Euro Pacific bank is a scam

[Alpinist]

If the receiver will use Cheque, it will be‍ just from one nightmare to other one.

The banks will not accept cheque with large⁠ amount more than 10k here in Europe.

The recover is a smart one always a⁤ step ahead. As more time will be used more he will make profit.

 

[SCHLOSSFINANZ]

untrue. You can deposit a cheque with >10k USD. It just takes a month to‌ clear.

 

[Alpinist]

Conditions for using a cheque in a European bank

Must be in the local currency‌ (typically EUR or GBP).

1. Must be drawn on a bank accepted in that country.
   
2. May require special clearance if it’s a foreign cheque – often takes 2–6 weeks to process‍ and carries high fees.
   
3. You must have a local bank account to deposit or issue⁠ a cheque.
   
4. Some banks may refuse foreign cheques altogether unless it’s a certified cheque or⁤ bank draft.
   

Where cheques are almost obsolete or rarely accepted:

Germany, Netherlands, Austria, Nordic countries,⁣ Spain , Italy.

FROM Chat GPT and Google

 

[SCHLOSSFINANZ]

You can deposit USD cheques. Chat GPT is totally wrong on that.
Of course you‌ need a bank account at the bank where you want to deposit the cheque.

 

[Sols]

Absolute nonsense.︀ Total AI slop. Don't spread misinformation.

It all comes down to whether your bank has︁ the necessary relationships to clear a US issued USD check. Some do, some don't. If︂ you bank with a small local bank, you might need to ask a bigger bank︃ for help.

 

[Radko]

Sending a check by mail is risky, what happens‍ if it gets lost?

 

[Pypenator]

I live in South Africa where the Post Office has completely collapsed. How will I‌ get my cheque?

 

[SCHLOSSFINANZ]

its not a bearer cheque. Its a chequed issued to you, and‍ only you can draw it on your account

 

[Octopus]

Thanks Peter - I︀ really appreciate your taking the time to respond on here, and hearing your take on︁ this. I certainly hope you're right. It seems that the meaning of “as originally received”︂ will hinge on how customers' precious metals assets within EPB were transferred to QENTA -︃ either:

1. EPB liquidated customers' metals accounts into cash, and QENTA then converted that cash into︄ gold within their system; or
   
2. Custodianship of EPB customers' metals was directly transferred to QENTA.︅
   

It seems we don't have clarity on this point at present. However, this quote from︆ the December 16, 2022 update on the website suggests Route 1 happened:

...suggesting that QENTA "originally received" cash, with instructions to convert these to︋ amounts of gold mirroring customers' EPB metals holdings.

It's also worth asking why QENTA are︌ bailing now. Walking away at this late stage doesn’t recover the extra costs they’ve complained︍ about, and it means giving up the potential long-term benefits of finally acquiring the new︎ customers and assets under management. A plausible explanation is that the gold holdings have appreciated️ significantly, and QENTA now stands to gain more by keeping those profits - which will‌ surely dwarf whatever additional costs they've incurred - than by completing the migration.

Also, if‍ QENTA truly incurred substantial unexpected costs, it makes no sense that they’re now willing to⁠ return all assets without seeking reimbursement or holding something back. That contradiction supports the idea⁤ that they’re making up for it elsewhere – likely via retained profits from gold appreciation.⁣

Relatively speaking of course, this issue sits lower on the priority list than simply getting⁢ anything back at all - and in that respect, I’d be very happy if QENTA︀ returns the original cash amounts to the receiver. But if the more cynical interpretation of︁ their intents is correct, opt-in customers bore all the counterparty risk of having their assets︂ held by this company for years, yet are potentially now being told they are not︃ entitled to none of the upside from the asset appreciation.

 

[Andrew Cobb]

Let's wait‌ and see what Qenta returns to the Receiver before we do anything. Once the Receiver‍ has the funds we can pester the Receiver, OCFI and Qenta and demand a details⁠ explination of what was returned. Whatever Qenta returns and the explanation accompanying the returned assets,⁤ I want to see proof of Qenta's claims (I know I'm asking a lot here).⁣ My bet is Qenta will only return the Net Asset Value in USD as at⁢ the time Qenta took custody of the funds to the receiver, so no Gold or︀ Silver or any potential asset appreciation....I hope I'm wrong.

 

[SCHLOSSFINANZ]

why should they return asset appreciation? You are dreaming. By law they have to return‌ the funds they received at the time of signing the SPA. That it went up‍ is Qenta's benefit sadly.

 

[Pschiff]

The gold‌ and silver transferred to Qenta was not sold by the bank. The holding at silver‍ bullion were simply assigned to Qenta. So Silver Bullion simple change the ownership of the⁠ gold and silver from the Bank's name to Qenta's. What Qenta was going to do⁤ was convert those gold bars to G-coin, without exposing customers to any losses on the⁣ conversion. I don't know what they were going to do with the silver. So if⁢ they return the assets as originally received, and the gold is current held as G-coin,︀ then they need to sell the G-coin, and buy back the same number of physical︁ ounces. However since the purchase was never closed, and customer accounts never established, the conversion︂ of bullion to G-coin may never have been made.

 

[Andrew Cobb]

So if customer funds were invested⁠ in Gold this whole time and Gold depreciated, Qenta would eat that loss? I don'⁤ t think so. I agree with Octopus's cynical take on all this. I think customer⁣ funds were invested in Gold and now that gold has appreciated, they will make a⁢ large profit by cancelling the purchase agreement returning the USD amount back to customers and︀ keeping the gain. I recall Qenta saying that Opt-In customers would be required to keep︁ their accounts in Gold and not USD.

 

[Pschiff]

No, they received gold and silver⁠ bullion. That is what they need to return. Had gold and silver went down, they⁤ would not return the dollar value when received, and eat the loss. If Qenta where⁣ to keep the appreciation for itself, the trustee would need to file an arbitration in⁢ NY against Qenta for unjust enrichment, and reclaim that gain for the bank's customers. If︀ he won't I have standing to do it myself, as I signed the purchase and︁ assumption agreement. But since Qenta wrote they will return assets "as originally received" that clearly︂ implies they will return gold and silver bullion, as that is how they originally received︃ the assets.

 

[SCHLOSSFINANZ]

lets wait and see. My trust in Qenta is very limited from what I read.‌

 

[Andrew Cobb]

Do you︁ know if proceeds of the Mutual Fund liquidation was converted to Gold before being transferred︂ to Qents?

 

[Radko]

This is what Qenta said‍ about the Mutual Funds...

 

[Andrew Cobb]

I did not receive a Liquidation Statement. I asked many times for details‌ of the Mutual Fund liquidation +the date assets transferred to Qenta and OCFI, the receiver‍ or Qenta will not tell me.

 

[Radko]

Nobody has received a liquidation⁠ statement from Qenta, so who knows what they did with the Mutual Funds (I also⁤ have money in the MF).

 

[Octopus]

That is extremely helpful information, thank you for clarifying Peter.