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  1. P

    Euro Pacific bank is a scam

    The bank submitted the requests. All 500 or so opted out and provided wiring instructions. The bank forwarded those instructions to Novo. Novo should have processed the wires. But instead they filed a suspicious report with the Portugese government due to the false media reports the bank was...
  2. P

    Euro Pacific bank is a scam

    Stay tuned.
  3. P

    Euro Pacific bank is a scam

    There was no freeze when we submitted the wire requests. We were trying to return customer funds to customers. What was left over was going to be wired to Qenta. The J5 never asked for a freeze. The J5 investigation found nothing. It was only after we requested the wires that Novo send their...
  4. P

    Euro Pacific bank is a scam

    Mistake. I deleted it but I guess you replied before I did. Just delete your reply to avoid confusion. You must have replied within seconds. That's a flaw in this board. If I comment is deleted, the replies should delete as well.
  5. P

    Euro Pacific bank is a scam

    I wonder what is happening to the interest on the funds that are now with Qenta?
  6. P

    Euro Pacific bank is a scam

    OCIF did not allow that. The Commissioner insisted that I give people the option to withdraw their funds. She said I could not just sell the accounts to Qenta without the customer's approval. I got her to agree to negative consent. In hind sight, had she allowed all the accounts to go to Qenta...
  7. P

    Euro Pacific bank is a scam

    This process is so overly and unnecessarily complex. It seems to be that the sole purpose of this process is to delay the return of funds for as long as possible to maximize the income earned by the receiver.
  8. P

    Euro Pacific bank is a scam

    Probably true. But the IRS is the reason the bank is now in receivership. The OCIF Commissioner had already decided to allow Qenta to buy and continue to operate the bank, which would have been seamless for customers. But the IRS and J5 needed to publicly save face for their highly publicized...
  9. P

    Euro Pacific bank is a scam

    I read that. Just a bad choice of words. It should read its in liquidation. Maybe the PR guy at the J5 who wrote just assumed the liquidation would have been completed by now.
  10. P

    Euro Pacific bank is a scam

    Where does it read that? Can you post the document?
  11. P

    Euro Pacific bank is a scam

    This might be true under a normal situation where a bank goes into receivership because its actually bankrupt. Therefore there is a lot to sort out and unwind. But in this case the bank was only put into receivership as a PR stunt. It was completely solvent. There were no loans to sell off, no...
  12. P

    Euro Pacific bank is a scam

    Hopefully "commence the liquidation process" isn't just the beginning of a long, drawn out process. Frankly I thought the liquidation process began over two years ago. Apparently it's only just beginning now. I hope customer funds are returned within the first few months of this process...
  13. P

    Euro Pacific bank is a scam

    Correct. That figure includes the $1.25 million that was to be paid to the bank by Qenta. The first $500K was received. The rest is still due. The receiver did blow a $500K receivable though gross negligence. So we lost that money. Also there was a $300K bogus fine that was owed to OCIF. It was...
  14. P

    Euro Pacific bank is a scam

    You are. You also come before other creditors. When the bank went into foreclosure there were about $500K in trade payables. I reduced that $300K for quick payments. But the receiver refused to authorize payments. So my guess is none of these creditors will be paid unless customers are made...
  15. P

    Euro Pacific bank is a scam

    From what I understand all customers will be treated equally. That is part of what is supposedly holding up the return of customer funds. They need to make sure everyone recovers the same percentage of their deposits, in case there is no enough left to cover 100%.
  16. P

    Euro Pacific bank is a scam

    Correct, the bank was closed solely as a publicity stunt for the J5. It was arranged by the IRS and secretly agreed to by the OCIF Commissioner. She had originally told all the parties she was going to approve the sale to Qetna. For seven months we all proceeded under the impression the sale...
  17. P

    Euro Pacific bank is a scam

    The money at Novo Bank never went to Qenta. The Receiver finally transferred it to a bank in California. Qenta got the money that was on deposit at IB, which was more than enough to cover all opt ins. So now it needs to transfer the excess back to the bank to cover the opt outs.
  18. P

    Euro Pacific bank is a scam

    Not true. EPB was one of the best IFE's on the island. We had an account at the Fed, multiple correspondent banking relationships, and had just been approved by American Express to be a global card issuer.
  19. P

    Euro Pacific bank is a scam

    The bank handled the money fine. No money was lost. All the rules were complied with. We can't help it if the IRS and OCIF conspire to break the law. The bank was the biggest victim, with me the biggest victim at the bank.
  20. P

    Euro Pacific bank is a scam

    I never actually made any money from the bank. The compliance costs were too high I think I would have made money eventually, but the government and media destroyed that potential. My main income comes mainly from Euro Pacific Asset Management and Schiff Gold.
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