Euro Pacific bank is a scam
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As I have been an opt-in client so far, I have not kept track of the opt-out deadlines.
Do I need to take action now? Or do I have to wait until the receiver contacts me?
Do I need to take action now? Or do I have to wait until the receiver contacts me?
I recall well over a year ago the receiver indicating that he was going to return all funds in U.S. dollar checks. I told him that would be a bad idea as many customers would not be able to deposit them. However its still likely that he will send checks. That is a much slower process, which means he will make a lot more money for himself. So there is a very good chance that all customers will be mailed U.S.︀ dollar checks.
QENTA’s wording that it is returning “all liquidated assets to the Receiver as they were originally received” almost certainly means they intend to hand back only the original cash values︀ they received – not any gains made while those funds were held.
Given the significant appreciation of gold and silver during the interim, QENTA’s decision to return only the original︁ value - that is, for those of us whose EPB metals assets were likely allocated︂ into QENTA's gold platform - is an act of clear bad faith.
It looks to︃ me like a clear case of unjust enrichment, with QENTA benefiting from asset appreciation that︄ rightfully belongs to customers. Those funds were implicitly held for our benefit, not QENTA’s profit-making.︅
This must be challenged, and my concern is that silence now could be interpreted as︆ consent, and could allow QENTA to lock in profits that were never theirs to begin︇ with.
I would be keen to hear Peter's and others' takes on this.
Given the significant appreciation of gold and silver during the interim, QENTA’s decision to return only the original︁ value - that is, for those of us whose EPB metals assets were likely allocated︂ into QENTA's gold platform - is an act of clear bad faith.
It looks to︃ me like a clear case of unjust enrichment, with QENTA benefiting from asset appreciation that︄ rightfully belongs to customers. Those funds were implicitly held for our benefit, not QENTA’s profit-making.︅
This must be challenged, and my concern is that silence now could be interpreted as︆ consent, and could allow QENTA to lock in profits that were never theirs to begin︇ with.
I would be keen to hear Peter's and others' takes on this.
According to ChatGPT there's a very good chance that the profit from the gold will be distributed between OPT INS and OPT OUTS.
So OPT INS took the risk and OPT OUTS will take the profit.
You are welcome.
I would have rather stayed with Qenta.
Holding gold and silver is not cheap so delaying the transition by three years probably added a massive cost for Qenta. If everyone︀ was moved to their platform as they were supposed to they could have collected fees,︁ but since they couldn't they operated at a loss.
I would not have minded covering︂ that cost, because in this scenario we who Opted IN will loose a lot.
The only one this benefits are the receiver and the possibly the OPT OUTs.
So OPT INS took the risk and OPT OUTS will take the profit.
You are welcome.
I would have rather stayed with Qenta.
Holding gold and silver is not cheap so delaying the transition by three years probably added a massive cost for Qenta. If everyone︀ was moved to their platform as they were supposed to they could have collected fees,︁ but since they couldn't they operated at a loss.
I would not have minded covering︂ that cost, because in this scenario we who Opted IN will loose a lot.
The only one this benefits are the receiver and the possibly the OPT OUTs.
The gold was not supposed to be sold. That was the point of transferring to Qenta. Customers who did not Opt-in to Qenta had to sell their gold, so the bank could wire out cash. The only way customers could keep their gold was to transfer it︀ to Qenta. That is another reason I wanted customers to have that option. However, I︁ can not say for sure what happened to the gold and silver. I've asked Qenta︂ several times, but never got an answer. Hopefully they did not sell any of it,︃ as all metals where supposed to be credited to customers new Qenta accounts as metal.︄
I would support customers in this, as Qenta was not supposed to︂ sell any gold or silver it received. One of the reason customers chose to go︃ with Qenta was to keep their gold. It would be unjust enrichment for Qenta to︄ sell the gold and silver now, and keep all the profits for itself. Also I︅ read "as they were originally received" to mean if Qenta received ounces of gold and︆ silver, they will return ounces of gold or silver. Returning cash when they originally received︇ gold and silver is not "as they were received."
Whatever the situation you have as much chance of recovering any earnings Qenta made on any︀ EPB client assets as Putin does getting back interest on frozen Russian assets in EU.︁
On another note I would personally wait to get back any money owed before pursing︂ any form of legal action. Once folk get their wire/check or precious metals back etc︃ then pursue whatever legal angle you want. No point in delaying things further when there︄ is light at end of tunnel. Legal cases can go on for years.
On another note I would personally wait to get back any money owed before pursing︂ any form of legal action. Once folk get their wire/check or precious metals back etc︃ then pursue whatever legal angle you want. No point in delaying things further when there︄ is light at end of tunnel. Legal cases can go on for years.
Well as an opt-out client, I had to liquidate my Gold holdings︂ in order to facilitate a transfer. The promise was 3 months we would have money︃ back and process wrapped up.
I had to sell mine at around $1750 an ounce.....︄ could have bought it back which was the plan within 3 months for around same︅ price. But now, will not be able to recover what was lost.
So I think︆ we are all in the same boat with this nonesense.
I had to sell mine at around $1750 an ounce.....︄ could have bought it back which was the plan within 3 months for around same︅ price. But now, will not be able to recover what was lost.
So I think︆ we are all in the same boat with this nonesense.
As I recall, the reason I opted out,︁ was becuase opt-ins were issued with a digital token from Quenta, kinda like a digital︂ "promissory note" not exactly the physical Gold we had at EPB
i wrote that before chatgpt some pages ago: when a bank is in liquidation, every asset becomes shared so even clients "cash only" like me should benefit the sales of the metals , not only the gold. I made an estimation that every customer should receive approximately 15.000 $ more...
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