Yes I am in Europe too. Banks in Europe are just full of rule following bureaucrats. You turn up with a USD cheque from a Californian bank noone has heard about and all the compliance alarm bells rings. It's a terrible plan by the Receiver and he knows it. Noone can be that stupid.
Euro Pacific bank is a scam
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So the CEO of Euro Pacific Bank already had a history of bankruptcy? Was the OCIF made︀ aware of this or was this not required to be declared to them?
P.S It︁ seems strange to have such a person as CEO of a bank which has now︂ gone the same way.
P.S It︁ seems strange to have such a person as CEO of a bank which has now︂ gone the same way.
Mark Anderson filed personal bankruptcy about 20 years ago. Lots of people file for bankruptcy. But Euro Pacific bank was not bankrupt. It had no debt. It was put into bankruptcy by OCIF despite its being the most solvent bank in Puerto Rico. In fact, it might have︀ been one of the most solvent banks in the entire country, given that it made︁ no loans, had no debt, and held all deposits in overnight cash.
Don't blame me. I have nothing to do with the bank. Had OCIF not taken the bank away from me and put it into receivership, I would have wired everyone back their money a year ago.
Don't you understand that I had nothing to do with this. I was an investor in the bank. I put $10 million of capital in. I︀ never worked at the bank. I was just on the board. I had the bank︁ sold. OCIF rejected the sale. I offered to liquidate the bank myself, to avoid the︂ needless delay of a receiver. OCIF refused. OCIF put the bank under the control of︃ a receiver 1 year ago today. Over that time I have had no authority to︄ do anything. I lost 100% of the 10 million I invested, and the $25 million︅ I would have received had OCIF allowed the sale to Qenta.
Again, sue OCIF if you want, I had nothing to do with this. When︌ OCIF took over the bank there was over 2 million in cash above what was︍ owed depositors. The receiver was supposed to return all funds and liquidate the bank in︎ no more than 90 days. I had no role in the process. OCFI shut me️ out. I offered to do it all myself, but OCIF wouldn't let me. I've complained on behalf of customers to no avail.
Don't blame me. I have nothing to do with the bank. Had OCIF not taken the bank away from me and put it into receivership, I would have wired everyone back their money a year ago.
Don't you understand that I had nothing to do with this. I was an investor in the bank. I put $10 million of capital in. I︀ never worked at the bank. I was just on the board. I had the bank︁ sold. OCIF rejected the sale. I offered to liquidate the bank myself, to avoid the︂ needless delay of a receiver. OCIF refused. OCIF put the bank under the control of︃ a receiver 1 year ago today. Over that time I have had no authority to︄ do anything. I lost 100% of the 10 million I invested, and the $25 million︅ I would have received had OCIF allowed the sale to Qenta.
Again, sue OCIF if you want, I had nothing to do with this. When︌ OCIF took over the bank there was over 2 million in cash above what was︍ owed depositors. The receiver was supposed to return all funds and liquidate the bank in︎ no more than 90 days. I had no role in the process. OCFI shut me️ out. I offered to do it all myself, but OCIF wouldn't let me. I've complained on behalf of customers to no avail.
Who are you anyway. You are not a customer, just a trouble maker. Also you don't know anything about the law. I was a shareholder in a corporation. You can't sue shareholders, unless they misappropriated corporate funds. I never took one penny out of the bank during the ten years I was a shareholder. So there is no basis to sue me. Just a waste of customer's time and money.
You used customer money to pay for operating expenses. You paid a fine for it. That is why you got shutdown. So please stop lying to the people on this board.
If the bank really got shutdown because of your "political beliefs" then that too is your fault. You caused it to get shutdown.
If the bank really got shutdown because of your "political beliefs" then that too is your fault. You caused it to get shutdown.
How do you figure.? I have a right to express my political beliefs. If any bank customers had a problem with those opinions they could have closed their accounts, or never opened an account in the first place. You should be upset and the government, not me.
No, the bank inadvertently caused reserves︂ to dip below 100%. I think they may gave gotten down to 97% or so︃ before the bank figured it out. The day I was informed of the oversight, as︄ a passive investor, I wired in $4.5 million dollars to cover the short-fall. Then the︅ software was updated so it could't happen again, and I added another $2.5 million or︆ so over the next year to maintain capital in the face of large operating losses.︇
No, the bank inadvertently caused reserves︂ to dip below 100%. I think they may gave gotten down to 97% or so︃ before the bank figured it out. The day I was informed of the oversight, as︄ a passive investor, I wired in $4.5 million dollars to cover the short-fall. Then the︅ software was updated so it could't happen again, and I added another $2.5 million or︆ so over the next year to maintain capital in the face of large operating losses.︇
If a business owner says something racist that results in his business going bankrupt, is he at fault? He too has the right to be a racist.
Of course it is your fault. Quit playing dumb. You are insulting the intelligence of the people you have hurt financially.
Of course it is your fault. Quit playing dumb. You are insulting the intelligence of the people you have hurt financially.
You keep trying to spin the narrative. If your political beliefs, no matter what they are, caused your scam bank to go broke...then obviously it is your fault. And your version of the events may or may not be reality.
The OCIF says the bank failed because you used customer money for operating expenses.
The OCIF says the bank failed because you used customer money for operating expenses.
@Pschiff - I don't know why you responded this to me, but my first line was NOT directed at you.
My second line (the question) was also NOT directed to you, but to @btc100k
How did you get these things confused and inserted yourself? See image below for confirmation.
I wanted @btc100k to explain how he︃ thinks you caused the shutdown due to your political beliefs. I'm interested in hearing his︄ logic & argument. That's just it. It's an intellectual pursuit for me. He may have︅ a good point that we are not seeing.
I'm really struggling to understand your argument or logic here. NOT︉ defending Schiff.
Can you explain why anyone's words, no matter how despicable, should negatively affect︊ their business?
Say I say something negative/racist about Martians (from planet Mars - this is︋ to avoid ill feelings here). Why should Neptunians shut down my bank on planet Neptune︌ if this was never a prohibited act on Neptune?
My second line (the question) was also NOT directed to you, but to @btc100k
How did you get these things confused and inserted yourself? See image below for confirmation.
I wanted @btc100k to explain how he︃ thinks you caused the shutdown due to your political beliefs. I'm interested in hearing his︄ logic & argument. That's just it. It's an intellectual pursuit for me. He may have︅ a good point that we are not seeing.
I'm really struggling to understand your argument or logic here. NOT︉ defending Schiff.
Can you explain why anyone's words, no matter how despicable, should negatively affect︊ their business?
Say I say something negative/racist about Martians (from planet Mars - this is︋ to avoid ill feelings here). Why should Neptunians shut down my bank on planet Neptune︌ if this was never a prohibited act on Neptune?
You are asking the wrong question. The question should be: if you say something racist about Martians and the business gets shut down, are you fault?
And the answer is Yes. Even if the government is in the wrong. The answer is still Yes. Because if you didn't say anything, the business would still be open.
Now I will link this to Peter's︀ situation. If Peter had 0 political beliefs, would his bank still open? If the answer︁ is YES, then he is 100% to blame for the bank failing. It was his︂ beliefs that caused it to fail.
I hope that makes sense.
And the answer is Yes. Even if the government is in the wrong. The answer is still Yes. Because if you didn't say anything, the business would still be open.
Now I will link this to Peter's︀ situation. If Peter had 0 political beliefs, would his bank still open? If the answer︁ is YES, then he is 100% to blame for the bank failing. It was his︂ beliefs that caused it to fail.
I hope that makes sense.
@Pschiff - your problem was you don't have the PHYSICAL FIREPOWER︁ to pummel your opponents six feet under. If you did, they would have NEVER messed︂ with you! Regardless of your beliefs or whatever you said or will say! Self-preservation for︃ dastardly unproductive parasites under the ruse of "government" is of utmost importance rof/%
@btc100k is correct︄ when he says that if you speak, be ready to back it up with lethal︅ force. If not, best to move on. There is honor in picking your battles wisely!︆ 😉
PS. Look what is happening in France on the streets now. There isn't a politician︇ or regulator around trying to "close" down the rioters. rof/%
@btc100k is correct︄ when he says that if you speak, be ready to back it up with lethal︅ force. If not, best to move on. There is honor in picking your battles wisely!︆ 😉
PS. Look what is happening in France on the streets now. There isn't a politician︇ or regulator around trying to "close" down the rioters. rof/%
This all could have been avoided just respecting the banking regulations of PR.
https://thedeepdive.ca/peter-schiff-on-puerto-rico-suspending-euro-pacific-bank-i-just-wanted-out/
https://www.lawyerly.com.au/nine-drops-truth-defence-in-defamation-case-by-euro-pacific-bank-chief/
https://thedeepdive.ca/peter-schiff-on-puerto-rico-suspending-euro-pacific-bank-i-just-wanted-out/
https://www.lawyerly.com.au/nine-drops-truth-defence-in-defamation-case-by-euro-pacific-bank-chief/
Not true. The bank did follow the rules. The bank didn't have a long history of non-compliance. The bank only operated in PR for a few years, and didn't even have its first audit until less than a year before the Commissioner made that statement. While the audit did reveal some mistakes, which is to be expected on an initial audit, the bank fully implemented all of OCIF's recommendations following that audit. So rather than having a long history of non-compliance, the bank had a︀ short history of full compliance.
You never answered my questions on whether the OCIF knew or was required to know about the CEO being a bankrupt. But fact remains the CEO was a former bankrupt and was running the bank that was "put into bankruptcy" as you admit. The bank could have possibly been better financially managed in order to not allow︀ OCIF to have to step in or issue warning in the past.
Nothing to︁ do with bank? but then....
So you were investor and board member. Does︄ not sound to me like you had nothing to do with the bank...😕.
P.S In any case I hope people get their money back and this nightmare for them︅ ends.
Nothing to︁ do with bank? but then....
So you were investor and board member. Does︄ not sound to me like you had nothing to do with the bank...😕.
P.S In any case I hope people get their money back and this nightmare for them︅ ends.
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