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Euro Pacific bank is a scam
- Thread starter OffshoreCorpTalk
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- euro pacific bank
The Receiver, under the supervision of OCIF. I have no involvement other than constantly complaining and asking questions, most of which are never answered. OCIF now has a new Commissioner as of last week. I have a lawsuit against the prior one. Hopefully the new one will help speed up this process.
By the way Qenta has told me they intend to update Opt-Ins soon, and they have not indicated that they are not positioned to make customer funds available to customers.
This is fantastic news! Can you tell me who in Qenta you are in contact with and when you last heard from them? I have sent numerous email's to Qenta, Brent de Jong, affiliated Qenta companies, recently acquired companies by Qentas and their CEO's, youtube accounts that have has recent interviews regarding Qenta and none of them have responded. OCIF and the Receiver will not respond to my emails I submitted a complaint to OCIF and received no response. Prior to your post, I asked OCIF (not that I expect them to respond) to tell me the dollar value of my account sent to Qenta so I could write off the 100% of my account as a capital loss on my taxes.
Do you know why Qenta is ghosting everyone including OCIF? I don't understand why they would do this if they intend on contacting customers and setting up accounts. Qenta's ghosting and complete lack of communication is indicative of serious trouble within the company I will definitely ask for all my money back immediately! Again, I do hope you Qenta contact is telling the truth!
Another question, sorry. Can you ask your Qenta contact to define 'soon'? Will contact with customers be made in the next few days or weeks? An exact date would be nice, however a ballpark timeframe is better than nothing.
As the receiver manages all the funds opt ins and outs for the time being and during the past three years there has been not a single message from Qenta. The opt ins should have now option to switch to opt out, if they wish.
“ Nothing is written in stone yet” Also all this has taken much more time than it was told three years ago.
“ Nothing is written in stone yet” Also all this has taken much more time than it was told three years ago.
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The Receiver does not have control of all Opt-in's funds. About $18.5M of Opt-in's funds (All Gold and Gold related Investments) were handed over to Qenta at some point (not sure when this happened, OICF or the Receiver will not say). The receiver does controls about $30M of Opt-in funds, which at this time are not handing over to Qenta as Qenta has been ghosting OICF many months. I was 100% invested in the Gold and Precious Metals Mutual fund which was all handed to Qenta, so Qenta has all my money. I read that some Opt'in customers have been allowed to Opt-put as none of their funds were transfered to Qenta.
I was also under the impression the Receiver controlled all funds up until a few weeks ago. If your can decipher the Receivers cryptic quarterly reports it is mentioned in non clear and confusing English that he does not control $18.5M of funds. I do not know how long Qenta has had control of the $18.5M, however I believe they have had it for a few years now. I work in Finance and the quarterly reports by the Receiver are poorly written, cryptic and very confusing, I do not understand most of what is written. A 5 year old could write a quarterly report better than the Receiver who charges $300 per hour his non-service.
If Qenta lost or stolen the funds under their control, I have lost 100% of the money I had with EPB
I am not sure. The one and only email the Receiver sent me was one where I asked to be an Opt-out customer. He sent me the below response -
I responded telling the Receiver I did not own any precious metals with EPB and that I was 100% invested in the Gold and Precious Metals mutual fund. I asked him to clarify who had my money and he did not respond to 3 follow up emails. OCIF will not tell me either and I have sent them many emails, no response. Have a read of the FAQ, it is written in the same confusing, convoluted and non clear English like the Quarterly reports. I do not understand why it is so hard to write in clear English. If you want to be paid $300 per hour, start writing documents and emails that are almost illegible like the Receiver.
I could suppose that Qenta has not yet been allowed to take those balances of opt ins , because OCIF has still not signed off on the Receiver's final liquidation plan and on the formal transfer of liabilities.
The receiver makes unclear reports on purpose of course, which we cannot review precisely.
The receiver makes unclear reports on purpose of course, which we cannot review precisely.
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The issue for Opt-ins is the $18.5M already transferred. The Opt-in money with the Receiver should be safe. This unfortunately does not help me
I hope Peter's contact is telling the truth about Qenta and we get our money out.When a bank is undergoing liquidation, client communication must follow legal and regulatory frameworks, especially under the relevant banking laws and financial regulations of the jurisdiction
I cannot fully agree that above has happened .
I cannot fully agree that above has happened .
Please bear in mind that the receiver is giving regular report updates on the status of recovering funds and expenses.
Banking liquidations take at least 1 year some 3-5 years thats sadly the reality.
Banking liquidations take at least 1 year some 3-5 years thats sadly the reality.
even simple liquidations take 1-2 years, I know liquidations which took 20 (!!) years.
If the sale to Qenta was a good idea seems to be seen, its just suprising that OCIF agreed to such sale to Qenta which is a totally unlicenced group.
It was so simple that it didn't need a receiver. I offered to do it myself. The OCIF Commissioner refused as she was doing the bidding of the IRS and the J5. What screwed it up was the unnecessary press conference, which the J5 and the media used to frame the bank for tax evasion and money laundering. That's what lead the Portugese government to freeze the Novo account for over eight months. During that time the bank lost the ability to move the funds out of Novo Bank. The fact that the OCIF appointed receiver had zero banking experience was a huge problem, Qetna tried to help him understand what to do, but he had his own self-serving agenda.
Of course, the entire liquidation was unnecessary. The OCIF Commissioner should have approved the sale of the bank to Qenta, as she originally intended before the IRS intervened. If she didn't like Qenta, she should have approved the offer made by another group of buyers, that was headed by a former OCIF Commissioner. But the acting Commissioner rejected the buyout offer without giving it any consideration. That's because the IRS, J5, and the media needed the bank to be shut down to frame it for tax evasion and money laundering. Allowing a sale that was in the best interest of customers, employees, Puerto Rico, and me, ran counter to that interest.
The main reason I gave customers the option of going with Qenta, is that OCIF wanted all unclaimed funds to be turned over to the Puerto Rico government. I trusted Qenta far more than the Puerto Rico government. Plus, the Puerto Rico government is in bankruptcy. So I had no idea if customers would ever be able to get their money back. So I needed a place for unclaimed funds to go. The Commissioner also refused to allow any Euro Pacific Bank money to transfer to other Puerto Rican IFEs. I had some who where interested, but she flat out rejected that option. Also, with the false accusation of money laundering and tax evasion, no conventional banks would touch the accounts with a ten-foot poll. Qenta had vetted the bank and me before agreeing to buy it, and they knew first hand the money laundering and tax evasion allocations made by the media and the J5 were untrue.
again the same and same story from you.
If you don't trust PR and you say PR is bankrupt why did you relocate the bank to PR and not to US mainland or another Caribbean Island? Because the PR licence was easy and cheap for you and PR is NON- CRS! I seriously doubt any other jurisdiction would have given you a licence.
Why don't you publish what DD has been done from you and the SPA regarding Qenta?
Did you know that Qenta holds no licence to hold customer funds? Have you ever visited one office of Qenta?
Has Qenta shown you audited financials?
Please stop spreading untrue facts. There are some investigations into customers for tax evasion (allbeit not many).
It's not fair to your customers. You just try to whitewash your reputation.
If you don't trust PR and you say PR is bankrupt why did you relocate the bank to PR and not to US mainland or another Caribbean Island? Because the PR licence was easy and cheap for you and PR is NON- CRS! I seriously doubt any other jurisdiction would have given you a licence.
Why don't you publish what DD has been done from you and the SPA regarding Qenta?
Did you know that Qenta holds no licence to hold customer funds? Have you ever visited one office of Qenta?
Has Qenta shown you audited financials?
Please stop spreading untrue facts. There are some investigations into customers for tax evasion (allbeit not many).
It's not fair to your customers. You just try to whitewash your reputation.
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