Ticker tape by TradingView
Euro Pacific bank is a scam
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Legally the receiver has no right to give away any of the bank's assets to Qenta. At best, Qenta would become an unsecured creditor of the bank, but only if it prevails in an arbitration (doubtful) which it has not even filed. But if Qenta prevailed in that arbitration, and was awarded costs for its losses attributed to the bank's breach, that judgement would be junior to the bank's customers. The receiver can't cut a deal with Qenta that prioritize their unsubstantiated claim to the senior, proven claims of the bank's customers. So it would not just be a breach of fiduciary duty, but of︀ bankruptcy law. So hopefully the receiver will not agree, but I'm sure customers efforts to︁ point this out will help, especially given the receiver's past comments disclaiming any responsibility over︂ the assets transferred to Qenta. What he also must do now is force Qenta to︃ unconditionally return those assets to his control, on behalf of the bank.
I actually have a much better company in mind. That would be my preference, as none of the gold and silver would need to be sold. But it's up to the receiver. I will suggest that to him through the channels at my disposal since he will not talk directly to me. It seems like that's a good alternative to Qenta, as that would accomplish the︀ same goal.
No, they are with IB, but were never associated with my U.S. based RIA. They actually need to be closed down, the assets need to be sold, and the proceeds given to the bank to be distributed to customers who where the beneficial owners. They are currently owned by one of the bank's subsidiaries that was transferred to Qenta pending a sale that never closed, and has since been terminated by Qenta.
I wouldnt be surprised of old Wigburto has a side deal with Qenta for them to split the profits between themselves.
If he agrees what could be done then considering hes the liquidator? He could technically agree to Qentas terms to let them take the profits then it will be a whole s**t show trying to get the profits back.
I dont have any of the assets only cash but the way this is looking it looks like it could go bad any minute considering Puerto Rico is a tin pot banana republic at best.
If he agrees what could be done then considering hes the liquidator? He could technically agree to Qentas terms to let them take the profits then it will be a whole s**t show trying to get the profits back.
I dont have any of the assets only cash but the way this is looking it looks like it could go bad any minute considering Puerto Rico is a tin pot banana republic at best.
I wouldnt be surprised of old Wigburto has a side deal with Qenta for them to split the profits between︀ themselves.
If he agrees what could be done then considering hes the liquidator? He could︁ technically agree to Qentas terms to let them take the profits then it will be︂ a whole s**t show trying to get the profits back.
I dont have any of︃ the assets only cash but the way this is looking it looks like it could︄ go bad any minute considering Puerto Rico is a tin pot banana republic at best.︅
If he agrees what could be done then considering hes the liquidator? He could︁ technically agree to Qentas terms to let them take the profits then it will be︂ a whole s**t show trying to get the profits back.
I dont have any of︃ the assets only cash but the way this is looking it looks like it could︄ go bad any minute considering Puerto Rico is a tin pot banana republic at best.︅
I filed for a TRO︀ in federal court in PR to restrain the receiver from making a deal with Qenta︁ to give away any of the bank's assets. The judge actually denied it. I filed︂ a motion for reconsideration. Still waiting for a ruling on that. Should know by Monday.︃ Crazy that the judge would not even order the receiver to follow a law that︄ he should follow anyway. I still have heard nothing from the receiver one way or︅ the other as to what he intends to do.
Dear Schlossfinanz, I guess most of us are at the moment mostly interested on recovering our money. The DD at this point of time is a rather academic issue. I hope for your peace of mind, it is going to be taking care of to your fullest satisfaction at a more suitable time.
Hello DJohnson, There is not letter, I send the Receiver an︀ email and CC'd OCFI. Please note I sent this email before seeing the Termination of︁ Purchase Agreement letter which Peter has posted to this forum.
Below is the email I︂ sent with a few minor changes (mostly spelling):
To: [email protected] , [email protected]
Hello Jose +︃ Wigberto,
I have been informed that Qenta is demanding $5M from customers as part of︄ the purchase agreement termination. This is outragous and you have a fiduciary responsibility to customers︅ to refuse this $5m fee. The only funds Qents can claim is the $500k they︆ paid as per the purchase agreement.
You must demand the return of all the assets︇ being Gold + Silver, Stocks and Cash with interest. The assets in Qenta's control have︈ appreciated and that appreciation belongs to customers who took the risk by staying invested this︉ whole time! If the assets had depreciated, there is no way Qenta would make up︊ the shortfall...they would make customers eat that loss.
Action needs to be taken ASAP to︋ freeze and claw back all Opt-in customer assets in Qenta's control to prevent them from︌ stealing the assets! I believe Qenta is in trouble financially give their behaviour and Houston︍ head office closure/abandonment. You must act to protect customers!
Do you need anything from me︎ or other customers to act to stop Qenta?
Please tell me what you are doing️ about this clear attempt at unjustly enrichment by Qenta. You need to act fast to stop Qenta and protect customers! OCFI is responsible for this mess, please act and stop Qenta now!
Regards,
Andrew Cobb
The Receiver responded:
Sir, notwithstanding the messages and instructions regarding this liquidation process your demand for information and action seems to follow the different group chats discussion running in the web that you may be participating. Be advised that the recent developments in this case are being reviewed by the bank’s legal advisors and I await for their recommendations on the legal strategy to be adopted to move forward with︀ this request by the acquiring team. If there is a change or modification on the︁ liquidation process instructions that remains in process customers will be notified through the liquidation portal.︂
On the other hand and on the particular details of your claim, meaning precious metals︃ deposited in a subsidiary which is not part of the liquidation process undertaken by the︄ undersigned, you may want to seek legal representation to entertain those matters affecting your claim.︅
Finally, I request that all further communications regarding your account be remitted through this electronic︆ email address.
Regards,
Trustee
Below is the email I︂ sent with a few minor changes (mostly spelling):
To: [email protected] , [email protected]
Hello Jose +︃ Wigberto,
I have been informed that Qenta is demanding $5M from customers as part of︄ the purchase agreement termination. This is outragous and you have a fiduciary responsibility to customers︅ to refuse this $5m fee. The only funds Qents can claim is the $500k they︆ paid as per the purchase agreement.
You must demand the return of all the assets︇ being Gold + Silver, Stocks and Cash with interest. The assets in Qenta's control have︈ appreciated and that appreciation belongs to customers who took the risk by staying invested this︉ whole time! If the assets had depreciated, there is no way Qenta would make up︊ the shortfall...they would make customers eat that loss.
Action needs to be taken ASAP to︋ freeze and claw back all Opt-in customer assets in Qenta's control to prevent them from︌ stealing the assets! I believe Qenta is in trouble financially give their behaviour and Houston︍ head office closure/abandonment. You must act to protect customers!
Do you need anything from me︎ or other customers to act to stop Qenta?
Please tell me what you are doing️ about this clear attempt at unjustly enrichment by Qenta. You need to act fast to stop Qenta and protect customers! OCFI is responsible for this mess, please act and stop Qenta now!
Regards,
Andrew Cobb
The Receiver responded:
Sir, notwithstanding the messages and instructions regarding this liquidation process your demand for information and action seems to follow the different group chats discussion running in the web that you may be participating. Be advised that the recent developments in this case are being reviewed by the bank’s legal advisors and I await for their recommendations on the legal strategy to be adopted to move forward with︀ this request by the acquiring team. If there is a change or modification on the︁ liquidation process instructions that remains in process customers will be notified through the liquidation portal.︂
On the other hand and on the particular details of your claim, meaning precious metals︃ deposited in a subsidiary which is not part of the liquidation process undertaken by the︄ undersigned, you may want to seek legal representation to entertain those matters affecting your claim.︅
Finally, I request that all further communications regarding your account be remitted through this electronic︆ email address.
Regards,
Trustee
It's hard to say and it depends on how the receiver handles it. If he does his job correctly, it should not take long to force Qenta to return all of the bank's assets. But it will likely delay the return of all customer funds some what, as he will have a lot more customers to return funds to. But based on experience it will likely take far longer than it should. But based on Qenta holding $19 million in cash (not counting about︀ $58 million in metals and mutual funds) my guess is that Qenta holds some Opt-Out︁ customer's funds too. So they will likely get back more of their deposits, even if︂ they receive them a bit later.
Hi, I was also an opt-in customer, basically have just a little cash and silver and don´t know if -as ap31 and Marie Manila- I have to submit the opt-out forms, as Receiver hasn´t said a word regarding opt-in customers. not even now that Qenta sent the "termination" mail. I´d sent him a mail in May22th asking for information about the liquidation process (in Spanish, as it´s my native language -and pressume the Receiver´s- and thought I could be completely clear about my worries), but just received a mail dated July1, in which he asked me to send documents that prove I´m a real customer,︀ before they contact me. I will highly appreciate if Mr. Schiff or other Opt-In customers︁ could give us any idea, whether we should send those documents right away or wait︂ for the Receiver´s instructions. Thanks in advance for your help.
I tried to get a restraining order to prevent just that in federal court in Puerto Rico. The judge denied the request for a TRO claiming lack of jurisdiction over Qenta. I think the judge was wrong, as I was not asking her to restrain Qenta from receiving the bank's assets, but the receiver from giving those assets away to Qenta, in violation of his duty to safeguard those assets to satisfy liabilities to creditors.
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