Euro Pacific bank is a scam

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hi all, I am also one of the customers and I hired a lawyer in‌ Puerto Rico to make sure to have something written on the paper in case things‍ don't work out. For who is interested the firm is: Mcvpr.

They require a retainer⁠ and right now are trying to manage a correspondence with OCIF / Receiver. No reply⁤ yet. The commissioner just closed another entity in the same way: First Finance (no minimum⁣ capital, same fine, same trustee).

I think that gathering all customers with a lawyer is⁢ not a bad idea to try to put more pressure to OCIF - I am︀ not sure it will work. Starting something against EPB is not a smart move, they︁ have to pay back all the creditors and won't have capital left once this is︂ over.
 
No one should start any type of litigation against︃ anyone, it's not going to make any difference other than waste your money and drag︄ the process even more, lawyers will happily take your money of course, all I'm trying︅ to say is that we should try to find out what's going on, why things︆ are a stand still, or so it seems, that's all.
Do not get involved in︇ any type of lawsuit until the situation becomes more clear, I hope Peter Schiff gives︈ an update.
 
Hi Peter, no further updates on this including︂ nothing on EPB website since 1st November. Any chance of getting your lawyer involved to︃ resolve this with NOVO BANK?
 
https://ocif.pr.gov/Avisos Publicos/Euro Pacific International Bank - Press Release.pdf
Euro Pacific’s serious insolvency situation constitutes sufficient‌ legal justification for OCIF to
undertake the administrative action announced today in order to avoid‍ irreparable harm to the
interests of the international financial entity and/or the persons or entities⁠ that own funds or
assets in the institution. To safeguard adequately the rights of all⁤ interested parties, OCIF
designated attorney and CPA Wigberto Lugo Mender, a professional with vast experience⁣ in
these processes, to serve as Euro Pacific Trustee effective immediately.
 
We used to be updated every weeks. Now nothing since 1st november. All good! I‌ guess EPB guys know about our discussion in this thread. Well, hopefully we will all‍ forget about our money...
 
Peter Schiff is on holidays in⁠ Dubai, I've messaged him directly begging him to provide an update, his wife answered saying⁤ that "he will", unfortunately there isn't any additional information to share, frustrating being in total⁣ limbo.
At the very least they should keep customers informed of the situation.
Mr Wigberto⁢ Lugo sure knows how to impose control of everything, but he obviously doesn't know how︀ to solve this horrible situation so innocent customers stop suffering the consequences and paying the︁ price for other people's misconduct.
Not providing updates on a regular basis shows lack of︂ care for the victims.
Other EPB customers I know have seen their whole life's savings︃ gone in the blink of an eye, some of them are retired and have nothing︄ else to live off.
I hope things work out and customers can gain access to︅ ALL of their money.
The bank keeps charging account fees, plus a negative rate of︆ -0.60% on Euro deposits, while the ECB has a positive 1.5% rate on Euro deposits︇ (Euro Pacific says "it's Novo bank that is charging negative rates" which seems almost impossible︈ as no other bank that I know of is charging this -0.60% on Euro deposits)︉ I wonder were they are deducting the fees from since the money is obviously nowhere︊ to be seen.
Fingers crossed , that as much as customers can do.
 
Thanks mate for your input. Wow︉ I feel sorry for those who had a lot of money there. Hopefully it's not︊ gone like you said. I used to have around 200 000 USD 2 years ago︋ but I withdrew all to purchase a property. After that, I move all my monthly︌ income to my personal account once it's been received. Now i "just" have 12000 usd︍ stuck but I obviously don't want to lose it! Finger crossed, yes...
By the way,︎ here is what they replied to me about "Credit Interest-Capitalise Schedule" and "Account Charge-Capitalise Schedule":️ "For the monthly fees, essentially during the during the past three months the bank's fixed‌ costs related to maintaining static accounts with regard to AML/CFT requirements have not gone away,‍ and the monthly fees are basically what allow us to maintain the accounts in good⁠ standing with regard to our Compliance obligations. Even when no transactions are occurring, the monthly⁤ fees are necessary for maintaining a static account in good standing. The also applies to⁣ negative interest rates"
 
"This also applies to negative interest rates" "Maintaining a static account in good standing" what a︅ bunch of horseshit!
My grandma, who was an accountant at a multinational corporation, would always︆ tell me "banks are thieves, remember that" boy was she right!
The nerve to keep︇ charging fees and negative rates while depriving customers of their money, if that is not︈ plain stealing then I don't know what it is.
Hope you get your cash back,︉ make sure you don't ever leave money in a bank, open an account with a︊ broker and invest it, at least you'll have Stocks or ETFs to your name if︋ that broker goes down.
 
I guess most of you guys have also received the same email today saying:

"Dear Euro Pacific Bank Customer,
This notice is to inform you that you currently appear to‌ have one or more than one partial outgoing wire in the outgoing wires queue. A‍ partial outgoing wire is a wire that is not for the entire balance of the⁠ account.

Please note that for all opt-out clients the bank’s OCIF-appointed receiver has stipulated that⁤ all outgoing wires must be for the full balance of the account. If you wish⁣ to opt-out of the migration to Qenta, we kindly ask you to please do the⁢ following
blabla"

Is it a joke??????????
When I first make my transfer, I couldn't send︀ all for some reasons and 200 usd was left.
Now I have a negative balance︁ of 110 usd because they keep charging me their fees.
And now they say I︂ attempt to transfer more than what I have??
If at least they could assure me︃ it is the final step before getting paid, I could do it... but what is︄ the next step?? Asking 3 months later to cancel my wire and make another one︅ because they took another 300 usd to me??
 
One is for sure. Many businesses will die before the problem will see the end.‌ I am wondering how many people will have to eat leafs from the trees. It‍ is horrible abuse that each day they take money from each account and do not⁠ allow to access it and operate on it. Anyway someone must win when someone else⁤ must lose.
 
Its not good at all, also the lack⁣ of updates and communication is frustating. I heard on one of the QENTA townhalls a⁢ woman talk about all her business funds locked up in this and she is unable︀ to make payroll for employees as a result. Another South African man was talking about︁ all his clients investments tied up and he was looking at getting legal involved. This︂ is just going to get out of control until EPB and the reciever start to︃ provide clear and transparent updates..
 
I'm sorry to hear that, but they do⁣ not care one single bit!
All they want is your money!

A friend that has an account with EPB just received an internal message asking him to︅ submit a new FATCA form to "keep his account in good standing" even though this︆ guy is not a U.S. citizen, he doesn't live in the U.S., he has no︇ investments whatsoever, only cash, and he is waiting to opt-out, but they bother him with︈ a FATCA form, this is where the fees are going, to pay employees who have︉ no idea of what they are doing.
Peter Schiff, the OCIF, the appointed trustee Mr.Wigberto︊ Lugo and Euro Pacific Bank, are nothing but a pack of thieves!
  • I hope someone︋ liks the email addresses of all the customers so they can get together and show︌ up at Peter Schiff front door, is his bank, he is responsible for solving this︍ matter, but he is on holidays in Dubai, that says everything!

Ment to say "leaks" not "liks" (doesn't allow me to edit)
 
I agree. Indeed it looks like nobody cares. Fat salary is fair enough to keep‌ the situation rolling. Most of us are in this s**t now. I am also facing‍ the problem of insolvency. Many bills to be paid and I have to do it⁠ from my personal savings. Everything just in order to save my face in front of⁤ customers and cooperators. One day personal savings will also disappear. I hope big meteor will⁣ hit the Earth before that day.
 
I'm really sorry, I⁢ really am, it's going to be a tough Christmas for many customers of EPB.
Some of them have lost everything, their lives savings gone just like that!
I hope that︀ meteor goes straight to Peter's Schiff home, the OCIF of Puerto Rico and EPB.
I hope things are solved somehow and customers get back ALL of their money, ALL of︁ it, I seriously doubt anyone will stay with Qenta after this..
 
I honestly thought there would be far more people⁠ complaining online on Trustpilot etc. But seems a lot of people are hush I wonder⁤ why ange¤%&. My sympathy to those with legit and declared funds and bad luck to⁣ those who used EPB to hide ilicit funds.
 
There will be no Christmas. Years spent for building success and a few months for‌ watching how it collapse. I could make new season "Seconds from disaster". Everything for well‍ sold title on the newspaper.
 
Unfortunately still no news from Euro Pacific. I sent them an email about the current‌ status.
This is their reply:

-----------------------------------------------------------------------
Thank you for your email.

There are currently delays‍ resulting from the OCIF-appointed receiver’s ongoing discussions with our custodians, i.e. our correspondent bank for⁠ outgoing wire transfers.

Unfortunately, we have limited involvement in this process, as our custodians are⁤ required to deal exclusively with the receiver. This matter however will be resolved as soon⁣ as possible.

Please note that all requests will be honored.
------------------------------------------------------------------------------

I sent them another⁢ email that it would be nice if the receiver (mr. Wigberto Lugo) could reach out︀ to the customers of Euro Pacific so we know where we are standing.

Hope to︁ hear from them soon

I just received an email from Euro Pacific
More news beginning︂ of December. More waiting

-------------------------------------------------
Thank you for your email.

Unfortunately we do not have︃ any updates on the wires at this time.

Kindly note regarding the website updates, we︄ will be posting a new update to the website at the beginning of December.
-----------------------------------
 
Thank you for sharing.

"OCIF-appointed receiver's ongoing discussions with our︅ custodians"
Wondering what those "ongoing discussions" are that is taking them months to discuss, what︆ else is there to discuss other than retuning the money to the customers.

Wigberto, come︇ out, come out wherever you are!!!
 
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