Euro Pacific bank is a scam

[Golden Fleece]

Martin Everson said:
Peter may indeed be just ranting but we know the bank is actually insolvent.

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Zequeira Diaz confirmed the bank, headquartered in the Puerto Rican capital San Juan, was insolvent and that Schiff was the sole remaining shareholder. She said a trustee had been appointed to liquidate the bank's assets and return all deposits.

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The one thing that gives me pause here, in terms of trusting the media narrative, is my distrust of government in general and the extremely high level of corruption and incompetence in Puerto Rico.

It will be interesting to see how the actual facts unfold.

 

[Martin Everson]

Golden Fleece said:
The one thing that gives me pause here, in terms of trusting the media narrative, is my distrust of government in general and the extremely high level of corruption and incompetence in Puerto Rico.
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That's why Peter Schiff chose to move there and set up a bank and an asset management company in Puerto Rico right? What does that say about him...lol?

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[Martin Everson]

Peter Schiff still insists his bank is not insolvent..lol. He thinks regulatory capital rules don't apply to his bank. He wants to make his own rules up....lol.

https://twitter.com/x/status/1544303944503115776

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Sols]

It's not. That's the point. It just doesn't have enough excess regulatory capital. But since the bank has no loans, it's not really needed. The rules were written for banks with risky loans on their balance sheets. My bank has none.
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Wow. This is why you hire bankers, not media talking heads, podcasts hosts, and whatever else it is Peter Schiff to run a bank. Hopefully he has someone actually qualified to run a bank on payroll to help him sort this out and make a clean shutdown.

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This is the probably the answer to your question.

 

[Martin Everson]

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Last Thursday, the OCIF issued a cease-and-desist order and appointed certified public accountant Wigberto López Mender as IFI's receiver, after concluding that EPB has been operating in insolvency for at least three years. This is the first time that OCIF has appointed a receiver for an IFI. If the OCIF so concludes, the receivership must end with the liquidation of the IFI.

In issuing the order, OCIF also imposed a fine of about $765,000 and ordered the delivery of the reserve certificate required to these entities, which totals another $300,000.

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https://www.elnuevodia.com/english/...raws-the-line-with-ocif-and-j5-investigation/

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[nobel]

EPB: As usual, Euro Pacific Bank maintains a full-reserve ratio, meaning we make no loans and keep all client deposits on-demand eek¤%&

 

[Martin Everson]

nobel said:
EPB: As usual, Euro Pacific Bank maintains a full-reserve ratio, meaning we make no loans and keep all client deposits on-demand eek¤%&
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"on-demand"? Well thats a lie by the bank. You can't demand and get your money back today 08 July 2022 can you? smi(&%.

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The Puerto Rico financial regulator recently requested that Euro Pacific Bank pause its operations. In response, we are complying by pausing all transactions and reviewing the details of their request.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[nobel]

Martin Everson said:
"on-demand"? Well thats a lie by the bank. You can't demand and get your money back today 08 July 2022 can you? smi(&%.
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The transfer function is removed. nai¤%

 

[Luveria]

Hi,
I'm new here: I have an account Euro Pacific and card top-up and transfers are frozen.
Internet banking shows a notice about an incoming hearing on July 14th, does anybody know what's next ?

 

[Sols]

I'd say there are three possible outcomes.

1. The bank resumes operations like before. This is the least likely scenario. The news coming out about the bank are not good.
2. The bank is sold to a new owner and after a many months (maybe years) of due diligence and audits, the new owners open the bank again.
3. The bank is dissolved. A process that will take years begin, whereby creditors and depositors are slowly and gradually repaid from what's left in the company.

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This is the probably the answer to your question.

 

[nobel]

Sols said:
I'd say there are three possible outcomes.

1. The bank resumes operations like before. This is the least likely scenario. The news coming out about the bank are not good.
2. The bank is sold to a new owner and after a many months (maybe years) of due diligence and audits, the new owners open the bank again.
3. The bank is dissolved. A process that will take years begin, whereby creditors and depositors are slowly and gradually repaid from what's left in the company.

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What about the customers who switched to Interactive Brokers US? EPB offered this last weeks. Is the money safe with Interactive Brokers US?

 

[Marie Manila]

Luveria said:
I have an account Euro Pacific and card top-up and transfers are frozen.
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Just out of curiosity, can you still use the card? I mean the money you loaded onto the card before the bank stopped operating.

 

[Luveria]

Marie Manila said:
Just out of curiosity, can you still use the card? I mean the money you loaded onto the card before the bank stopped operating.
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Hi Marie Manila,
the card (Mastercard) it's a revolving one and works.
So to answer your question, YES I managed to get money at the ATM but I can't top-up anymore so it's now useless.

 

[Martin Everson]

What a guy.

https://twitter.com/x/status/1545542439821344787

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[JackAlabama]

Martin Everson said:
What a guy.

https://twitter.com/x/status/1545542439821344787
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To which he said yes, he would 😉
But who would want to buy such a bank anyway. Would probably be the last thing right now.

 

[Martin Everson]

JackAlabama said:
To which he said yes, he would 😉
But who would want to buy such a bank anyway. Would probably be the last thing right now.
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Exactly. His bank is gone but he will spin the narrative that it was governments fault. When in fact it is his fault alone for being insolvent. He cannot simply make up his own rules.

P.S I would really want to know too what any alleged buyer would be paying for here ca#"!.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Stephen2030]

Incoming transfer? ...

What happens to the transfers received on the account since the suspension? Will they be returned to sender?

 

[Martin Everson]

Stephen2030 said:
Incoming transfer? ...

What happens to the transfers received on the account since the suspension? Will they be returned to sender?
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The bank is halted meaning no operations permitted. Funds sent to any account in bank now may just sit on the banks correspondence account. However if that correspondence account is blocked it may bounce back to sender.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Stephen2030]

Martin Everson said:
The bank is halted meaning no operations permitted. Funds sent to any account in bank now may just sit on the banks correspondence account. However if that correspondence account is blocked it may bounce back to sender.
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Thanks for the reply

 

[JackAlabama]

Stephen2030 said:
Incoming transfer? ...

What happens to the transfers received on the account since the suspension? Will they be returned to sender?
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It can also be that the bank happily pocket all incoming wires but you can just watch but not touch it.