why are you repeating your same story again and again here PS? Isn't it fair to at least try to answer honestly the questions posted here and reflect on what you did wrong in the past??
Euro Pacific bank is a scam
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But the most important core one related to capitalization was not done right. You were Chairman of the bank and chaired the general meetings of the bank did you not? Does the bank accept some responsibility for the situation in not getting stuff done right? You cannot blame being under-capitalized and not meeting regulatory requirements on other parties. This was a bank management competence issue.
P.S In any case︀ I cant see the liquidation going beyond this year and people who opted-out should be︁ able to get their money back and learn from this saga.
P.S In any case︀ I cant see the liquidation going beyond this year and people who opted-out should be︁ able to get their money back and learn from this saga.
Because people are accusing PS of the same nonsense over and over again and suggesting a class action lawsuit against him despite him loosing tens of millions of dollars. Maybe that is why.
In a fractional reserve system a︀ bank that is not under capitalized is a fairy tale. Choice is an illusion. Everything︁ is based on semantics and ad hoc definitions.
The other side has spoken by doing︂ the actions they have taken and then abandoning and ignoring everyone when things turned from︃ bad to worst. When the IRS had a beef with EPB they orchestrated one of︄ the largest international mass media campaigns against EPB they have ever been involved with. When︅ that media smear campaign gave Novo banco the excuse to freeze EPB's assets did the︆ IRS do anything to help the people they unfairly attacked? Did they put pressure on︇ Novo? No. But if they find a single tax dodger in all of America who︈ had an account at EPB they publish that immediately. Success, success they found one person︉ in five years who might have done somethings shady. Yaay. Jolly well done,
They are︊ not accountable to anyone and care for no one. Not for the businesses they have︋ destroyed nor the lives they have ruined. No excuse will bring the dead back to︌ life.
In a fractional reserve system a︀ bank that is not under capitalized is a fairy tale. Choice is an illusion. Everything︁ is based on semantics and ad hoc definitions.
The other side has spoken by doing︂ the actions they have taken and then abandoning and ignoring everyone when things turned from︃ bad to worst. When the IRS had a beef with EPB they orchestrated one of︄ the largest international mass media campaigns against EPB they have ever been involved with. When︅ that media smear campaign gave Novo banco the excuse to freeze EPB's assets did the︆ IRS do anything to help the people they unfairly attacked? Did they put pressure on︇ Novo? No. But if they find a single tax dodger in all of America who︈ had an account at EPB they publish that immediately. Success, success they found one person︉ in five years who might have done somethings shady. Yaay. Jolly well done,
They are︊ not accountable to anyone and care for no one. Not for the businesses they have︋ destroyed nor the lives they have ruined. No excuse will bring the dead back to︌ life.
I didn't do anything wrong. That's the point. Also my personal role at the bank was a director. That's it. I was on the board. I was neither an employee nor an officer. I did not draw any salary. But as a shareholder I provided financial support to the bank when it started to lose money in 2020. I don't know why you can't︀ accept the fact that it was the government officials that were the bad actors, not︁ bank employees. Did OCIF find we did a few things wrong in our first audit?︂ Yes, but so what. I owed a FINRA registered broker dealer for 25 years. We︃ got audited about 10 times. There was not one of those audits where FIRNA did︄ not find that we did something wrong. I'm pretty sure we were fined every time.︅ But the BD was never shut down or even suspended. We just fixed whatever it︆ was they said we did wrong. The same thing happens to every BD. No one︇ can be perfect, especially with all the rules and the subjective way regulators enforce them.︈ Plus they want to fine you as that's the source of their revenue. So its︉ a conflict of interest.
bla bla bla.... everybody's complaining but nobody's taking real actions. Do you wanna try and solve this problem or is it better spending your time here without having your money back? Who's interested in filing a class action? 138 pages of almost useless posts and we still don't know what to do to get our money back. Are you gonna continue this way?
Wirecard has nothing to do with this sitation!
Read on 9fraud.com why Qenta was rejected by OCIF. Wirecard is mentioned nowhere.
You seem to be obsessed with that Wirecard-saga
Read on 9fraud.com why Qenta was rejected by OCIF. Wirecard is mentioned nowhere.
You seem to be obsessed with that Wirecard-saga
There's no money missing. The liquidator wants to change the agreement with Quenta for unknown reasons. They are keeping people in the dark as always, which tends to make people upset, hence the number of posts on this thread.
Wirecard was a prior asset purchase Qenta made. I don't see the relevance to Qenta buying EPB. The reason OCIF claimed the bank was insolvent is that they initially excluded about $3.5 million in cash held in the company's gold hedge book. That mistakes was corrected when they admitted in the final order that the bank had millions more in cash than was owed to customers, and was not insolvent. While the bank was not insolvent, it was under-capitalized. But OCIF was fine with that pending the sale to Qenta. Qenta was obligated to inject $8 million in capital︀ once the change of control was officially approved. In Nov. of 2021 I offer to︁ put in $7 million myself, while the approval process was still under way. The Commissioner︂ told me, and eight other people in the room at the time, that there was︃ no reason for me to make that contribution, and that the bank was fine operating︄ with the capital it had pending the official approval of the sale to Qenta. Despite︅ that, I added about $2 million in capital between that date and June 30th 2022,︆ to make up the bank's operating losses, to keep the capital at the level the︇ Commissioner said was sufficient for the bank to operate. Prior to the June 30th 2022︈ Cease and Desist, no one from OCIF informed anyone at the bank that additional capital︉ was necessary, or gave me the opportunity to add the capital I had already offered︊ to put in. Again, this entire thing was a PR stunt for the J5. The︋ bank was never insolent and no customer funds were ever at risk. The Commissioner would︌ have approved the sale but for the interfearance of the IRS on behalf of the︍ J5.
are you really so unprofessional to rely on oral comments made by a regulator in a banana republic - unbelievable?
She was the OCFI Commissioner. My lawyer was in the room. So was the Qenta CEO and in-house counsel. An OCIF official also made a follow up phone call to the bank's attorney to reaffirm that the bank did not need any additional capital to operate. But I agree, I attorney should have gotten that commitment in writing. But all of this will come out in my lawsuit, assuming it does not get dismissed. If the judge allows it to︀ proceed, I will win, and the truth will all come out.
Also, OCIF can't point︁ to a single letter or email where the bank was told it needed more capital︂ or that if additional capital was not added it would be shut down. They have︃ no explanation for why that was the case. The only viable explanation is that the︄ bank was told that no capital was needed, so no such communication was necessary.
Also, OCIF can't point︁ to a single letter or email where the bank was told it needed more capital︂ or that if additional capital was not added it would be shut down. They have︃ no explanation for why that was the case. The only viable explanation is that the︄ bank was told that no capital was needed, so no such communication was necessary.
a verbal comment by the regulator has zero value and is not binding.
They don't have to remind you 2nd time that you tapped regulatory capital.
A regulator can revoke a banking licence anytime he sees fit. You have no legal rights to hold a banking licence.
They don't have to remind you 2nd time that you tapped regulatory capital.
A regulator can revoke a banking licence anytime he sees fit. You have no legal rights to hold a banking licence.
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