Euro Pacific bank is a scam
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hi all, I have a company account in EPB. My business is legit and I have full invoicing and proofs of my activities.
Assuming I lose something or 100% and that there was some kind of breach (could be the non-responsible behavior in regards to the minimum capital to using our money to pay bank operations not respecting the 100% ratio), you think it will be possible to sue the guy? He has other activities in US, so I don't think it will be easy for him to just leave everything.
Assuming I lose something or 100% and that there was some kind of breach (could be the non-responsible behavior in regards to the minimum capital to using our money to pay bank operations not respecting the 100% ratio), you think it will be possible to sue the guy? He has other activities in US, so I don't think it will be easy for him to just leave everything.
Him personally? Probably not, unless you can prove some︀ type of fraud. One of the reasons for forming a corporation is to protect your︁ personal assets from creditors of the corporation.
You would hope nothing like this took place 🙁.
In any case you will get nothing out of him. His house in Connecticut is held in a Cook Island trust and I assume he has taken equal measure on asset protection with his other assets.
In any case you will get nothing out of him. His house in Connecticut is held in a Cook Island trust and I assume he has taken equal measure on asset protection with his other assets.
Trusts mean little in the U.S. if fraud is involved. In general, trusts seldom work in the U.S. against legitimate debtors with deep pockets unless the trust corpus resides offshore in a strong jurisdiction, such as Nevis or the Cook Islands.
Trusts can certainly dissuade small creditors or those with limited funds, however, because︀ a cost-benefit analysis (and a higher degree of uncertainty) often makes litigation cost-prohibitive.
Trusts can certainly dissuade small creditors or those with limited funds, however, because︀ a cost-benefit analysis (and a higher degree of uncertainty) often makes litigation cost-prohibitive.
thanks for the answers.
I was wondering as in the director's responsibilities usually "people should act in good faith". I read all the Puerto Rico order published in the organization's website and his management behavior was very questionable. He had a clear responsibility to have 20% capital, he declared and was audited for 150+ M $ in 2019 and 2020, with a couple of million of capital. Puerto Rico told him it wasn't enough several times over the years.
Not caring about having 20% capital (this and also past years) or taking more accounts than the capital would support; can't be proven good faith.
FYI: From what I read, EPB declared 110M in deposits for 2021 closing (not audited). There︀ was a real buyer in the order (company name and buyer name are disclosed in︁ the order) but they didn't provide a good and complete business plan. Numbers and strategies︂ were missing and weren't considered a good business plan.
Anyway considering that 7M from the︃ new buyer were supposed to be additional capital (from the messages shared on internet) counting︄ the 2M the company declared in the 2021 closing (not audited as reported in the︅ order) means the company would have had 9M to cover the deposits so we should︆ be talking of about 40-50M right now following the above assumptions.
Also, if the order︇ is not uplifted, the organism that placed the order will give trimestral updates to each︈ of the account holders about how the liquidation is going and what expenses the new︉ "manager" will forecast for the closing. If the 100% ratio is respected, we should pay︊ just this liquidation managers and costs that will be declared in advance.
If he didn't︋ respect as advertised such ratio, I think it can be considered fraud.
I was wondering as in the director's responsibilities usually "people should act in good faith". I read all the Puerto Rico order published in the organization's website and his management behavior was very questionable. He had a clear responsibility to have 20% capital, he declared and was audited for 150+ M $ in 2019 and 2020, with a couple of million of capital. Puerto Rico told him it wasn't enough several times over the years.
Not caring about having 20% capital (this and also past years) or taking more accounts than the capital would support; can't be proven good faith.
FYI: From what I read, EPB declared 110M in deposits for 2021 closing (not audited). There︀ was a real buyer in the order (company name and buyer name are disclosed in︁ the order) but they didn't provide a good and complete business plan. Numbers and strategies︂ were missing and weren't considered a good business plan.
Anyway considering that 7M from the︃ new buyer were supposed to be additional capital (from the messages shared on internet) counting︄ the 2M the company declared in the 2021 closing (not audited as reported in the︅ order) means the company would have had 9M to cover the deposits so we should︆ be talking of about 40-50M right now following the above assumptions.
Also, if the order︇ is not uplifted, the organism that placed the order will give trimestral updates to each︈ of the account holders about how the liquidation is going and what expenses the new︉ "manager" will forecast for the closing. If the 100% ratio is respected, we should pay︊ just this liquidation managers and costs that will be declared in advance.
If he didn't︋ respect as advertised such ratio, I think it can be considered fraud.
I read about the 2m also but if the below is to be believed they had a lot more in deposits than 40-50m as of December 2021 so 9m would not have been enough.
https://www.theage.com.au/national/...-offshore-bank-suspended-20220630-p5ay3g.html
------ quote start︀
According to the bank’s unaudited financial statements, as of December 31, 2021, Euro Pacific had︁ about $US66 million ($97 million) in cash, $US31 million ($45 million) in precious metals︂ and $US110 million ($161 million) in deposits.
The regulator launched an eight-month investigation into Euro︃ Pacific in October 2020, following allegations clients were using the bank to launder money and︄ evade tax in their home countries.
---- quote end
Lets just wait for the Commissioners︅ next press release. The last one was below from 30 June 2022.
https://ocif.pr.gov/Avisos Publicos/Euro Pacific︆ International Bank - Press Release.pdf
https://www.theage.com.au/national/...-offshore-bank-suspended-20220630-p5ay3g.html
------ quote start︀
According to the bank’s unaudited financial statements, as of December 31, 2021, Euro Pacific had︁ about $US66 million ($97 million) in cash, $US31 million ($45 million) in precious metals︂ and $US110 million ($161 million) in deposits.
The regulator launched an eight-month investigation into Euro︃ Pacific in October 2020, following allegations clients were using the bank to launder money and︄ evade tax in their home countries.
---- quote end
Lets just wait for the Commissioners︅ next press release. The last one was below from 30 June 2022.
https://ocif.pr.gov/Avisos Publicos/Euro Pacific︆ International Bank - Press Release.pdf
---- quote start
---- quote end︁
| BANKING STATUS UPDATE: JULY 16, 2022 As you may be aware, the Puerto Rico financial regulator recently requested that Euro Pacific Bank pause its operations. In response, we complied by pausing all transactions to review the details of their request. In the meantime, a trustee has been appointed to administer the standard affairs of the bank to assure safekeeping and preservation of funds. A hearing between Euro Pacific Bank and the regulator was scheduled on July 14, 2022. We can confirm that both parties are conducting negotiations, and we will share with you the results as soon as it is permitted. We appreciate your patience through this process, and as usual, Euro Pacific Bank maintains a full-reserve︀ ratio, meaning we make no loans and keep all client deposits on-demand. |
---- quote end︁
I already posted that document two posts above your one. And yup its old.
Welcome to the forum anyway thu&¤#
Welcome to the forum anyway thu&¤#
BANKING STATUS UPDATE: JULY 25, 2022
As you may be aware, after the regulatory hearing scheduled on July 14th, Euro Pacific Bank and the Puerto Rico financial regulator entered negotiations for the continuation of bank operations.
We can confirm that we are now in advanced discussions with the regulator, and we will share with you results as soon as it is permitted.
Again, if you are not aware, the Puerto Rico financial regulator recently requested that Euro Pacific Bank pause its operations. In response, we complied by pausing all transactions to review the details of their request. In the meantime, a trustee has been appointed︀ to administer the standard affairs of the bank to assure safekeeping and preservation of funds.︁
We appreciate your patience through this process, and as usual, Euro Pacific Bank maintains a︂ full-reserve ratio, meaning we make no loans and keep all client deposits on-demand. blak""#¤
As you may be aware, after the regulatory hearing scheduled on July 14th, Euro Pacific Bank and the Puerto Rico financial regulator entered negotiations for the continuation of bank operations.
We can confirm that we are now in advanced discussions with the regulator, and we will share with you results as soon as it is permitted.
Again, if you are not aware, the Puerto Rico financial regulator recently requested that Euro Pacific Bank pause its operations. In response, we complied by pausing all transactions to review the details of their request. In the meantime, a trustee has been appointed︀ to administer the standard affairs of the bank to assure safekeeping and preservation of funds.︁
We appreciate your patience through this process, and as usual, Euro Pacific Bank maintains a︂ full-reserve ratio, meaning we make no loans and keep all client deposits on-demand. blak""#¤
EPB used to have a sound business model, good platform and systems, don't think they were a scam or wrongdoers. However, they were careless, if not reckless, in terms of compliance and when they started making colorful headlines on newspapers there was a sort of bank run that made them breach the regulatory ratios from what I understood, so seems it was not intentional or in bad faith.
Anyway, applause for the rapid intervention of the OCIF, showed that PR is not a guacamole jurisdiction like others, that could have let it pass just with some warning notice or a reprimand email.
Anyway, applause for the rapid intervention of the OCIF, showed that PR is not a guacamole jurisdiction like others, that could have let it pass just with some warning notice or a reprimand email.
He is an entrepreneur so no doubt he will. My feelings though he will try and do whatever it takes to salvage the situation as his reputation is on the line. It will make it extremely hard for him to be in debates as a financial pundit with a collapsed bank to his name. I can see this happening on an imaginary debate show︀ smi(&% i.e
"We welcome Peter Schiff to the show. Owner of Euro Pacific Capital and also︁ former owner of collapsed bank Euro Pacific Bank. So Peter what you think about Bitcoin︂ as of today....its lasted longer than your bank right?"
"We welcome Peter Schiff to the show. Owner of Euro Pacific Capital and also︁ former owner of collapsed bank Euro Pacific Bank. So Peter what you think about Bitcoin︂ as of today....its lasted longer than your bank right?"
It was on EPB's website front page but its gone now.
There is nothing you can do other than move your money. But the Fed closed their USD account a while back so wonder how USD transfers works today.
Anyway I wouldn't panic but just move on from the bank.
There is nothing you can do other than move your money. But the Fed closed their USD account a while back so wonder how USD transfers works today.
Anyway I wouldn't panic but just move on from the bank.
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