This is exactly what I was wondering as I was reading your post - that is, what possible justification could there be for not granting you the authority to act on the bank’s behalf. It would cost the Receiver/OCIF nothing, and would allow for someone to step in and protect customers from obvious and significant harm.
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Euro Pacific bank is a scam
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Exactly. The only reason is optics. It may look bad to grant me that authority as it amounts to an admission that the bank has the authoirty to go after Qenta itself, but that rhe Receiver refuses to exercize it. But i think it's︀ an even worse look for the Recevier to not only do nothing himself, but to︁ passively prevent me from doing something.
I have emailed the Receiver asking him who he believes would control the Mutual Funds and Gold had the Purchase and Assumption Agreement not been entered into with Qenta. I doubt I will receive a response.
Good day for everybody. I´m not a lawyer neither do I have experience in International Investments, but I do think I have common sense... and I´d like to speak my mind. The following paragraph (from the Trustee´s update) sounds odd to me. If I had a house in the US, I would be the owner of it, although, the house would be subject to US laws and taxes, so... how come is the following possible? If these entities are/were part of EPB´s assets, therefore part of the liquidation... regardless of them being part of the PAA with Qenta, and therefore Trustee is responsible to oversee︀ them, now that the PAA was terminated? These entities should not be seen as "foreign︁ entities", rather they should be treated as EPB´s Customers Assets, shouldn´t they? "These entities, Euro︂ Pacific Securities, Inc., Euro Pacific Funds SCC Ltd., and Euro Pacific Advisors Ltd. were wholly︃ owned subsidiaries of Euro Pacific Intl. Bank Inc. Notwithstanding, these entities were never governed by︄ the laws and protections of Puerto Rico or the United States. These subsidiaries were all︅ sold as part of the agreement subscribed by the stockholder. "
In order for Qenta to fully own those entities, they should pay the remaining︇ $750K that is still outstanding.
The fact is that in order for the Receiver to︈ gain control of the Precious Metals, the Mutual Funds and the Cash, the liquidation order︉ has to be modified, and that's up to OCIF.
The fact is that in order for the Receiver to︈ gain control of the Precious Metals, the Mutual Funds and the Cash, the liquidation order︉ has to be modified, and that's up to OCIF.
Peter,
After reading thru the receivers statement sent August 26th, they make it very clear︈ that the silver;
"Neither the Trustee nor the Office of the Commissioner of Financial Institutions︉ ofPuerto Rico have any participation in the administration or control of these assets"
So they︊ are washing their hands of ANY administration of the silver - as ridiculous as the︋ sounds to us, that is the position on the receiver...
In that case, wouldn't the︌ best course of action for people holding silver be to contact the company in Singapore︍ as instruct that they move the silver to Shiffgold. After all, seeing as the receiver︎ is saying very clearly that the receiver does NOT view the silver as anything to️ do with the liquidation process, then the only people with any legal authority over the silver in Singapore are the customers themselves, so what would stop the Singapore company moving the silver to schiffgold if a customer (legal owner of the silver) instructs them to do so.
This would be much quicker cutting the receiver out because he himself has said it's nothing to do with him.
After reading thru the receivers statement sent August 26th, they make it very clear︈ that the silver;
"Neither the Trustee nor the Office of the Commissioner of Financial Institutions︉ ofPuerto Rico have any participation in the administration or control of these assets"
So they︊ are washing their hands of ANY administration of the silver - as ridiculous as the︋ sounds to us, that is the position on the receiver...
In that case, wouldn't the︌ best course of action for people holding silver be to contact the company in Singapore︍ as instruct that they move the silver to Shiffgold. After all, seeing as the receiver︎ is saying very clearly that the receiver does NOT view the silver as anything to️ do with the liquidation process, then the only people with any legal authority over the silver in Singapore are the customers themselves, so what would stop the Singapore company moving the silver to schiffgold if a customer (legal owner of the silver) instructs them to do so.
This would be much quicker cutting the receiver out because he himself has said it's nothing to do with him.
The Receiver also wrote:
"The Trustee is conducting a thorough legal analysis based on the
facts and case record and on this analysis additional remedies following the Order of Liquidation may be implemented."
So at some point he will decide what to do about Qenta terminating the agreement. Let's hope he does something that truly protects our assets.
"The Trustee is conducting a thorough legal analysis based on the
facts and case record and on this analysis additional remedies following the Order of Liquidation may be implemented."
So at some point he will decide what to do about Qenta terminating the agreement. Let's hope he does something that truly protects our assets.
It's not just about paying the $750,000. Qenta terminated the pruchase before it was completed. Also Qetna was to acquire Euro Pacific Securities purley so it could hold and manage the mutual funds for customers. But Qenta has done neither. The Receiver is absolutly responsible to recover︀ these entities for the bank, on behalf of custoemers. About $8-$9 millon of customer owned︁ mutual funds are held by Euro Pacific Securities.
The Singapore company︆ already moved the silver back to the bank based on my actoins. They will only︇ move the silver to Schiff Gold if the Receiver authorizes it, which at this time︈ he has refused to do. He is requring customers prove they own the silver we︉ already know they own.
That's some BS .. Opt-in customers only agreed to this on the terms of getting access to their funds at Qenta within a short period and they could keep their USD cash, mutual funds and precious metals as they were.
In the termination agreement that Qenta sent the reciever they do not say they are not willing to return the assets. It's more the terms of returning the assets︀ that are very bad, mostly the gold valuation as 2022 and the termination fee of︁ almost 5 million USD.
In the termination agreement that Qenta sent the reciever they do not say they are not willing to return the assets. It's more the terms of returning the assets︀ that are very bad, mostly the gold valuation as 2022 and the termination fee of︁ almost 5 million USD.
The Trustee’s letter is a deflection. He downplays responsibility, blames Qenta and Schiff, hides behind OCIF, and offers no concrete plan to recover assets.
To sum up, there are only two paths forward:
Moreover, could you update us︉ on the group action status ?
- We always hear he has “no custody” of anything (metals/funds, subsidiaries) but they were either bank-owned when he took over either they still are as the PAA is over.
- His lawyers are “reviewing remedies”.
- He excludes brokerage/mutual funds despite their ownership links.
- He uses a lot of disclaimers, more about liability than recovery.
To sum up, there are only two paths forward:
- Pressure the Trustee & OCIF –︁ A coordinated letter demanding immediate action (then, if no action, media ?). Past pressure already︂ triggered some response.
- Start the group action – Likely our only real leverage as the︃ Trustee refuses to act and I believe he will carry on or will be extremely︄ slow.
Moreover, could you update us︉ on the group action status ?
I am still︊ trying one last time to get the Reciever to delegate to me the authoiry I︋ need to sue Qenta on behalf of the bank, at my own expense. If I︌ can't get that then we have to move forward with the customer group lawsuit, which︍ is far more time consuming and expensive action for me to undertake, yet I am︎ prepared to do it anyway.
This was not my understanding. I thought the Receiver accepted contol of the silver after I got Silver Bullion to transfer control from Qenta to him. I will have to look into it. In the meantime Schiff Gold will soon be reaching out to everyone to set up their accounts to recevie the silver.
It's clear to me that the receiver has NOT accepted control of the silver (they can't without changing the OCIF liquidation process). From the receiver statement they say the following:
"Neither the Trustee nor OCIF hold custody of any Precious Metals Owned by Customers"
This is pretty clear, custody (and legal control) is still with the Singapore silver company. The receiver statement adds that the Singapore company has said;
"that the EPB account remains frozen and︀ will not be acted upon until they received confirmed legal instructions"
Again, this strongly suggest︁ that the Singapore company is in total control of the silver NOT the receiver -︂ they have frozen the account NOT the receiver.
The receiver then goes onto to say︃ that they can not order customers silver transferred to Shiffgold without changing the OCIF liquidation︄ process;
"In summary, access to this inventory is now restricted by the custodian and in︅ no way means thetrustee can direct or remit any customer any inventory stored with this︆ company without modifyingthe existing Liquidation Order"
To me, this reads that unless and until the︇ OCIF changes the liquidation order (something they a clearly loathed to do) then the receiver︈ has absolutely ZERO legal authority over what should happen with that silver. The only people︉ that have any legal authority over silver are us, the owners of that silver. And︊ as such, we have the sole legal authority to demand from the Singapore silver company︋ that our silver is turned over to Schiffgold - there is NOTHING the receiver can︌ do to stop this because it ADDMITEDLY has NO legal authority over the silver.
So i again suggest the best way forward for silver customers is to contact the Singapore︍ company directly and request that the silver is transfered immediately.
Peter - do you have︎ a contact email for the singapore silver company? I want to request my silver is️ transfered to Schiffgold directly from them.
Again, i emphasise the point that as it stand the receiver has absolutely NO authority over that silver and can not tell the Singapore company what to do with it - only I/we can do that.
Exploring this avenue fully might be the quickest way to get our silver back.
In short - its completely in the hands of the Singapore silver company.
Thopughts?
"Neither the Trustee nor OCIF hold custody of any Precious Metals Owned by Customers"
This is pretty clear, custody (and legal control) is still with the Singapore silver company. The receiver statement adds that the Singapore company has said;
"that the EPB account remains frozen and︀ will not be acted upon until they received confirmed legal instructions"
Again, this strongly suggest︁ that the Singapore company is in total control of the silver NOT the receiver -︂ they have frozen the account NOT the receiver.
The receiver then goes onto to say︃ that they can not order customers silver transferred to Shiffgold without changing the OCIF liquidation︄ process;
"In summary, access to this inventory is now restricted by the custodian and in︅ no way means thetrustee can direct or remit any customer any inventory stored with this︆ company without modifyingthe existing Liquidation Order"
To me, this reads that unless and until the︇ OCIF changes the liquidation order (something they a clearly loathed to do) then the receiver︈ has absolutely ZERO legal authority over what should happen with that silver. The only people︉ that have any legal authority over silver are us, the owners of that silver. And︊ as such, we have the sole legal authority to demand from the Singapore silver company︋ that our silver is turned over to Schiffgold - there is NOTHING the receiver can︌ do to stop this because it ADDMITEDLY has NO legal authority over the silver.
So i again suggest the best way forward for silver customers is to contact the Singapore︍ company directly and request that the silver is transfered immediately.
Peter - do you have︎ a contact email for the singapore silver company? I want to request my silver is️ transfered to Schiffgold directly from them.
Again, i emphasise the point that as it stand the receiver has absolutely NO authority over that silver and can not tell the Singapore company what to do with it - only I/we can do that.
Exploring this avenue fully might be the quickest way to get our silver back.
In short - its completely in the hands of the Singapore silver company.
Thopughts?
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