Euro Pacific bank is a scam
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Thanks Peter - pls do reach out to them and see what they say...
If they did tell Singapore Bullion that they needed permission to make transfers that raises two points...
1) That the receiver lied in their statement yesterday when they said "Neither the Trustee nor the Office of the Commissioner of Financial Institutions ofPuerto Rico have any participation in the administration or control of these assets", because telling Singapore Bullion they needed permission to transfer means the receiver︀ has ultimate control...
2) The receiver has absolutely NO legal authority to tell Singapore bullion︁ what to do - The receiver has quite publicly washed their hands of any control︂ of the silver and in point of law unless the receiver changes the OCIF liquidation︃ proposal THEY HAVE ZERO LEGAL AUTHORITY TO TELL SINGAPORE BULLION WHAT TO DO.
It might︄ be they asked Singapore Bullion to 'freeze' any transfer - and Singapore bullion might be︅ under the (wrong) impression that the receiver has some legal authority over the silver.... Might︆ be worth while telling Singapore bullion that the receiver has no say over that silver︇ as it stands....
And you Peter as the sole signature of the plan with Qenta,︈ which has now being voided, have the actual legal cutsodian of those metals NOT the︉ receiver, because YOU signed the deal with Qenta and only you. The receiver wasn't party︊ to the deal so has no legal custodian claim on the silver.... And that is︋ exactly what the receiver has said in public statements. When the deal with Qenta fell︌ thru custody of the metals goes back to you NOT the reciever.
Hope this helps...︍
If they did tell Singapore Bullion that they needed permission to make transfers that raises two points...
1) That the receiver lied in their statement yesterday when they said "Neither the Trustee nor the Office of the Commissioner of Financial Institutions ofPuerto Rico have any participation in the administration or control of these assets", because telling Singapore Bullion they needed permission to transfer means the receiver︀ has ultimate control...
2) The receiver has absolutely NO legal authority to tell Singapore bullion︁ what to do - The receiver has quite publicly washed their hands of any control︂ of the silver and in point of law unless the receiver changes the OCIF liquidation︃ proposal THEY HAVE ZERO LEGAL AUTHORITY TO TELL SINGAPORE BULLION WHAT TO DO.
It might︄ be they asked Singapore Bullion to 'freeze' any transfer - and Singapore bullion might be︅ under the (wrong) impression that the receiver has some legal authority over the silver.... Might︆ be worth while telling Singapore bullion that the receiver has no say over that silver︇ as it stands....
And you Peter as the sole signature of the plan with Qenta,︈ which has now being voided, have the actual legal cutsodian of those metals NOT the︉ receiver, because YOU signed the deal with Qenta and only you. The receiver wasn't party︊ to the deal so has no legal custodian claim on the silver.... And that is︋ exactly what the receiver has said in public statements. When the deal with Qenta fell︌ thru custody of the metals goes back to you NOT the reciever.
Hope this helps...︍
Techincally it went back to︌ the bank. The bank transferred control to Qenta. I did not transfer personal control. So︍ Silver Bullion transferred that control back to the bank. I will disucss with them. If︎ I can get conrol I will return every ounce to the lawfull owners as I️ have a complete list of each customer and the quantity of silver each owns. It's just that slightly over 100 customers reached out to me. So I will have to work to return the rest of the silver to those who have yet to reach out. But the Receiver is wrong. Two judges agreed all the assets transferred to Qenta belong to the bank. That is another reason I can't sue Qenta to get the assets, as they don't belong to me either.
Certainly worth talking to Singapore Bullion about control - because from the︃ public statements from the receiver they make it clear that they don't control the silver︄ and in fact CAN'T without changing the OSFI liquidation process.
For example - if i︅ (and others) contact Singapore bullion and instruct them to move my silver to Schiffgold there︆ is no legal procedure by which the receiver could block it. The silver was NEVER︇ part of their liquidation process (and can never be without changing the OCFI liquidation process).︈ The receiver wouldn't be able to argue in court to try and block the move︉ of the silver to Schiffgold because of all their public comments washing their hands of︊ any involvement/legal responsibility of the silver.
My guess is that they're pretending to Singapore Bullion︋ that the silver is part of the liquidation process and as such have to do︌ what they say - but this is completely false. The silver isn't part of the︍ liquidation process at all and so they have no legal authority to direct Silver Bullion︎ whatsoever...
The only way the silver becomes part of the liquidation process if thru a️ change on the OSFI liq process - which i fear would take months/years... To avoid this dragging on for potentially years - wouldn't it make sense for silver customers to instruct Silver Bullion to move the silver to Schiffgold? Silver Bullion can't say no can they? The silver isn't 'frozen' by the receiver because they can't freeze it or instruct Silver Bullion to do anything. Only the owners of the silver can do that...
Remember the silver isn't part of the liquidation process.
For example - if i︅ (and others) contact Singapore bullion and instruct them to move my silver to Schiffgold there︆ is no legal procedure by which the receiver could block it. The silver was NEVER︇ part of their liquidation process (and can never be without changing the OCFI liquidation process).︈ The receiver wouldn't be able to argue in court to try and block the move︉ of the silver to Schiffgold because of all their public comments washing their hands of︊ any involvement/legal responsibility of the silver.
My guess is that they're pretending to Singapore Bullion︋ that the silver is part of the liquidation process and as such have to do︌ what they say - but this is completely false. The silver isn't part of the︍ liquidation process at all and so they have no legal authority to direct Silver Bullion︎ whatsoever...
The only way the silver becomes part of the liquidation process if thru a️ change on the OSFI liq process - which i fear would take months/years... To avoid this dragging on for potentially years - wouldn't it make sense for silver customers to instruct Silver Bullion to move the silver to Schiffgold? Silver Bullion can't say no can they? The silver isn't 'frozen' by the receiver because they can't freeze it or instruct Silver Bullion to do anything. Only the owners of the silver can do that...
Remember the silver isn't part of the liquidation process.
What comes to my mind:
The receiver states "These entities, Euro️ Pacific Securities, Inc., Euro Pacific Funds SCC Ltd., and Euro Pacific Advisors Ltd. were wholly owned subsidiaries of Euro Pacific Intl. Bank Inc. Notwithstanding, these entities were never governed by︉ the laws and protections of Puerto Rico or the United States. These subsidiaries were all︊ sold as part of the agreement subscribed by the stockholder. "
When the purchase agreement with Qenta was terminated, these companies reverted back to the bank, but since they are subsidiaries that are not part of the liquidation, they should be able to act independently, right?
There must also︀ be a managing director for these companies?
He could instruct a transfer of the assets︁ accordingly without requiring permission from OCIF or the receiver.
And the director would probably have︂ standing in front of a court.
The receiver states "These entities, Euro️ Pacific Securities, Inc., Euro Pacific Funds SCC Ltd., and Euro Pacific Advisors Ltd. were wholly owned subsidiaries of Euro Pacific Intl. Bank Inc. Notwithstanding, these entities were never governed by︉ the laws and protections of Puerto Rico or the United States. These subsidiaries were all︊ sold as part of the agreement subscribed by the stockholder. "
When the purchase agreement with Qenta was terminated, these companies reverted back to the bank, but since they are subsidiaries that are not part of the liquidation, they should be able to act independently, right?
There must also︀ be a managing director for these companies?
He could instruct a transfer of the assets︁ accordingly without requiring permission from OCIF or the receiver.
And the director would probably have︂ standing in front of a court.
Unfortunately the Receiver has to authorize the distribution of the Silver. Same goes for the 3 Subsidiaries that own the Mutual Funds and the IB account, otherwise those assets would have been distributed 3 years ago.
Nothing will be distributed unless the Receiver says so.
Nothing will be distributed unless the Receiver says so.
This is not true - as of right now the receiver has NO authority over the silver whatsoever - this can only be changed if the OSFI liq plan is changed.... Go read the current liq plan - precious metals and mutual funds are not in his authority under that plan.
This explains why the︀ receiver is doing NOTHING to retrieve those assets - because he has no legal authority︁ over them.
The only people with legal authority are the customers themselves - that's why︂ the receiver just told us 'get a lawyer and get them yourself'
This explains why the︀ receiver is doing NOTHING to retrieve those assets - because he has no legal authority︁ over them.
The only people with legal authority are the customers themselves - that's why︂ the receiver just told us 'get a lawyer and get them yourself'
That's because the mutual funds, according to the receiver, are not part of the liquidation process, same goes for the metals... So according to the receiver they are not part of the banks assets - only those that listed in the OSFI liq plan are...
Don't get me wrong - i'm not saying this is the right way to do it. I think it's INSANE that the receiver isn't doing all he can to protect and return ALL the customers assets... But he's not, because he seemingly holds the customers in contempt for whatever reason, and this is another example in a long list of just︀ how poorly the customers have been treated/viewed through this whole process.
Don't get me wrong - i'm not saying this is the right way to do it. I think it's INSANE that the receiver isn't doing all he can to protect and return ALL the customers assets... But he's not, because he seemingly holds the customers in contempt for whatever reason, and this is another example in a long list of just︀ how poorly the customers have been treated/viewed through this whole process.
I understand that a new liquidation order is needed for the Receiver to gain control of the Silver︀ and the hopefully the 3 Subsidiaries, but whether Qenta has control of them, or the︁ Reciever controls them, no distributions will be made unless the Receiver authorizes it.
Time will︂ tell...
Time will︂ tell...
You are incorrect. The Liquidation Plan gives the Receiver authority over “all assets of the Bank." The gold︀ and silver were held in an omnibus account titled to the Bank, which by definition︁ falls under his authority. The silver is still in that ombibus account. Silver Bullion has︂ confirmed that they have been told by their lawyers that no silver in that account︃ can be moved without expressed authoriization from the Receiver.
But this is the problem - unless and until there is a new Liq plan, the receiver has NO authority to block or stop the distribution of the funds.
In the case of Silver the receiver has ZERO authority to tell Singapore bullion to freeze the assets and not distribute them︀ to Schiff gold. He can ONLY get that authority if the Liq plan is changed︁ - which may take months/years. In the meantime the ONLY people with the authority to︂ order the distribution of the funds are the customers themselves.
This is why the receiver︃ just said 'get a lawyer' if you want the assets back, because the receiver knows︄ he has NO legal authority over the funds and precious metals.
In the case of Silver the receiver has ZERO authority to tell Singapore bullion to freeze the assets and not distribute them︀ to Schiff gold. He can ONLY get that authority if the Liq plan is changed︁ - which may take months/years. In the meantime the ONLY people with the authority to︂ order the distribution of the funds are the customers themselves.
This is why the receiver︃ just said 'get a lawyer' if you want the assets back, because the receiver knows︄ he has NO legal authority over the funds and precious metals.
Ah, but the receiver would (and does) argue that the precious metals and mutual funds are NOT assets of the bank (again, i'm not saying this is correct - just saying that's how the reciever views them). If he did see them as︀ 'assets of the bank' he would've joined your TRO and taken control of the silver︁ - he hasn't because he doesn't see them as assetts of the bank.
It's understandable︂ that Singapore bullion would play it safe and juat wait for the receiver. However, this︃ is wrong legally because the receiver themselves say they have no authority over that silver.︄
Unless Singapore bullion change their minds we're going to have to wait for a new︅ OSFI plan to include the silver. What i fear is that the receiver will reject︆ your offer to distribute the silver thru Schiffgold and instead liquidate the silver omnibus account︇ and take the dollars and distribute those.
Schiffgold being part of the new liq plan︈ is the only way that is avoided and i'm not sure the receiver is going︉ to go for that.
This doesn't get resolved this side of Christmas which is insane︊ because i know you can get the silver back to us in a couple of︋ weeks if you're given the nod.
It's understandable︂ that Singapore bullion would play it safe and juat wait for the receiver. However, this︃ is wrong legally because the receiver themselves say they have no authority over that silver.︄
Unless Singapore bullion change their minds we're going to have to wait for a new︅ OSFI plan to include the silver. What i fear is that the receiver will reject︆ your offer to distribute the silver thru Schiffgold and instead liquidate the silver omnibus account︇ and take the dollars and distribute those.
Schiffgold being part of the new liq plan︈ is the only way that is avoided and i'm not sure the receiver is going︉ to go for that.
This doesn't get resolved this side of Christmas which is insane︊ because i know you can get the silver back to us in a couple of︋ weeks if you're given the nod.
On the silver, I have asked my lawyer in Puerto Rico to ask the Reciever to send an email to Silver Bulliion telling silver bulllion exactly what he told Qenta and what he has told customers. That the silver in the bank's account does not belong to the bank, but is the seperate property of the bank's customers. That Silver Bullion is to hold that silver for the benefit of their individual owners and to follow their individual instcutions as to what to do with it. It makes no sense for him to refuse, but given my experience that is what I expect him to︀ do. Hopefully I am wrong on this
That's a smart︁ move... It's incumbent that Singapore bullion to know exactly how the receiver views the silver,︂ ie that it is NOT part of the Liq plan and as such the receiver︃ has no authority over the silver....
I am with you that the receiver is unlikely︄ to do this...
Might i suggest another tack - Why doesn't your lawyer communicate with︅ Singapore bullion and suggest some question that Singapore bullion might want to clarify with the︆ receiver - The receiver might be able to ignore you, but would find it hard︇ to ignore questions coming from Singapore bullion themselves.
The suggested question to Sing Bull to︈ ask the receiver could be the same ones you've suggested above but in reverse. I︉ would also suggest Sing Bull straight up ask the receiver if they CURRENTLY have any︊ legal control over the silver.
I am with you that the receiver is unlikely︄ to do this...
Might i suggest another tack - Why doesn't your lawyer communicate with︅ Singapore bullion and suggest some question that Singapore bullion might want to clarify with the︆ receiver - The receiver might be able to ignore you, but would find it hard︇ to ignore questions coming from Singapore bullion themselves.
The suggested question to Sing Bull to︈ ask the receiver could be the same ones you've suggested above but in reverse. I︉ would also suggest Sing Bull straight up ask the receiver if they CURRENTLY have any︊ legal control over the silver.
I would︃ just add that the receiver has already told us that they don't control the silver;︄
"Neither the Trustee nor the Office of the Commissioner of Financial Institutions ofPuerto Rico have︅ any participation in the administration or control of these assets"
Sing Bull should clarify︆ with the receiver if this is still the case.
"Neither the Trustee nor the Office of the Commissioner of Financial Institutions ofPuerto Rico have︅ any participation in the administration or control of these assets"
Sing Bull should clarify︆ with the receiver if this is still the case.
"All customers should be aware that in addition to the assets and obligations transferred, in September 2022 the computers framework and banking system including all accounts and transaction data for the bank in liquidation were also transferred by the stockholder to Qenta. To the extent that the Trustee has limited identifiable information from the customers transferred to Qenta the only way that we can ascertain that we are dealing with the correct customer or beneficial owner is by receiving legitime information through the instructions provided in the liquidation site."
I have the impression that the receiver woke up with his hands buried in s**t up to his elbows. He slept for three years and then woke up. Correct my mistaken︀ thinking, because maybe I'm blind or there's something I don't know yet. I think neither︁ Qenta nor receiver know who is opt-in and who is opt-out.
I have the impression that the receiver woke up with his hands buried in s**t up to his elbows. He slept for three years and then woke up. Correct my mistaken︀ thinking, because maybe I'm blind or there's something I don't know yet. I think neither︁ Qenta nor receiver know who is opt-in and who is opt-out.
Think we need to urgently get the lawsuit going. Maybe they will see sense and settle out of court?
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