Peter Schiff Has a Deal With Puerto Rico to Liquidate His Euro Pacific Bank, He Says (Published 2022)
Two months after regulators there suspended the boutique online bank, the outspoken libertarian economist said he had agreed to return $66.7 million in deposits.
www.nytimes.com
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In that settlement, Mr. Schiff agreed to return $66.7 million in deposits, using several million in gold to cover any cash shortfalls. He has also agreed to pay $300,000 in fines, according to a copy of the settlement.
He acknowledged that two years ago the bank was about $4 million short, because it had, he said, inadvertently been using clients’ deposits toward operating expenses. He said he had remedied the problem by pouring his own money into the bank.
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Exactly as I thought. 100% reserve banking...lol. He admitted he was dipping into client funds to fund the banks operations. And people wondered why EPB was finding excuses to delay out-going payments etc. Well I say no more folks. At least he is covering any shortfall.
I said back in 2019 there is a reason they do no publish audited financials.