Euro Pacific bank is a scam
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So were customers who elected to have funds transferred to Qenta informed the funds had already been transferred?
So according to him multiple regulators are to blame then.
So according to him multiple regulators are to blame then.
Nope!
Qenta hasn't said a word so far, Qenta said they would hold another virtual town hall meeting at the beginning of January but so far nothing has happened.
Yes, according to P. Schiff multiple Regulators are holding up the process, one would be the OCIF, the other one would be the Portuguese regulator I guess.
Qenta hasn't said a word so far, Qenta said they would hold another virtual town hall meeting at the beginning of January but so far nothing has happened.
Yes, according to P. Schiff multiple Regulators are holding up the process, one would be the OCIF, the other one would be the Portuguese regulator I guess.
The question then is why has Qenta not said anything to customers if as Peter said on twitter the funds have already been transferred. Hopefully its just a announcement mismatch but one would expect communication to be a bit more coordinated between Peter, EPB and Qenta especially when its of a serious nature like this.
Does someone speak Portuguese? Could someone please call there and ask about the situation?
I have just retweeted to your recent post, Ciceroniana92.
I have just retweeted to your recent post, Ciceroniana92.
There will not be any update on your money, you may write it off and live with it. This guy run with your money, they are resident of a very shady jurisdiction where it is impossible to do any real lawsuite that bring money on the table.
Your talking out your backside fella. This was not some back street deal with a shady lawyer, this was a deal with Government regulators including the J5, we all have the correspondance assuring us the money will be returned to customers, so at best they have accountability to ensure this is followed through︀ or be subject to lawsuits
How much money do you think there is left after the lawyers and other instances have been at the table and had a lovely meal.
Let's see who is going to receive something or anything.
Let's see who is going to receive something or anything.
All customer funds will be returned, any operating costs is down to the bank and Peter Schiff to fund. I think everyone including myself is hopeful in the situation, however we are aware of an alternate reality. No need to blow your over-inflated ego and try state the obvious. Please go somewhere else if you don’t have money in EPB, your fear mongering is unnecessary︀ and does not help
If the bank is being liquidated, creditors have first dibs on the money.
There is no deposit insurance applicable here. Even if there is one for banks in Puerto Rico, EPB was never licensed as a bank. AFAIK, there is no regulatory requirement to hold 100%+ reserve for the type of entity EPB is. Your funds are not protected beyond the bare minimum set out in whatever consumer protection laws there are in Puerto Rico, and the decisions of the Puerto Rican courts and regulators when deciding how and to whom the money will︀ be returned.
If EPB is liquid and profitable, there is hopefully enough cash in the︁ bank to pay creditors and depositors back in full. Only time will tell for sure.︂
Based on similar liquidations in the past, the process can take many years and while︃ you may get money back, it might not be everything.
As long︅ as he has fulfilled his legal obligations as director, Peter Schiff personally has no liability︆ or obligations here. Don't expect him to pay the running costs of a dead bank︇ out of pocket, unless a court threatens/compels him to.
There is no deposit insurance applicable here. Even if there is one for banks in Puerto Rico, EPB was never licensed as a bank. AFAIK, there is no regulatory requirement to hold 100%+ reserve for the type of entity EPB is. Your funds are not protected beyond the bare minimum set out in whatever consumer protection laws there are in Puerto Rico, and the decisions of the Puerto Rican courts and regulators when deciding how and to whom the money will︀ be returned.
If EPB is liquid and profitable, there is hopefully enough cash in the︁ bank to pay creditors and depositors back in full. Only time will tell for sure.︂
Based on similar liquidations in the past, the process can take many years and while︃ you may get money back, it might not be everything.
As long︅ as he has fulfilled his legal obligations as director, Peter Schiff personally has no liability︆ or obligations here. Don't expect him to pay the running costs of a dead bank︇ out of pocket, unless a court threatens/compels him to.
And creditors to the bank are... the customers, since it was a full reserve bank.︇ Suggest you go back and read the court transcript and agreement to liquidate the bank,︈ that was to return ALL cusotmer deposits, not a portion thereof...
Go to the OFIC website and show me where it says EPB is a bank.
EPB was formed in SVG, where they obtained an offshore bank license. When they moved to Puerto Rico, they were never granted a banking license. Since the move to Puerto Rico, they were a bank in name only, not in a regulatory sense.
They are licensed as an International Financial Institution (Entidades Financieras Internacionales). Not as one of the Bancos Comerciales, not even among the Entidades Bancarias Internacionales.
I hope everyone gets their money out, though.
EPB was formed in SVG, where they obtained an offshore bank license. When they moved to Puerto Rico, they were never granted a banking license. Since the move to Puerto Rico, they were a bank in name only, not in a regulatory sense.
They are licensed as an International Financial Institution (Entidades Financieras Internacionales). Not as one of the Bancos Comerciales, not even among the Entidades Bancarias Internacionales.
I hope everyone gets their money out, though.
https://europacbank.com/legal/
So they are licensed by the OCIF as︀ a Financial Entity offering "Banking Products", but they are not a Bank?
Here is the︁ link to the OCIF document - https://ocif.pr.gov/Consumidores/Lista Concesionarios/Entidades Financieras Internacionales.pdf
** NOTE - EPB listed︂ as a "bank" along with other banks...
So they are licensed by the OCIF as︀ a Financial Entity offering "Banking Products", but they are not a Bank?
Here is the︁ link to the OCIF document - https://ocif.pr.gov/Consumidores/Lista Concesionarios/Entidades Financieras Internacionales.pdf
** NOTE - EPB listed︂ as a "bank" along with other banks...
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