Euro Pacific Bank - Peter Schiff Banked Known Criminals, Tax Probe Claims
- Thread starter Flatworld
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IRS-CI cannot confirm or deny if Schiff is under investigation.. so who wants to place bets on whether he is gonna get indicted.
Finally my 2018 prediction on this bank which I said was a haven for tax evaders etc has come true thu&¤#.
Bad luck to all those fools that went in on me as a hating the bank while continuing to use it and believing in Peter Schiff....lol. I bet he will distance himself now from his own bank.
I still remember those old posts I made where I said Euro Pacific does not publish its financials and why does it no do so? Whats that about level of insolvency below rof/%.
https://abcnews.go.com/Internationa...es-bank-money-laundering-tax-evasion-86024581
Follow the advice in link above. If you held an account go speak to tax man or a lawyer asap.
Now we know why he never published financials for the bank . The bank was not making any money and is now insolvent. He said he did not know the bank was under capitalized....lol. What does he think negative $1.3m in bank capital is then? What a clown.
P.S Plus he get $765k penalty to pay now.
https://kstp.com/kstp-news/business-news/peter-schiff-trying-to-save-puerto-rico-bank-under-probe/
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Schiff said he also was upset that the bank's operations were suspended by Puerto Rico's Office of the Commissioner of Financial Institutions, which announced the move on Thursday and accused the bank of a lack of internal controls, a lack of compliance and a level of insolvency. Officials noted it was separate from the J5 probe.
“It's a huge shock that they've done this,” Schiff said of the bank's suspended operations.
Schiff said that while he didn't realize the bank was undercapitalized until it was audited, he stressed it was not a matter of solvency but regulatory minimum capital requirements. He said the bank always has had a positive net worth and that while there was a deficiency based on deposits, the commissioner told him not to worry because a buyer had appeared.
Schiff said a Houston-based bank wanted to buy Euro Pacific International Bank and that he submitted an application in January to start the process.
“They were going to rename it, rebrand it, so it would no longer have that stigma,” he said.
Natalia Zequeira, commissioner for Puerto Rico's Office of the Commissioner of Financial Institutions, told The Associated Press on Friday that she doesn't understand why Schiff was surprised by the agency action since the office met with him in October and he signed a consent form to make the changes required.
She added that the bank submitted a business plan, capital plan and strategic plan that her office did not approve, and said the bank did not refile those or correct deficiencies.
“Surprises like the one Mr. Schiff had yesterday are a result of not reading the fine print of your regulator,” she said.
Zequeira said the consent order he signed required changes in management and strategy that did not happen, and that those processes are separate from a change in ownership.
“A regulator has the right to request the best of its institution, and just because you filed something doesn't give you the right to conclude that you're in compliance,” she said. “Regulators are not babysitters.”
The office's cease-and-desist order stated that the bank had a net loss of nearly $751,000 in 2019 and overall accumulated losses of nearly $4 million. It added that at the end of 2020, the bank had a capital of negative $1.3 million: “As such, the entity is classified as insolvent.” In the first trimester of 2022, the bank had a net loss of nearly $550,000, the order stated.
Meanwhile, Schiff said he has invested $7 million of his own money to keep the bank afloat and that all customers can get 100% of their money back.
“Right now, not a single customer is in jeopardy,” he said.
Zequeira, however, said Schiff's personal money does not represent the capital of the institution, adding that the financials show “a very high risk” for his clients. The cease-and-desist order also called for a $765,000 penalty to be paid to Puerto Rico's Treasury Department.
Zequeira said an administrative officer is scheduled to hear the case on July 7 and could decide on whether to appoint a new manager or liquidate the bank, adding that Schiff has the right to go to an appeals court if he disagrees.
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Last edited: Jul 2, 2022
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
Maybe he will find a new home outside Puerto Rico now...lol. I see Peter doing damage control and spinning the narrative that he is victim despite mountain of evidence what his bank was up to and fact it was insolvent.....lol.
https://europacbank.com
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https://europacbank.com
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| BANKING OPERATIONS STATUS UPDATE Euro Pacific Bank recently received a request from the Puerto Rico financial regulator to pause operations. We are complying by pausing transactions until at least July 7, 2022, in order to review their request. We will have more information about how we can proceed shortly after July 7th. We apologize for any inconvenience caused and will provide you an update as soon as possible. As usual, Euro Pacific Bank maintains a full-reserve ratio, meaning we make no loans and keep all client deposits on-demand. Please note that the bank will be closed for a national holiday, Carnival, on Monday, July 4th and Tuesday, July 5th, 2022. |
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How would they do it, they need to establish them self again, new company, new license, new name!
Meanwhile Peter Schiff is trying to spin the narrative. He thinks solvency laws and capital requirements don't apply to his bank and everyone is out to get him.....lol.
https://twitter.com/x/status/1544301518639316992
Would be very interested in who this new supposed buyer is. Who indeed pays $24.5m for an insolvent bank with dodgy customers ns2.
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https://twitter.com/x/status/1544301518639316992
Would be very interested in who this new supposed buyer is. Who indeed pays $24.5m for an insolvent bank with dodgy customers ns2.
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Exactly, otherwise he could be accused of doing an Elon Musk claim of having a buyer for Tesla.
https://nypost.com/2022/02/01/elon-...-deal-to-take-tesla-private-new-court-filing/
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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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Notice the silence....Where are all the customers. It's gone very quiet on that front.
@Edge How you feel after saying the below to me.
https://www.offshorecorptalk.com/th...nk-sepa-mastercard-aeoi-crs.23210/post-107071
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
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