Euro Pacific bank is a scam

[James123456]

https://docs.pr.gov/files/OCIF/LEY-TRANSPARENCIA/2023/Informe Mensual Ley Núm. 141-2019 - Julio.pdflast page:
16th of July: (google translated): Documents related to the liquidation process of Euro Pacific Intl. Bank were sent to OCIF
OCIF to respond by the 15th of August

danielboros said:
They don't have "all" of the funds. A couple of million is still missing.

As far as I am aware no distribution has began.

There's also no evidence that the liquidation plan has been approved by OCIF.
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how do you know a "couple of millions are missing"?

 

[danielboros]

Look at the last two reports. Before Novo transfer $24,669,844 was missing. With Novo's $23,733,530 we have about a mill missing.
I didn't remember the exact number hence I said couple.

 

[James123456]

Has anyone called the receiver´s office and asked when we can expect this liquidation plan to be presented to customers?
Contact Us | Lugo Mender Group LLC : Tel: +1 787-707-0404

According to his reports, the receiver has 2 employees working on this : one of them is Mylen Guarde
We should be ready soon given:
1) The tiny amount "missing" (dont think it is missing, probably has just been at epb broker account)
2) The receiver mentions in his last report that in July he hired EDGE Legal: Empowering Success through Legal Excellence to help him with the liquidation

would appreciate if someone takes the lead and call Lugo Mender office

 

[Martin Everson]

James123456 said:
would appreciate if someone takes the lead and call Lugo Mender office
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Why don't you do this?

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

 

[James123456]

Martin Everson said:
Why don't you do this?
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I am an introvert

 

[Lemon]

James123456 said:
Has anyone called the receiver´s office and asked when we can expect this liquidation plan to be presented to customers?
Contact Us | Lugo Mender Group LLC : Tel: +1 787-707-0404

According to his reports, the receiver has 2 employees working on this : one of them is Mylen Guarde
We should be ready soon given:
1) The tiny amount "missing" (dont think it is missing, probably has just been at epb broker account)
2) The receiver mentions in his last report that in July he hired EDGE Legal: Empowering Success through Legal Excellence to help him with the liquidation

would appreciate if someone takes the lead and call Lugo Mender office
Click to expand...

Don't you think the plan will be available at Legal Documents | EPB Bank when OCIF's approval of the plan is done ?

 

[danielboros]

https://web.archive.org/web/20240810201919/https://www.irs.gov/pub/irs-ci/j5-report-7-25-2024.pdf

 

[ap31]

This is a protected .pdf
Useless without a Password

 

[danielboros]

ap31 said:
This is a protected .pdf
Useless without a Password
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That is why I had to do a screenshot to put the content here. Only copying is password protected by the IRS.

 

[Radko]

Pschiff said:
Qenta was to pay the bank $1.25 million for the opt in customers. The hope was that most would stay on as customers of Qenta. But based on this long delay I'm sure most will just withdraw their money as soon as they are able. In truth I don't blame them.
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Hi Peter, thank you for sharing all the information that you know.

I wanted to ask you if you think there is a possibility that Qenta will, for whatever reason, not give the money to the opt-in customers? According to you they have paid 1.25 million for the opt-in accounts, and to be honest I doubt that anyone will stay with Qenta. They have zero investment products, they are just a tech company that only allows customers to have their funds in Gold, and nothing else.
So no one in their right mind will stay with Qenta, they are going to make nothing out of this, and that's why I fear that opt-in customers can face potential problems when trying to get their money out of Qenta.


Any thoughts Peter? Thanks.

Martin Everson said:
If Qenta has received the opt-in assets from EPB as Peter said, can any opt-in customers confirm that Qenta has communicated [receiving of assets] to them or better still have they received access to their assets on the platform?
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Qenta sent an email to Opt-in customers a few months ago, they said that they have zero involvement in the liquidation of EPB, and that until the Receiver finishes with the liquidation they can't do anything.

Basically they just put all the responsibility on the Receiver.

And, until the liquidation plan has been approved by the Commissioner of the OCIF, nothing will happen.

Last edited: Sep 3, 2024

 

[SCHLOSSFINANZ]

there is a risk to stay with Qenta. Wit this deal they made a massive loss. Also of concern is that they are UNREGULATED...

 

[danielboros]

OCIF approved Quenta. Their a*s would be on the line if Quenta failed to deliver what was promised.

 

[Radko]

SCHLOSSFINANZ said:
there is a risk to stay with Qenta. Wit this deal they made a massive loss. Also of concern is that they are UNREGULATED...
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Of course, no one should stay with Qenta, it would be crazy! That's why I see potential problems trying to get the money out of Qenta.

But Opt-in customers were told that "as soon as the funds are available, they could transfer their money out of Qenta if they wanted to", BUT... I find it difficult to believe that Qenta will comply and lose all that money after they have paid 1.25 million to get those accounts.

I guess time will tell, but given all the information that has been shared here, Qenta and its CEO are not to be trusted.

Does anyone understand this? The Receiver says that there is money deposited in other correspondent banks and entities, but he also says that he has received 23.7 million from Novo Bank.
So does anyone have any idea which are the other Correspondent banks that are still subject to liquidation? I thought Novo was the only correspondent bank that EPB had.

Last edited: Sep 3, 2024

 

[Martin Everson]

Radko said:
So does anyone have any idea which are the other Correspondent banks that are still subject to liquidation?
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They had a JPY account at Mizuho Bank in Japan that was never closed down when bank was active. It could be this account they were referring to.

https://files.europacbank.com/docs/EPB_MT103.pdf

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

 

[SCHLOSSFINANZ]

Yes it is the for sure the Mizuho acc.
closing this account would really take time, effort a good local law firm and money

 

[Radko]

Martin Everson said:
They had a JPY account at Mizuho Bank in Japan that was never closed down when bank was active. It could be this account they were referring to.

https://files.europacbank.com/docs/EPB_MT103.pdf
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Yes, you are right Martin. I remember now that EPB had 3 accounts at Novo Bank (Euros, Sterling, and Swiss Franc), and then there was a JPY account.

Thanks!

 

[ATNTESTING]

As an OPT IN (they chose for me because i wanted to be OPT OUT) I have never been contacted by Qenta...

 

[danielboros]

We had live group chats with Quenta at the beginning when it seemed that things will be smooth, but not since then.
Anyway there's no point in worrying about them when we are not even there yet.
Who knows how much money and time Lugo will spend to get back the last chunk of the goods. It will probably cost more then what was deposited there.

 

[Giorgiogori]

Do anyone know if there is an email address for Qenta where to ask info about their stance at the moment?

 

[MikeDem]

Giorgiogori said:
Do anyone know if there is an email address for Qenta where to ask info about their stance at the moment?
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in the past I got some (useless) response from this:
[email protected]
Andrew
Qenta Support