Euro Pacific bank is a scam

[James123456]

Everyone. Two comments:

1) Appreciate that the source himself, Mr. Peter Schiff, has taken the‌ time to provide extremely detailed answers/info in this forum. He really has covered what happened‍ now.

2) That being said: THE ONLY RELEVANT thing now is Peter´s update in this⁠ forum this WEEK from his Portuguese lawyer about Novo bank releasing the funds after almost⁤ 10 months (since 30th of June 2022). The good news Peter has been alluding to⁣ here over the last couple of weeks.

Nothing else matters

 

[Pschiff]

Good news. A portugese judge has ordered the immediate release of the funds in the‌ bank's account. The court has sent this notice to Novo. I expect the wires will‍ go out this week for those who opted out of the transfer to Novo, and⁠ for all funds to transfer to Novo for everyone else.

The reason for the delay⁤ was that Novo inaccurately reported OCIF's action against the Euro Pacific Bank to Portugese authorities⁣ as having been related to allegations of money laundering and tax evasion. This despite the⁢ OCIF Commissioner's own words spoken at the press conference to announce the action, that allegations︀ of money laundering or tax evasion had nothing to do with it.

That resulted in︁ the Portuguese Government launching its own criminal investigation of the bank, and freezing its account︂ while that investigation was conducted. The bank was advised by it's Portugese lawyer to keep︃ this investigation secret, to comply with Portugese anti-money laundering laws. Under those laws the government︄ has eight months to either file criminal charges or release the funds. That time period︅ expired on March 22nd. After that date the bank went to court to order the︆ funds released. We just found out today that the government lifted the freeze on its︇ own on Feb 22nd. Novo found out the next day, but the bank was only︈ informed by a letter mailed on April 5th, but not received until today. Despite knowing︉ the freeze had been lifted since Feb. 23rd, Novo never informed the bank.

My suspicion︊ is that Novo Bank originally misrepresented OCIF's action against Euro Pacific Bank to the Portuguese︋ government so that it could hold onto the bank's funds during a criminal investigation. However,︌ this also means that seven governments have now investigated Euro Pacific Bank for money laundering︍ and tax evasion, and found no evidence of either. OF course, had OCIF not held︎ that press conference, in which it invited the IRS and other J5 representatives to speak️ about how they once suspected the bank of facilitating tax evasion and money laundering (prior‌ to an extensive investigation exonerating the bank of both), which also gave the media the‍ opportunity to falsely report the action against the bank related to money laundering and tax⁠ evasion, the Portugese government would not have had a reason to conduct its own needless⁤ criminal investigation.

 

[Radko]

I always suspected that Novo would do everything they could,⁤ legal or not, to hold on to the deposit.

Thank you Peter for keeping us⁣ informed, let's hope we can access our funds asap.

So even if the freeze was lifted on February 22nd, Novo bank decided to︄ ignore that and continued holding on to the deposit, what a bunch of xxx

Peter, do you accept foreign customers at EuroPacific Asset︈ Management, if so please let me know how to open an account?
I've seen your︉ Twitter post indicating that you do accept foreigners, please confirm, thanks.

 

[Pschiff]

Yes we do.︀ Visit our website at www.europac.com and contact an advisor. You can call the phone number︁ or fill out the online form. Look forward to working with you.

Yes we do. Visit our website︈ at www.europac.com and contact an advisor. You can call the phone number or fill out︉ the online form. Look forward to working with you.

 

[Pschiff]

No customer wires were sent out today. So far Novo Bank has been non-responsive to‌ the bank's request. They will try again tomorrow. It's clear that Novo is doing everything‍ it can to take advantage of this situation and hold onto the bank's deposits as⁠ long as possible. It really is shameful.

 

[btc100k]

Radko, you didn't even get⁠ your money back yet and you want Peter Schiff to manage your money? You really⁤ must hate money.

 

[Radko]

You really‍ must hate Peter Schiff to make such a statement, which shows a serious psychological problem⁠ given that you don't even know him personally, and you don't even have an account⁤ at EPB. I suggest you visit a therapist that hopefully can help you work your⁣ problems so you can live a happier life.
I'm sorry Bitcoin has gone down more⁢ than 50% from its highs.

 

[btc100k]

You put your⁣ life savings in an uninsured offshore bank that was founded by the son of a⁢ convicted felon. And I'm the one with psychological problems? I don't know why you are︀ attacking me when I am trying to help you. Go read the reviews of his︁ money management firm at TopRatedFirms.com.

And since you mentioned Bitcoin. I have been long since︂ June 2016. You can do the math. And Peter Schiff has been bearish since the︃ year 2011. You can do the math on that too. Who won?

 

[Martin Everson]

Are you referring to this feedback?

https://topratedfirms.com/brokers/customer/europacificcapital-review.aspx
Looks very concerning.

 

[Pschiff]

Don't rely on bogus reviews. Many were just made up by my critics to make‌ me look bad. Some are legitimate, as not all risky investments pay off. Sometimes clients‍ blame their broker when they don't. It's much better to just rely on my actual⁠ track record. Look at Morningstar and Lipper rankings. The performance of my mutual funds has⁤ been excellent. As for my father, he was a political prisoner. He was a very⁣ honorable man, who died in prison for his taking a principaled stance and exercising his⁢ Constitutional rights. You don't know anything him, or me.

 

[JoeOhNo]

Hello Mr Schiff,

Is it possible now for⁤ You to share with us some documentation regarding recent events? Some court order maybe?

Thank You

 

[Radko]

I'm glad things are working out for you with BTC,︀ however as soon as a proper recession starts you can expect BTC to go well︁ below $10K or $5K, you have seen how extremely volatile BTC is, at the moment︂ the chances of BTC getting above $60K are zero unless the FED goes back to︃ QE and more money printing, so for now the party is over.

*If I were︄ to make decisions based on reviews I would have never opened an account at EuroPacific︅ Bank, but from my own experience during all the years that I've had the account︆ I can tell you that EPB had everything anyone would want, they had the possibility︇ of buying Precios Metals, Mutual funds, plus a Brokerage account, and multi currency accounts, plus︈ a debit card I've used all over the world in different currencies, and with arguably︉ the best customers service I've ever experienced. If things wouldn't have been this good at︊ EPB I would have left a long time ago, EPB was so good that I︋ ended up closing other accounts I had in banks like UBS, or Barclays Bank, so︌ I'll be the judge of EuroPacific Asset Management.

 

[btc100k]

It is easy to︀ distinguish between a bogus review and an authentic one. Bogus reviews are not detailed. Authentic︁ ones are detailed. There are tons of detailed reviews and they are not pleasant.

And your mutual funds have been disasters. Just compare them to the SP500. Peter will come︂ up with an excuse and say the returns don't include distributions and dividends. Don't fall︃ for that trick.

In regards to your father, I read the court documents and indictments.︄ They are free on the internet. He made over 4 million dollars scamming people. Calling︅ him a political prisoner doesn't mean anything. That is just another way to protect the︆ Schiff brand.

 

[Radko]

I wish someone would︁ explain to me if you dislike or even hate a person why are you following︂ everything he or she says, that's the pure definition of a hater TROLL, a masochist︃ personality, (very common among Crypto lovers.)

Life's too short to be wasting it this way.︄

 

[Tulliola92]

I do not care about your numerous investment plans and convictions.
I have always been‌ diversifying.
So please let us keep focusing on the return of our funds.

 

[Pschiff]

My father lived a simple life.⁤ He didn't make much money. You can't excluded annual distributions when calculating returns. The S&P⁣ in not the benchmark for my funds, which barely own any U.S. stocks. But my⁢ funds have beat the S&P in recent years, and by year end they my beat︀ it over the past 10 years as well. Let's see what happens. Some reviews are︁ from disgruntled clients. But they are few in numbers compared to over 10,000 clients who︂ have had accounts with me over the years. Again some have blamed me for deciding︃ to concentrate on only very high-risk investments, and then to have decided on their own︄ to sell them at very low prices, only to watch from the sidelines as prices︅ recovered. I'm not responsible for bad timing on the part of clients, especially when they︆ trade against my advice.

 

[Radko]

Peter, is there a possibility that Novo bank is facing a similar situation as SVB,︄ I'm sure Novo didn't keep the deposits liquid, they probably bought bonds which have lost︅ a lot of their value, so maybe Novo doesn't have the cash to cover the︆ deposits.

 

[btc100k]

The government said he made over 4 million dollars from scamming people. And that was︄ during a time when 4 million was a lot.

Yesterday you said the reviews were︅ bogus, today you are saying they are from disgruntled clients.

Back to the issue at︆ hand, has anyone received their money? I will be shocked if any wires happen this︇ week.

 

[Pschiff]

The government lied about a lot of things related⁣ to my father. However, I have never seen an allegation by the government that he⁢ made anywhere near $4 million. Post your proof of this allegation. I said some of︀ the complaints were from former clients. Some where completely made up by people who pretended︁ to be clients. Look me up on FINRA broker check. I've been registered for 30︂ years. Not a single legitimate customers complaint.

No wires were sent out today. Novo Bank︃ still refuses to honor any of the bank's requests. Novo was informed directly by a︄ Portugese Court that the government freeze on EPB's accounts was lifted. Novo kept that knowledge︅ secret from the bank for 6 weeks, and now that the bank finally found out︆ that the freeze was lifted, Novo just ignores any requests to process outgoing wires. This︇ is not about the bank, me, Qenta, OCIF, the Receiver, or the Portugese government anymore.︈ This is all about Novo Bank.

I had read that Novo was in good shape,︉ but I've always been concerned that Novo had some liquidity issues, which was why they︊ were doing all they could to hold on to the EPB's deposits as long as︋ they could. If so, it's very unethical behavior, and should be illegal as well.

 

[btc100k]

No matter what evidence is presented you are just⁢ gonna say that the government is lying. I will copy and paste in the next︀ post what I read in one of the many indictments against your father.

The 11︁ month sentence is to be served consecutively to the 151 month sentence previously imposed for︂ Schiff’s conspiracy and tax convictions.

In October 2005, Schiff was convicted of conspiring to defraud︃ the United States, aiding and assisting in the preparation of false income tax returns, filing︄ his own false tax returns, and evading the payment of millions of dollars in back︅ taxes owed. Additionally, Judge Dawson convicted Schiff of 15 counts of criminal contempt relative to︆ Schiff’s unruly behavior during the trial.

According to the indictment and the evidence introduced at︇ trial, beginning in 1995, Schiff aided thousands of taxpayers in the filing of false federal︈ income tax returns with the IRS that reported zero taxable income despite the taxpayers earning︉ reportable income. Schiff owned and operated Freedom Books, a business that sold books, tapes and︊ informational packages encouraging customers not to pay income tax. According to a government witness who︋ testified at trial, between 1997 and 2002, Freedom Books sold more than $4.2 million of︌ these products.

The evidence presented at trial also proved that Schiff evaded the payment of︍ more than $2 million in taxes he owed the IRS between 1979 and 1985. Schiff︎ concealed income he earned from Freedom Books, in part, by using offshore bank accounts and️ conducting financial transactions through secret "warehouse" banking services. The evidence also showed that Schiff used‌ debit cards issued by offshore banks to obtain funds he transferred offshore, that he opened‍ bank accounts using multiple tax identification numbers and that he concealed his wealth by hiding⁠ his assets through the use of nominees.

The October 2005 conviction marked the third time⁤ Schiff was convicted for committing federal tax offenses. Prior to this conviction, Schiff has spent⁣ more than four years in jail for his tax crimes