Euro Pacific bank is a scam

[danielboros]

Pschiff said:
If you sent to my eurpac.net address I can't read it. That account was hacked and I have not gotten access restored yet. Very frustrating how long it takes.
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I bet you didn't even have 2FA activated just like Trump 😀

On a completely different note I am still working with the HMRC with the FOIA. They rejected it based on that I was asking for "personal" information which if true would exclude the IRS as a source. We will see... I'm 99% certain it was not the IRS.

 

[Pschiff]

danielboros said:
I bet you didn't even have 2FA activated just like Trump 😀

On a completely different note I am still working with the HMRC with the FOIA. They rejected it based on that I was asking for "personal" information which if true would exclude the IRS as a source. We will see... I'm 99% certain it was not the IRS.
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Let me know what you find out. I have control of that email address again.

 

[MikeDem]

Hi Everyone,
anyone has any (good) news? any progress?

Yesterday I checked with the customer service, just to see if they still there ;-), they are there, but no news

Mike

 

[Guess]

Hello,

I am new to this discussion and I am an EPB opt-out customer. It has been ~2 months without an update and was wondering what is happening.
I have emailed the OCIF and the trustee (both through the website and directly) but have had no reply. The EPB support service wont tell me anything as I am an opt-out customer. I am also not able to join the cost sharing legal team of customers, as it is too expensive for me.

Can someone please tell what is happening as we all want (and some of us really need) our money back. Are there any new emails for contact on feed back and updates?

Thank you all.

 

[James123456]

Guess said:
Hello,

I am new to this discussion and I am an EPB opt-out customer. It has been ~2 months without an update and was wondering what is happening.
I have emailed the OCIF and the trustee (both through the website and directly) but have had no reply. The EPB support service wont tell me anything as I am an opt-out customer. I am also not able to join the cost sharing legal team of customers, as it is too expensive for me.

Can someone please tell what is happening as we all want (and some of us really need) our money back. Are there any new emails for contact on feed back and updates?

Thank you all.
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This is the status as stated by Peter Schiff to his +1million followers:
https://twitter.com/x/status/1807408453142409411
- "The only logical explanation for the delay is that the receiver is dragging out the process merely to enrich himself" - the receiver being lugo mender group llc - Lugo Mender Group LLC | Attorney, Bankruptcy and CPA Services

 

[Radko]

James123456 said:
"The only logical explanation for the delay is that the receiver is dragging out the process merely to enrich himself"
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I understand that it's easy to blame the Receiver, but I do not believe the Receiver is dragging out the process. He would have returned the funds to customers last year, had he been able to get the money out of Novo bank.

Either way, I do believe that when the Receiver wrote that the liquidation of EPB had stopped (or as he wrote "stayed"), he knew that this was going to take a very long time.

What I don't like about the Receiver is that given the amount of money that he is charging every single quarter, he could at least take one minute of his time to inform the customer.

 

[Lemon]

Radko said:
I understand that it's easy to blame the Receiver, but I do not believe the Receiver is dragging out the process. He would have returned the funds to customers last year, had he been able to get the money out of Novo bank.

Either way, I do believe that when the Receiver wrote that the liquidation of EPB had stopped (or as he wrote "stayed"), he knew that this was going to take a very long time.

What I don't like about the Receiver is that given the amount of money that he is charging every single quarter, he could at least take one minute of his time to inform the customer.
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So, what you are saying is that the only thing stopping us from getting our money back is for Novo Bank to release them ?

 

[Radko]

Lemon said:
So, what you are saying is that the only thing stopping us from getting our money back is for Novo Bank to release them ?
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I don't know if there are other problems, but Novo bank not releasing the funds is the main one.

Unfortunately the Receiver doesn't feel the need to inform us.

 

[Lemon]

Radko said:
I don't know if there are other problems, but Novo bank not releasing the funds is the main one.

Unfortunately the Receiver doesn't feel the need to inform us.
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Ok and do we know what the reason is ?

 

[Radko]

Lemon said:
Ok and do we know what the reason is ?
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That's a very good question, but the Receiver has never told us anything other than "he can't get the money out of Novo bank."
It would be nice if he told us why Novo bank is not releasing the funds, and more importantly, what is he doing about it, has he hired a lawyer in Portugal to try to speed up the process? Only the Reveiver can answer these questions.

If I had to guess, I'm pretty sure Novo bank didn't keep the funds in cash, more than likely they bought long-dated treasuries to make some money, but long-term treasuries have lost a lot of their value during the last few years, so if they sell those treasuries they will lose a lot of money.

During the last few years a number of banks have faced the same problem, some of them have been bailed out, as it was the case with Silicon Valley bank.
I'm not saying that Novo is in need of a bail out, the bank is making money, but they are probably holding onto those long-term treasuries for as long as they can, so they don't end up losing money.

Only the Reveiver knows exactly what's going on, but I do wonder if he is doing anything about it, or if he is just waiting hoping that at some point Novo bank will release the funds.

I have no doubt that Novo bank is going to hold on to the funds for as long as they can.

 

[Martin Everson]

Radko said:
Only the Reveiver knows exactly what's going on, but I do wonder if he is doing anything about it, or if he is just waiting hoping that at some point Novo bank will release the funds.
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Whatever the reason for the delay we may never know. However the receiver does appear on paper to be a very qualified and credible individual from what I have read below on his website despite what I may have thought in past. This leads me to believe any issues could be outside his control and he is simply the scapegoat for negative sentiment over this all 🙁.

---- quote start

Mr. Wigberto Lugo Mender, Esq., CPA, is admitted to the P.R. Supreme Court, the Circuit Court of Appeals for the First District and the U.S. District Court for the Judicial District Court of Puerto Rico. He is graduated of the University of Puerto Rico School of Law, Cum Laude. He also has a dual bachelor's degree in business administration and accounting from the University of PR., Cum Laude.

He has exposure in multiple disciplines and has gained diverse working experience with financing, legal, bankruptcy, estate liquidation and general financial consulting assistance to business of all sizes and in different industries. He has served as attorney in several of private and commercial clients, particularly commercial, insolvency and inheritance matters. Currently appointed as a Chapter 7 Bankruptcy Trustee for the Judicial District of Puerto Rico, he has work in liquidation of assets pertaining to bankruptcy estate and an Estate Administrator and Trustee in the Puerto Rico First Instance Court, with involvement in administration of assets in contested proceedings including individuals, partnership and corporations.

Prior to his current work profile, he has worked as Bankruptcy Analyst for the U.S. Trustee Office, U.S. Department of Justice and for Arthur Andersen & Co., in San Juan, Puerto Rico. He has also active as Speaker for several bankruptcy seminars sponsored by the local state CPA board, Colegio de Abogados de Puerto Rico, the American Bankruptcy Institute and Past Member of the Comision de Quiebras del Colegio de Abogados de Puerto Rico. He has been designated as Treasurer of Puerto Rico Bankruptcy Bar.

--- quote end

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

 

[danielboros]

The receiver does not respond to questions, can't uphold basic promises such as more frequent updates and have made pointless requests to us even though their plan has not been accepted and blames OCIF even though they know that OCIF can't accept anything until all the assets are in the recievers posession.

We don't know if Novo bank came through or not, but it is possible that they can't pay due to the reserve limitations the ECB put on them in the past.

Moral of the story: don't put your money in the bank, beccause once you do, it is not yours anymore.

 

[Pschiff]

From what I know most of the customer funds already at Qenta. In fact Qenta has more than enough to fully repay all the opt ins. The problem is most of the opt out money is still at Novo bank. So they have been waiting to be able to re pay all customers before they repay any customer. Since its possible that after all is said an done a less than 100% distribution will be made, they don't want to advantage some customers over others. Of rouse this whole thing is ridiculous, and if OCIF cared about customers they all would have been repaid a long time ago. In fact, is the OCIF Commissioner cared about customers she never would have put the bank into receivership and would have allowed one of several interested parties to buy the bank. There was no need for any of this, other than as a PR stunt so the J5 could pretend they shut down a bank that was helping customers evade taxes and launder money. The customers are just collateral damage.

 

[Marie Manila]

By the way, do I need to take any action as an opt-in customer?
Quenta has never contacted me for registration on their website or for document uploads (like passport etc).

 

[Guess]

Pschiff said:
From what I know most of the customer funds already at Qenta. In fact Qenta has more than enough to fully repay all the opt ins. The problem is most of the opt out money is still at Novo bank.
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I don't mean to sound rude or offensive, but why does there appear to be favorable treatment for Opt-in customers over Opt-out customers? We were all customers of EPB and we all had the same risk, therefore shouldn't we all get the same haircut of funds?

 

[Pschiff]

Guess said:
I don't mean to sound rude or offensive, but why does there appear to be favorable treatment for Opt-in customers over Opt-out customers? We were all customers of EPB and we all had the same risk, therefore shouldn't we all get the same haircut of funds?
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That has been their approach. That's why the opt ins have not been given their money, even though Qenta has more than enough cash to make all the opt in whole. Qenta got all the gold that was in storage, plus millions in cash that had been transferred to IB. The opt out money is mostly still at Novo Bank.

Are finland and sweeden part of the EU?

 

[Lemon]

Pschiff said:
That has been their approach. That's why the opt ins have not been given their money, even though Qenta has more than enough cash to make all the opt in whole. Qenta got all the gold that was in storage, plus millions in cash that had been transferred to IB. The opt out money is mostly still at Novo Bank.

Are finland and sweeden part of the EU?
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Yes Finland + Sweden are members of EU

 

[Pschiff]

Lemon said:
Yes Finland + Sweden are members of EU
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I did not mean to ask that question in this chat. But thanks for confirming anyway.

 

[Martin Everson]

Pschiff said:
Qenta got all the gold that was in storage, plus millions in cash that had been transferred to IB.
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I don't suppose Qenta minds waiting with the cash they have now anyway. The overnight deposit rates they will earn from IB will add up to a pretty penny in mean time. Hope they pass it on to customers 😉.

Marie Manila said:
Quenta has never contacted me for registration on their website or for document uploads (like passport etc).
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Have they contacted you to let you know they received funds from EPB at least?

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

 

[Radko]

Martin Everson said:
The overnight deposit rates they will earn from IB will add up to a pretty penny in mean time. Hope they pass it on to customers 😉.
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More than a decade with rates at basically 0%, as soon as rates started climbing they took our money. Now with rates at +5% every party involved in the liquidation process is making money off of our money, that's the reason why no one wants to this situation to be over.

Pschiff said:
From what I know most of the customer funds already at Qenta. In fact Qenta has more than enough to fully repay all the opt ins. The problem is most of the opt out money is still at Novo bank. So they have been waiting to be able to re pay all customers before they repay any customer. Since its possible that after all is said an done a less than 100% distribution will be made, they don't want to advantage some customers over others. Of rouse this whole thing is ridiculous, and if OCIF cared about customers they all would have been repaid a long time ago. In fact, is the OCIF Commissioner cared about customers she never would have put the bank into receivership and would have allowed one of several interested parties to buy the bank. There was no need for any of this, other than as a PR stunt so the J5 could pretend they shut down a bank that was helping customers evade taxes and launder money. The customers are just collateral damage.
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Peter, I'm still getting statements from the fund managers, which tells me that the funds are still somehow trading, no one has liquidated those after more than 2 years, any idea how I can ask to sell all the shares that I have in all the different Mutual funds?