Euro Pacific bank is a scam

[Octopus]

Thanks to Peter for confirming what many of us feared.

QENTA received metals, not cash‌ – and is now attempting to return only the cash value from 2022, pocketing ~$25‍ million in gains. This is not simply a failed deal – it’s deliberate asset stripping⁠ and unjust enrichment.

This can’t be allowed to slide. I’d strongly recommend affected customers email⁤ QENTA and the receiver/OCIF to formally register your objection to this move and to request⁣ full records of how your assets were handled – of course I expect no reply,⁢ but having this in writing could be important later if legal or regulatory action becomes︀ necessary. I am happy to post a copy here of what I end up writing︁ to them, if that would be helpful to others.

I would also want to a︂ file a complaint now with the appropriate regulator – does anybody know if this would︃ be the SEC or CFTC?

 

[Radko]

This is not the proper way to negotiate with the Receiver, Brent is‌ basically saying "I'm going to steal $35 million from customers funds just because I can".‍

 

[SCHLOSSFINANZ]

you all speculate. It depends on the SPA. If it says when its cancelled you‌ have to return the value you got transferred at time of signing you get the‍ value at time of signing. If it says return the Gold then you should get⁠ the Gold.

 

[Pschiff]

It was confirmed to me‍ by a reliable source.

 

[Martin Everson]

Sadly I didn't want to mention the below before as‍ it was not relevant to EPB. But it does call into question his credibility. He⁠ won the case nonetheless. I would personally never have got into a bed with such⁤ a guy. Hopefully in any legal case you guys will stand a better chance.

https://www.casemine.com/judgement/us/64744bdaca5ce06a4b2cb8f7

 

[Vqn]

This is the agreement made but I don’t⁤ see anything about the matter.

https://9fraud.com/wp-content/uploads/1prW0BInnbzKVUZ1ognhb0CD1YeUNTMUF.pdf

 

[Andrew Cobb]

I have emailed Qenta and︄ asked them to address my objection to the $5m fee and unjust enrichment. I also︅ emailed OCFI and the Receiver demanding they take action to protect customer funds.

 

[Pschiff]

I have made a similar demand⁠ to the Receiver. In fact, I think Qenta is taking advantage of the appreciation in⁤ gold and silver, and the imposition of an arbitrary $5 million termination fee, relief with⁣ is not even authorized by the Purchase and Assumption Agreement, to create an outcome that⁢ is better than the outcome of a completed purchase. Qenta claims that it can no︀ longer obtain the benefit that it hoped for, as customers may not keep their money︁ or metals with Qenta after closing. But if that is true, I blame that on︂ Qenta for their complete failure to engage with customers, or even reply to their phone︃ calls or emails. So if Opt-in customers withdraw their funds as soon as they are︄ able, its Qenta's own fault for its horrible customer service. This point will likely be︅ raised in arbitration. If any OPt-in customers reading this can document their frustration or unanswered︆ attempts to contact Qenta, please email your evidence to me at [email protected] Your examples may︇ prove very helpful. I think this is a strategic termination by Qenta in bad faith,︈ that enables Qenta to walk away with a windfall, rather then to complete the transaction︉ to acquire clients who they themselves have alienated by their own poor customer service these︊ past three years.

 

[Andrew Cobb]

Happy to share the dozens of emails I have sent to Qenta, Brent, other Qenta directors︈ and staff + newly acquired companies like Pipit and not a single person responded. I︉ even resorted to leaving comments on Youtube and contacting the youtube channel owners who interviewed︊ Qenta representatives and they also did not respond. The only Qenta person to respond to︋ an email was Carlos a few days ago saying Qenta would provide an update 'soon'.︌ I will compile all the emails and .ZIP them for you, however it's late and︍ I need to sleep.

 

[Radko]

Peter, who pays for arbitration, both parties involved?

Will the losing party reimburse the winner?

 

[Pschiff]

There is an indemnification clause in the contract. So if‍ we win Qenta should have to cover costs, up to $1.25 million which is the⁠ cap. But there is no cap on equitable relief, which would be to recover the⁤ unjust enrichment Qenta is attempting to extract from the bank. I do not see now⁣ the bank can't win. What Qenta is trying to do has no basis in law⁢ or in our agreement.

 

[Pschiff]

The indemnification clause specifically includes attorney fees, but in the‍ case of the bank its limited to $1.25 million, which was the purchase price. That⁠ should be enough. It should also cover extra hours billed by the receiver regarding the⁤ action.

 

[Radko]

I'd imagine that Brent has talked to his lawyer about what he's trying to⁤ do.

 

[Pschiff]

Yes, but lawyers will always argue for their client, even‍ when their client is wrong on the law. That's what they are paid to do.⁠

 

[Radko]

I thought Qenta was just the temporary custodian of those assets, and customers were the⁠ legal owners, but obviously Brent seems to think that those assets belong to Qenta and⁤ he can sell them to profit from the appreciation in value during the last 3⁣ years.

So the question is, who is the legal owner of those assets, Qenta or⁢ the Customers?

 

[Vqn]

It is 100% the customers, it says so⁣ in the agreement signed.

 

[Pschiff]

Well at this point it's the bank, as⁣ Qenta has terminated the purchase and requested the purchase price be refunded. But when Qenta⁢ bought the gold, they did so subject to the condition that the gold was a︀ liability to customers, just as it was to the bank. Yes, the bank owned the︁ gold, but that gold was owed to customers. I did not agree to sell Qenta︂ $25 million worth of gold for just $1.25 million dollars. Qenta bought the right to︃ custody that gold for Opt-in customers for $1.25 million. But it only paid $500K, and︄ it wants that back, in addition to keeping all the appreciated value of the customers︅ gold for itself. There is no legal or contractual basis for this unjust enrichment

 

[EPBVictim01]

Honestly people are so dirty… just thinking about their own Pocket. I think I’m also‌ gonna lose a good amount because of the low GBP /USD rate in 2022 but‍ I still will request the amount with the current exchange rate…

 

[SCHLOSSFINANZ]

Qenta

 

[Martin Everson]

Lets be honest they probably bought EPB assets with any intention that all clients would‌ be fully able to withdraw their assets the next day in entirety after completion of‍ the deal. It makes no economic sense for them to have risk doing such a⁠ deal without having other things in mind to cover the risk ns2. Just be grateful⁤ one sees their true colors now rather than later and that the deal is ending.⁣

All in all it makes sense now why they went silent on Peter and clients⁢ for a long while. Judging by the other legal case the CEO was involved in︀ it may not be a walk in the park to win. A guy got screwed︁ over in technicalities in a bad faith dealings with him.