Ticker tape by TradingView
Euro Pacific bank is a scam
- Thread starter sonato
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Thanks. I had forgotten about that. Since no customers were asked if they wanted to transfer their silver into cash or gold, it must still be held in silver. But this also confirms that none of the gold would be sold. I don't thin the mutual funds were liquidated either, but I'm not sure. But those funds where not held by the bank. They were segregated into each customer's individual IB account. Those accounts should just be︀ reassigned directly to their respective customers.
I received an email on 23/05/2024 with a statement of the Mutual Fund dated December 31 2023.
Yes, I don't understand what has happened. I've asked, but have not received an answer. But if they funds were sold I would have expected a confirmation. Did anyone on this board have an IB account at the bank? If so what happened to that? Qenta took over that relationship nearly three years ago.
Yes, I don't understand what has happened. I've asked, but have not received an answer. But if they funds were sold I would have expected a confirmation. Did anyone on this board have an IB account at the bank? If so what happened to that? Qenta took over
Can you︀ view your holdings in that account? Can you place any trades?
Can you︀ view your holdings in that account? Can you place any trades?
That does not make sense. Back in June of 2023 I worked with Qenta to facilitate the transfer of the cash in the Bank's IB account to Euro Pacific Securities, which was transferred to Qenta's ownership. So Qenta owns the company that has control of the IB brokerage accounts, not the Receiver. Qenta indicated that cash transfer was the last part of the process.
Axos asked me a bunch of documents including a bank statement. How can I get this if their website is shut down?
Based on my notes, at current market prices, Qenta was transferred over $40 million of gold alone from Silver Bullion. Over 12,000 ounces. Qenta was also transferred over $20 million dollars that was in the bank's IB account. So that alone is over $60 million. That does not count any of the cash the Bank has from the Novo account or it's FirstBank corporate account. So combined, Qenta and the bank hold assets worth well over what customers were owed at the time the bank was placed into receivership. Pus, that does not include any interest earned on any deposits.
Interest? Can probably kiss that goodbye. The trustee is dipping his gready hands into the︁ funds, dragging this matter out as long as possible to profit as much as possible.︂
When I was forced to liquidate my GLD holdings to facilitate the transfer out, we︃ were told maximum of 3 months to wait for our cash to be returned. I︄ had to sell my GLD holdings at around $1750 per ounce, I could have bought︅ it back in same quantity many times in the months after that, but now that︆ loss has stacked up becuase of incompetence.
When I was forced to liquidate my GLD holdings to facilitate the transfer out, we︃ were told maximum of 3 months to wait for our cash to be returned. I︄ had to sell my GLD holdings at around $1750 per ounce, I could have bought︅ it back in same quantity many times in the months after that, but now that︆ loss has stacked up becuase of incompetence.
Unfortunately I have just read the termination letter send by Qenta to Wigberto Lugo, the receiver in the liquidation. Instead of returning the gold and silver transferred to it by the bank, Qenta intends to just return the cash value of those metals at the time they were received in Sept. 2022. That would allow Qenta to reap a windfall of about $25 million dollars, at the expense of bank customers. I can't allow Qenta to get away with that grand larceny, and have advised the receiver that it would constitute gross negligence on his part and provide an unjust enrichment to Qenta, if he︀ agreed to accept those outrageous terms.
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