Euro Pacific bank is a scam
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Hi Peter,
Where are funds currently been held (That is if someone has executed an outgoing wire transfer still currently pending)? Is this money still held at EuroPacific or at correspondant bank -︀ Novo Bank in Portugal?
Just concerned about risk exposure if held with NOVO BANK concerning︁ the European banking situation...
Thanks
Where are funds currently been held (That is if someone has executed an outgoing wire transfer still currently pending)? Is this money still held at EuroPacific or at correspondant bank -︀ Novo Bank in Portugal?
Just concerned about risk exposure if held with NOVO BANK concerning︁ the European banking situation...
Thanks
Hey Peter, great to see you on here, watched your really long video explaining everything, just shocking, stay︀ well.
Hi Peter, could you please provide an update︂ on EPB, the deadline of November the 9th came and went without anything happening, in︃ other words, things are at a standstill and clients continue without access to their funds,︄ but they continue getting charged account fees even if their accounts are frozen, and Euro︅ deposits are still being charged negative rates (-0.60%) every single day, even if the ECB︆ has positive rates on euro deposits at the moment.
Some clients are starting to believe︇ they’ve been robbed of their savings, other clients that had company accounts have not been︈ able to make payroll, and as for Qenta, it turns out they are not a︉ bank, so they don’t offer any investment services, other than the possibility of buying Gold,︊ but other than, that they’re not even able to offer a pre-paid card so customers︋ can somehow access their money, they’ve also announced Mutual Funds will be discontinued, forcing clients︌ to liquidate their Mutual Funds, many of those at a loss, Company accounts are not︍ even welcome at Qenta... all and all, a disastrous situation where innocent clients are paying︎ the price, Literally.
Some clients are starting to believe︇ they’ve been robbed of their savings, other clients that had company accounts have not been︈ able to make payroll, and as for Qenta, it turns out they are not a︉ bank, so they don’t offer any investment services, other than the possibility of buying Gold,︊ but other than, that they’re not even able to offer a pre-paid card so customers︋ can somehow access their money, they’ve also announced Mutual Funds will be discontinued, forcing clients︌ to liquidate their Mutual Funds, many of those at a loss, Company accounts are not︍ even welcome at Qenta... all and all, a disastrous situation where innocent clients are paying︎ the price, Literally.
Hello guys, happy to see I'm not alone...
Well, at least EPB replied to me yesterday "As we are waiting on the completion of the OCIF appointed receiver and correspondent banking institution process, we do not yet have a confirmed date when these transfers will be processed. We will provide you with updates as more information becomes available."
Nothing that you guys already know. Frustrating for all of us 🙁
Well, at least EPB replied to me yesterday "As we are waiting on the completion of the OCIF appointed receiver and correspondent banking institution process, we do not yet have a confirmed date when these transfers will be processed. We will provide you with updates as more information becomes available."
Nothing that you guys already know. Frustrating for all of us 🙁
I believe that at least chances of recovery via US territory regulator/legal process in due course are way much higher (even given that PR is such a dunphole) compared to the scenario of EPB being still licensed in the SVG. While it could take a few years in Puerto Rico, it would have taken 5+ years in SVG - see Loyal Bank liquidation saga
Are you sure they currently holds funds? I have been asking this question with Europacific bank and as far as I am aware funds are still at EPB. IF NOVO BANK are holding the funds then there must be some recourse to make a complaint if you ar ein europe to the financial regulator in this regard?
Hi everybody,
I'm one of the many with the account currently frozen waiting to opt-out.
I still believe that this will happen at some point, just don't want to find out that one day I've been holding the bag.
So... the question is, has anyone file a lawsuit or anyway access a lawyer to put things down on paper ?
I'm one of the many with the account currently frozen waiting to opt-out.
I still believe that this will happen at some point, just don't want to find out that one day I've been holding the bag.
So... the question is, has anyone file a lawsuit or anyway access a lawyer to put things down on paper ?
The receiver has no incentive to speed up the process of anyone getting their money back if they are being paid on a daily rate.
At same time I can only speculate that EPB funds held in the correspondence accounts at Novo Banco are being examined by European tax agencies and other parties for any offenses etc committed.
I think people will get their money and some may get a letter from the taxman but it will take time.
At same time I can only speculate that EPB funds held in the correspondence accounts at Novo Banco are being examined by European tax agencies and other parties for any offenses etc committed.
I think people will get their money and some may get a letter from the taxman but it will take time.
After more than 4 months of waiting, what else do they need to do so they return the funds to the customers?
It's hard to believe anything at this point, they sound like a broken record, "the receiver and the correspondent bank are working on it"︀
That's all they tell you, and the question is "what do they need to work︁ out, after almost 5 months, if they really have the funds, why not return the︂ funds immediately?"
Something else is obviously happening, they are just not telling you unfortunately.
It's hard to believe anything at this point, they sound like a broken record, "the receiver and the correspondent bank are working on it"︀
That's all they tell you, and the question is "what do they need to work︁ out, after almost 5 months, if they really have the funds, why not return the︂ funds immediately?"
Something else is obviously happening, they are just not telling you unfortunately.
Personally I think it is NOVO BANK in Portugal that︀ have seen an opportunity and holding the funds, making every excuse to hold onto it.︁ If you are in the EU then we need to complain to banking regulators, start︂ to draw spotlight on this bank.
That's what it seems and it's easy to come to that conclusion, but unfortunately EPB is not saying much, that famous deadline of November 9 came and went, and after that not a word, other than "they are working on it" which is just an excuse, I'm sure they know what's going on, but︀ the longer it goes the worse it gets.
At some point customers should get together︁ and work as a group by getting a lawyer in Puerto Rico that could represent︂ them.
The fact is, the Regulator informed EPB they were not meeting the minimum working︃ capital required to operate in their jurisdiction, at least a year went by and Peter︄ Schiff didn't comply with the demands of the Regulator, he could have closed the bank︅ himself or he could have added more working capital to the bank, but none of︆ this happened and he ignored the Regulator, finally they close the bank and the nightmare︇ started.
Now innocent clients are suffering the consequences with no end in sight.
At some point customers should get together︁ and work as a group by getting a lawyer in Puerto Rico that could represent︂ them.
The fact is, the Regulator informed EPB they were not meeting the minimum working︃ capital required to operate in their jurisdiction, at least a year went by and Peter︄ Schiff didn't comply with the demands of the Regulator, he could have closed the bank︅ himself or he could have added more working capital to the bank, but none of︆ this happened and he ignored the Regulator, finally they close the bank and the nightmare︇ started.
Now innocent clients are suffering the consequences with no end in sight.
Trying to take︅ a company in liquidation to court like EPB would be a pointless excercise. Not sure︆ what would be acheived by this.
From my comms with EPB, my understanding is that︇ the money is been held at correspondant bank NOVO BANK in Portugal whom are refusing︈ to release the funds (for whatever reason). As I understand operations @ EPB are now︉ been executed by QENTA, so effectively EPB is a none entity.
What needs to happen︊ is Peter Schiff needs to get his lawyer involved to deal with NOVO BANK, that︋ is what he inferred in an earlier post.
wish it were that simple, but as︌ it seems we are at the mercy of the "reciever", OCIF and this correspondant bank.︍
Has anyone else messaged the appointed "trustee" - Mr. Wigberto Lugo?
From my comms with EPB, my understanding is that︇ the money is been held at correspondant bank NOVO BANK in Portugal whom are refusing︈ to release the funds (for whatever reason). As I understand operations @ EPB are now︉ been executed by QENTA, so effectively EPB is a none entity.
What needs to happen︊ is Peter Schiff needs to get his lawyer involved to deal with NOVO BANK, that︋ is what he inferred in an earlier post.
wish it were that simple, but as︌ it seems we are at the mercy of the "reciever", OCIF and this correspondant bank.︍
Has anyone else messaged the appointed "trustee" - Mr. Wigberto Lugo?
Maybe someone could get on the phone and call the OCIF,︃ the phone number is on their website, and just ask them what's going on?
Supposedly all customers funds were accounted for, and according to Peter Schiff statements, customers will get︄ all their money back, so the obvious question is "Novo bank" why are they holding︅ the funds? Obviously something is going on, maybe calling Novo Bank and asking them?
I don't think Qenta is in charge to be honest, until the funds are transfered, EPB︆ is still the holder of the funds, who knows maybe Qenta won't go through with︇ the deal and the Regulator will have no choice but to liquidate the bank on︈ its own, anyway, it's pointless to speculate until someone finds out exactly what's going on︉ ....
Supposedly all customers funds were accounted for, and according to Peter Schiff statements, customers will get︄ all their money back, so the obvious question is "Novo bank" why are they holding︅ the funds? Obviously something is going on, maybe calling Novo Bank and asking them?
I don't think Qenta is in charge to be honest, until the funds are transfered, EPB︆ is still the holder of the funds, who knows maybe Qenta won't go through with︇ the deal and the Regulator will have no choice but to liquidate the bank on︈ its own, anyway, it's pointless to speculate until someone finds out exactly what's going on︉ ....
Done that already, my wife speaks spanish fluently, the OCIF are about as︂ useful as a chocolate teapot, like most inefficient and poorly run government institutions. They deflected︃ to appointed trustee - Mr. Wigberto Lugo
Funds are not held in EPB from my︄ discussion with EPB, they are under recievership and as I understand held in account at︅ correspondant bank NOVO BANK. NOVO BANK probably cottoned onto the closure of EBP with the︆ notion of "money laundering" as an excuse to hold onto the funds and making it︇ difficult to get them released all the while they get interest on the funds. As︈ someone else pointed out in earlier post, they are also seeking an IPO....
I think︉ the alternative is to lodge complaints with EU banking regulator against NOVO BANK. Was looking︊ at this post yesterday on FOS:
https://finance.ec.europa.eu/consum...nancial-dispute-resolution-network-fin-net_en
Funds are not held in EPB from my︄ discussion with EPB, they are under recievership and as I understand held in account at︅ correspondant bank NOVO BANK. NOVO BANK probably cottoned onto the closure of EBP with the︆ notion of "money laundering" as an excuse to hold onto the funds and making it︇ difficult to get them released all the while they get interest on the funds. As︈ someone else pointed out in earlier post, they are also seeking an IPO....
I think︉ the alternative is to lodge complaints with EU banking regulator against NOVO BANK. Was looking︊ at this post yesterday on FOS:
https://finance.ec.europa.eu/consum...nancial-dispute-resolution-network-fin-net_en
Unfortunately I've always known OCIF︃ is highly incompetent, so is there a way to get in touch with Mr. Wigberto︄ Lugo? He should know what's going on.
Novo cannot hold on to the funds with︅ the excuse of "money laundering" they have no legal authority to make that claim, they︆ are just a bank, very likely Novo is also the correspondent bank for other financial︇ institutions, how easy and convenient would be to assume that every financial institution is laundering︈ money and then use that excuse to keep the funds for themselves.
Peter Schiff said︉ he would have to get a lawyer in Portugal, so he still has the responsibility︊ of solving this nightmare.
I just don't know why EPB, or Qenta, or OCIF, or︋ Mr. Wigberto Lugo are not informing the customers, almost 5 months gone by and nothing︌ has happened, obviously something is wrong.
Novo cannot hold on to the funds with︅ the excuse of "money laundering" they have no legal authority to make that claim, they︆ are just a bank, very likely Novo is also the correspondent bank for other financial︇ institutions, how easy and convenient would be to assume that every financial institution is laundering︈ money and then use that excuse to keep the funds for themselves.
Peter Schiff said︉ he would have to get a lawyer in Portugal, so he still has the responsibility︊ of solving this nightmare.
I just don't know why EPB, or Qenta, or OCIF, or︋ Mr. Wigberto Lugo are not informing the customers, almost 5 months gone by and nothing︌ has happened, obviously something is wrong.
just to let you know about my observations.
I have a corporate account with EPB , got the same information as everyone here.
Over the last 4 month i did request outgoing payments to pay open bills every month. Not even one got approved and got wired. So far ok and Novo Banco shut be responsable for that.
Last Week i asked to cancel all small transactions and i will do a full opt out in one transfer.
They did cancel all small transfers and i was able to make 1 bigger transfer, what of corse will be hold by Novo Banco......
Raises the question,︀ how was this possible ? They claim that Novo banco is holding back all transfers,︁ but they are able to cancel them internally and put all money back in the︂ account ? That is not heading up. As all was done in 1 day. Sounds︃ more like a story you tell for time reasons......
I have a corporate account with EPB , got the same information as everyone here.
Over the last 4 month i did request outgoing payments to pay open bills every month. Not even one got approved and got wired. So far ok and Novo Banco shut be responsable for that.
Last Week i asked to cancel all small transactions and i will do a full opt out in one transfer.
They did cancel all small transfers and i was able to make 1 bigger transfer, what of corse will be hold by Novo Banco......
Raises the question,︀ how was this possible ? They claim that Novo banco is holding back all transfers,︁ but they are able to cancel them internally and put all money back in the︂ account ? That is not heading up. As all was done in 1 day. Sounds︃ more like a story you tell for time reasons......
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