political beliefs. If any bank customers had a problem with those opinions they could have closed their accounts, or never opened an account in the first place. You should be upset and the government, not me.

You used customer money to pay for operating expenses. You paid a fine for it. That is why you got shutdown. So please stop lying to the people on this board.

If the bank really got shutdown because of your "political beliefs" then that too is your fault. You caused it to get shutdown.

No, the bank inadvertently caused reserves to dip below 100%. I think they may gave gotten down to 97% or so before the bank figured it out. The day I was informed of the oversight, as a passive investor, I wired in $4.5 million dollars to cover the short-fall. Then the software was updated so it could't happen again, and I added another $2.5 million or so over the next year to maintain capital in the face of large operating losses.

 

[btc100k]

How do you figure.? I have a right to express my political beliefs. If any bank customers had a problem with those opinions they could have closed their accounts, or never opened an account in the first place. You should be upset and the government, not me.

If a business owner says something racist that results in his business going bankrupt, is he at fault? He too has the right to be a racist.

Of course it is your fault. Quit playing dumb. You are insulting the intelligence of the people you have hurt financially.

 

[Pschiff]

If a business owner says something racist that results in his business going bankrupt, is he at fault? He too has the right to be a racist.

Of course it is your fault. Quit playing dumb. You are insulting the intelligence of the people you have hurt financially.

So in your opinion promoting the Constitution, individual liberty, and sound money, is the same thing as promoting racism? At least now we know where you are coming from.

 

[btc100k]

So in your opinion promoting the Constitution, individual liberty, and sound money, is the same thing as promoting racism? At least now we know where you are coming from.

You keep trying to spin the narrative. If your political beliefs, no matter what they are, caused your scam bank to go broke...then obviously it is your fault. And your version of the events may or may not be reality.

The OCIF says the bank failed because you used customer money for operating expenses.

 

[Pschiff]

OCIF said no such thing. I was the person who brought that fact up., not OCIF. In fact, OCIF never had a problem with that. Plus the bank was never a scam.

 

[jafo]

How do you figure.? I have a right to express my political beliefs. If any bank customers had a problem with those opinions they could have closed their accounts, or never opened an account in the first place. You should be upset and the government, not me.

@Pschiff - I don't know why you responded this to me, but my first line was NOT directed at you.

My second line (the question) was also NOT directed to you, but to @btc100k
How did you get these things confused and inserted yourself? See image below for confirmation.

I wanted @btc100k to explain how he thinks you caused the shutdown due to your political beliefs. I'm interested in hearing his logic & argument. That's just it. It's an intellectual pursuit for me. He may have a good point that we are not seeing.

If a business owner says something racist that results in his business going bankrupt, is he at fault? He too has the right to be a racist.

Of course it is your fault. Quit playing dumb.

I'm really struggling to understand your argument or logic here. NOT defending Schiff.

Can you explain why anyone's words, no matter how despicable, should negatively affect their business?

Say I say something negative/racist about Martians (from planet Mars - this is to avoid ill feelings here). Why should Neptunians shut down my bank on planet Neptune if this was never a prohibited act on Neptune?

 

[btc100k]

Say I say something negative/racist about Martians (from planet Mars - this is to avoid ill feelings here). Why should Neptunians shut down my bank on planet Neptune if this was never a prohibited act on Neptune?

You are asking the wrong question. The question should be: if you say something racist about Martians and the business gets shut down, are you fault?

And the answer is Yes. Even if the government is in the wrong. The answer is still Yes. Because if you didn't say anything, the business would still be open.

Now I will link this to Peter's situation. If Peter had 0 political beliefs, would his bank still open? If the answer is YES, then he is 100% to blame for the bank failing. It was his beliefs that caused it to fail.

I hope that makes sense.

 

[jafo]

You are asking the wrong question. The question should be: if you say something racist about Martians and the business gets shut down, are you fault?

And the answer is Yes. Even if the government is in the wrong. The answer is still Yes. Because if you didn't say anything, the business would still be open.

Now I will link this to Peter's situation. If Peter had 0 political beliefs, would his bank still open? If the answer is YES, then he is 100% to blame for the bank failing. It was his beliefs that caused it to fail.

I hope that makes sense.

@Pschiff - your problem was you don't have the PHYSICAL FIREPOWER to pummel your opponents six feet under. If you did, they would have NEVER messed with you! Regardless of your beliefs or whatever you said or will say! Self-preservation for dastardly unproductive parasites under the ruse of "government" is of utmost importance

@btc100k is correct when he says that if you speak, be ready to back it up with lethal force. If not, best to move on. There is honor in picking your battles wisely!

PS. Look what is happening in France on the streets now. There isn't a politician or regulator around trying to "close" down the rioters.