Euro Pacific bank is a scam

[Radko]

Qenta received‌ Gold, Silver, and Mutual Funds, if they want to terminate the agreement, then the question‍ is if they can sell those assets and return some of the proceeds obtained, or⁠ if they should return those assets as they were received back in 2022.

That's the⁤ technicality here...

 

[Martin Everson]

I agree.

 

[Pschiff]

There are only two legally permissible⁤ options. 1 Qenta returns the exact number of ounces of gold and silver it received,⁣ and the exact number of mutual fund shares. 2. Qenta sells the gold and silver⁢ at the current market price, liquidates the mutual funds at the current price, and returns︀ all cash proceeds to the bank. There is no option 3 where Qenta sells the︁ gold, silver and mutual funds, sends the bank the cash value of those assets as︂ of three years ago, and keeps tens of millions in realized profits for itself on︃ assets it never really owned, never paid for, and took no risk holding.

 

[Tummy]

@Pschiff - Back in March 2024 i asked Qenta specifically about the status of my‌ physical silver and whether it had been liquidated into USD - they told me it‍ had NOT been liquidated.... Qenta wrote;

"Thank you for getting in touch. We sincerely appreciate⁠ your patience and understanding as we navigate through this process together. Regarding your inquiry about⁤ your precious metal holdings at EPB, I want to assure you that your assets remain⁣ intact and have not yet been converted into cash. Please be advised that all assets⁢ held in Euro Pacific Bank accounts are securely managed by the receiver until the liquidation︀ and migration procedures are finalized. As a valued client scheduled for migration to Qenta, rest︁ assured that we are committed to ensuring a smooth transition for you."

They were very︂ clear to me "I want to assure you that your assets remain intact and︃ have not yet been converted into cash"

Happy to email over this email chain over︄ to you Peter, it might be helpful?

 

[danielboros]

I wish someone with authority would︁ say that. Like OCIF. Why can they hold press conferences to s**t on people but︂ not for any other ocasion.

 

[SCHLOSSFINANZ]

they do their regulatory job. Compliance is important even in a banana republic.

 

[Pschiff]

He is sneaking. In his letter‍ to customers he wrote that he would return assets "as they were originally received." But⁠ in is letter to the Receiver, he wrote that he would be "returning to you⁤ all assets received on or around September 30, 2022 at their receipt values as of⁣ their receipt date." So he told the customers one thing and the receiver another. He⁢ didn't want customers to know what he was doing until it was too late. He︀ hoped the receiver was dumb enough not to realize how much gold and silver had︁ gone up in value and would be willing to pay the crazy $5 million termination︂ payment, or maybe negotiate it down a bit. He also hoped I would never see︃ a copy of his letter to the receiver until it was too late. Luckily I︄ was able to get a copy and let the receiver know that he was being︅ conned, and not to make a deal with this devil.

 

[SCHLOSSFINANZ]

I am sure everyone here wants to know what sort of DEEP DD you did‌ on Qenta before signing the SPA. You seem to evade that part of the story.‍

 

[Pschiff]

It was four years ago. It's clear that their financial⁠ situation deteriorated a lot over the past year or two, I think since that SPAC⁤ fell through.

 

[Octopus]

Also makes you wonder if‍ Qenta wanted the negotiations with the Receiver to fail. Once they saw how much these⁠ assets had appreciated, actually completing the acquisition probably started to look a lot less appealing⁤ than sabotaging it and appropriating the upside. A cynic would argue that not being able⁣ to “find agreeable terms” with the Receiver might not have been an unavoidable impasse, but⁢ bad faith dealing dressed up as negotiation.

 

[Pschiff]

Exactly. Plus I've learned that the entity that was supposed to handle the⁣ accounts is no longer in business. So I doubt Qenta was even capable of onboarding⁢ the Opt-in customers. So it sabotaged the process to avoid having to admit that, they︀ used the delay it created itself as an excuse to terminate the purchase and walk︁ away with helf the Opt in customer's money.

 

[Radko]

Those assets could have⁣ depreciated in value during the last 3 years, so customers took all the risk but⁢ Qenta is the only one that is going to benefit, very shady.

 

[Andrew Cobb]

The Receiver responded to the email I sent him and OCFI where I told him‌ the $5m cancellation fee and unjust enrichment was not to be accepted. He seems to‍ think Customers do not agree with my concerns or my request to stop Qenta by⁠ freezing customer assets and clawing them back ASAP.

 

[Pschiff]

Thanks for sharing this with me. This︀ is very disturbing news. The receiver must not be allowed to give in to Qenta's︁ outrageous "request" It would not just violate his fiduciary duty, but I think it would︂ make him an accomplice to a crime. If any customers are telling him they approve︃ Qenta's offer, its because Qenta lied to them about what they were offering. In their︄ email to customers, Qenta wrote that they would return the assets as they were originally︅ received. That clearly implies that they would return the gold and silver they received. But︆ they wrote the receiver that their offer was not to return the gold and silver︇ they received, but to return the cash value of those assets when they were received︈ in Sept. 2022. The difference is about $25 million. Plus, Qenta did not inform customers︉ that it was also requesting a $5 million dollar termination payment from the bank, a︊ refund of the $500K it paid the bank for the assets, to keep for itself︋ the bank's own mutual fund positions, and to charge the bank almost $400K to wind︌ down the subsidiaries it received. It doesn't take a team of legal advisors to understand︍ this. Also, the receiver is wrong to claim that the precious metals are not part︎ of the liquidation process he is overseeing.

 

[Radko]

See if you can talk to the Receiver and explain him︉ everything.

 

[Andrew Cobb]

I responded asking him to clarify the part 'precious metals deposited︉ in a subsidiary which is not part of the liquidation process undertaken by the undersigned'.︊ Here is part of my response -

I do not expect the Receiver to response,︋ so I CC'd my email to OCIF.

 

[Pschiff]

The receiver's claim⁤ that the gold and silver is not part of the liquidation he is overseeing is⁣ completely false. That is why Qenta is asking him for permission to keep half the⁢ gold and silver for itself. The Purchase and Assumption Agreement was terminated. So there are︀ no more Opt.in customers. They accounts were never migrated to Qenta. The gold and silver,︁ as well as the liability to customers for that gold and silver, still belongs to︂ the bank. Both the assets and the liability were transferred to Qenta based on the︃ Purchase and Assumption Agreement being completed. But since that agreement was terminated, the gold and︄ silver, and the liability to customers are still owned by the bank even if temporarily︅ controlled by Qenta. The receiver is in control of the bank and must takle back︆ control of those assets. He must protect them from what Qenta is trying to do.︇ He absolutely owes a fiduciary duty to the bank and its customers regarding that gold︈ and silver.

 

[danielboros]

Why not call the FBI? Freeze the assets befiore they could be solld. I would‌ if I had anything at hand other than hearsay.

 

[Pschiff]

Also, if the receiver agrees︅ to settle this dispute with Qenta by paying Qenta $35 million dollars, Qenta will have︆ a legal claim to that money. So while the receiver is suggesting that customers sue︇ Qenta, they will have a far stronger claim against him and OCIF.

 

[Radko]

I think we need to wait for the⁤ Receiver to make a formal announcement, but you are the only one who can talk⁣ to him.