Euro Pacific bank is a scam

[orion7352]

Has anyone heard how they are going to deliver money to customers. Either for opt-in‌ or opt-out clients?

There's still a lot we don't know about this liquidation plan.

 

[Pschiff]

I think︈ most of it was the receiver, who basically stopped most of what Qenta and I︉ wanted to be done early on. I don't known what all the hold ups are︊ now as I'm largely in the dark. It's mainly the Receiver and Qenta that are︋ working on it.

 

[Alpinist]

It is only Receiver, whose name was mentioned at the bottom of letter and Qenta,‌ who are running the show. There is no reason to contact to EPB anymore. I‍ do have also questions to ask as the letter itself did not tell much.

 

[mrbrush]

@Pschiff what percentage of their money will opt in customers get back/transferred? 100% 90%? What‌ do you estimate?

 

[JoeOhNo]

Hmmm EPB e banking offline it seems

 

[Alpinist]

It is off-line or shut down permanently.

At least I have printed accurate records of‌ deposits, account balances, and transactions a week ago, better to be well prepared.

 

[EliasIT]

if you believe so I⁠ don't hope you count on that money to pay your holidays!

 

[Radko]

What holidays!

 

[orion7352]

I wrote to the Puerto Rican lawyer about the Receiver's Report and particularly on the‌ length of the refunding of opt-out customers.

They urged all customers to write directly to‍ the OCIF Commissioner's office about the lengthy repayment period outlining your predicament and distress so⁠ that the Commissioner is aware of customers feelings. The only email address I have for⁤ the Commissioner is

[email protected]

If I hear of a better email address then I will⁣ post it here.

 

[Radko]

By the end of July, beginning of⁢ August opting-out customers will be able to review and object to the liquidation report, that︀ will give you the opportunity to complain to the Receiver.

Right now everything is subject︁ to the recovery of the funds from the Correspondent bank.

 

[orion7352]

Well the lawyer thinks we can complain now to OCIF.

 

[Pschiff]

As of now the Receiver's plan is to have Novo send all the money for‌ the opt-out customers to a small online bank in California. The bank only has a‍ U.S. dollar account, so all the currencies will be converted to U.S. dollars by that⁠ bank's correspondent bank, which is also in California. I can't imagine the FX rates will⁤ be good. Then the receiver plans on mailing U.S. dollar denominated checks to the physical⁣ address of record of each customer. I have tried my best to change his mind,⁢ but it appears to be made up, and there is really nothing I can do︀ about it. Personally I think the opt-in customers will get access to their money much︁ sooner. I have asked that all opt-out customers be offered a second chance to opt-in,︂ but I have not idea if my recommendation will be followed.

 

[orion7352]

Why can't Novo Bank just send the money to customers end accounts? Why this︄ convoluted idea of sending it through a Californian bank? It doesn't seem to make any︅ sense . What's his reasoning for doing this ?

 

[milhous]

New update

 

[ATNTESTING]

not so new... that's the same as the‌ one on 15th june.

 

[James123456]

Hi Peter . This is really messy :
1) there are opt out clients ,‌ including us , that are waiting for a payment into their broker account. Several Major‍ global Non USA Brokers won’t accept cheques from a USA bank (only cheques from a⁠ bank in their own country). This is a major problem as then how can the⁤ money be returned ?
2) a client of us paid us after 30/6 2022 and⁣ the transfer has been stuck with novo bank since , and 1 month ago novo⁢ confirmed it was still blocked. Will this money be sent back to sender or sent︀ to the us bank (we are opt out) ? I can only assume novo bank︁ won’t just keep the money

Would REALLY appreciate your help as the update says nothing︂ about this
Thanks

 

[orion7352]

@Pschiff I don't don't see why Novo︃ Bank can't just send the money to where customers originally wanted it to go to?︄ I don't see why it has to go to a Californian bank?

 

[milhous]

That would be a disaster. In the Netherlands no bank will accept a cheque in dollars︆ to cash in.

 

[orion7352]

It's important that we all write‍ to the OCIF Commissioner complaining about the plans and the length of times of the⁠ plans.

Her email address I have for her is

[email protected]

 

[milhous]

just sent an email about complaining of the lack⁠ of communication and the fact that there is a rumour that the receiver is planning⁤ of sending a cheque

In this stage I think it is very︀ important that as many account holders as possible sent an email regarding this rumour about︁ the cheque. Just checked it but banks in Europa will NOT accept cheques any more︂ since 2021!. That means that if you receive a cheque you cannot cash it and︃ you money will be gone forever