Euro Pacific bank is a scam
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Yes they don't care, I was semi-retired, now I'm back to work but I have a big family, so we have no choice but to sell our home, if I don't get my savings back I'll be working till the day I die, literally.
The one thing that I find shameful and disgraceful is the fact that Peter Schiff hasn't even apologized, right from the beginning he has gone on social media to blame everything on the︀ OCIF and the J5, he has even blamed the "government", as if we have anything︁ to do with them.
The fact is that he betrayed all the customers when he︂ ignored the demands of the Regulator, when you have a bank you have a responsibility︃ to keep the bank compliant, it's that simple, if he wasn't able to do that︄ then he should have closed the bank himself way before the Regulator did, but he︅ didn't, instead he went about trying to sell the bank so he could profit from︆ it, very shameful on his part, as far as I'm concerned Peter Schiff belongs in︇ jail for all the damages he has caused which are yet to be determined.
I honestly hope nobody else has to go through what I'll have to endure during the︈ next few months, there's no point in giving more details, I know he can care︉ less!
The one thing that I find shameful and disgraceful is the fact that Peter Schiff hasn't even apologized, right from the beginning he has gone on social media to blame everything on the︀ OCIF and the J5, he has even blamed the "government", as if we have anything︁ to do with them.
The fact is that he betrayed all the customers when he︂ ignored the demands of the Regulator, when you have a bank you have a responsibility︃ to keep the bank compliant, it's that simple, if he wasn't able to do that︄ then he should have closed the bank himself way before the Regulator did, but he︅ didn't, instead he went about trying to sell the bank so he could profit from︆ it, very shameful on his part, as far as I'm concerned Peter Schiff belongs in︇ jail for all the damages he has caused which are yet to be determined.
I honestly hope nobody else has to go through what I'll have to endure during the︈ next few months, there's no point in giving more details, I know he can care︉ less!
You can be sure EPB people, the receiver, Peter S, OCIF and many others all read our comments while eating popcorn... they probably laugh at us while thinking "look at this bunch of losers begging for their money hahaha... they'll have it when/if we decide so!!"
I'm lucky compare to most of EPB customers here, I just have 12 000 euros blocked. But 2 or 3 years ago, it was something like 200 000 euros. Luckily I've transferred all to a personal account. Well, if i had all my money there thinking it was a safe place, I'll probably do something wrong to myself.
Well, like I said, that would be great to be able to talk to the lawyer︀ Peter S supposedly hired. But it looks like he didn't even want to share this︁ info with us.
Sincerely good luck to those who are really struggling with this!!!!! I︂ hope an happy ending soon!
I'm lucky compare to most of EPB customers here, I just have 12 000 euros blocked. But 2 or 3 years ago, it was something like 200 000 euros. Luckily I've transferred all to a personal account. Well, if i had all my money there thinking it was a safe place, I'll probably do something wrong to myself.
Well, like I said, that would be great to be able to talk to the lawyer︀ Peter S supposedly hired. But it looks like he didn't even want to share this︁ info with us.
Sincerely good luck to those who are really struggling with this!!!!! I︂ hope an happy ending soon!
We are not even sure that he hired someone. Has someone a name ? Tel number ? Or maybe he tries to earn some time. If he was on our side and sorry for us he would do anything to help us and at least he would update us each week on this forum, as he has an account and probably receives a notification by email for each new messages posted. If he did nothing wrong then he has to prove it by his behavior. Speech speaks less than actions. Or maybe silence means that he is afraid that customers end up to sue him.︀ If he is not guilty, then he has to prove it now, on this forum︁ and spit the whole story. This is the less he can do. Then it will︂ eliminate one party in this case and then we could focus on 2 others…
By the way is it normal to still receive e-statement if the money has left Puerto︃ Rico already ?
By the way is it normal to still receive e-statement if the money has left Puerto︃ Rico already ?
I do not see how Peter in any way shape or form can still be held responsible for this, I believe he was only a shareholder and founding party and did not manage any day-to-day operations. Please do correct me if I am wrong.
Of course this sucks and I feel especially bad for Radko. No one should have to sell their home and start working again after retirement. It obviously also sucks for the rest of you all, but just wanted to point him out individually to give my support.
But the chance Peter will give you your money back and then later collecting it himself is 0.0. And I also cannot see how that possibly would be allowed︀ given that that would circumvent all due diligence requirements. As well as that never happening︁ during a bank's liquidation (as well as that it would be odd if Peter even︂ had access to all of your accounts' details to even make the transfer).
Anyway, best︃ of luck to you all and wishing for a speedy recovery of the funds.
Of course this sucks and I feel especially bad for Radko. No one should have to sell their home and start working again after retirement. It obviously also sucks for the rest of you all, but just wanted to point him out individually to give my support.
But the chance Peter will give you your money back and then later collecting it himself is 0.0. And I also cannot see how that possibly would be allowed︀ given that that would circumvent all due diligence requirements. As well as that never happening︁ during a bank's liquidation (as well as that it would be odd if Peter even︂ had access to all of your accounts' details to even make the transfer).
Anyway, best︃ of luck to you all and wishing for a speedy recovery of the funds.
What do you think I should apologize︉ for? I tried to sell the bank so that customers could still use it. They︊ would have a choice, either stay with the new owners, or withdraw their money. And︋ yes I wanted to get some money out of the bank. I put in over︌ 10 million dollars over the years. But since regulators blocked the sale, I lost the︍ entire $10 million. Do you think I should apologize for that? During the ten years︎ I was a shareholder in the bank I never received a dividend. As I was️ never an officer or an employee, I also never drew a salary. We never ignored any demands of regulators. The bank complied timely with everything regulators asked it to do. The IRS just wanted the bank closed, so they pressured OCIF to come up with an excuse. Also, since the bank had no debts made no loans, and had millions in cash above what was owed to customers, I offered to liquidate the bank myself. But OCIF insisted on appointing a Receiver. So I have had no authority at all during this process.
That's not true. Prior to this the Receiver had zero experience with banks.
That's correct. I was a 45% shareholder and director when 60 Minutes︍ falsely accused me of using the bank to help customers lauder money and evade taxes.︎ If customers are looking for parties to blame, there are several. 60 Minutes, The IRS,️ and OCIF. No one at the bank did anything wrong.
You are basically correct.︆ However EPB is very different than Loyal. 100% of customer deposits were always and continue︇ to be held in cash. The bank has no creditors other than depositors. So once︈ this last legal hurdle is cleared everyone should receive 100% of their money in a︉ matter of days. Fingers crossed that process will start next week.
That's not true. Prior to this the Receiver had zero experience with banks.
That's correct. I was a 45% shareholder and director when 60 Minutes︍ falsely accused me of using the bank to help customers lauder money and evade taxes.︎ If customers are looking for parties to blame, there are several. 60 Minutes, The IRS,️ and OCIF. No one at the bank did anything wrong.
You are basically correct.︆ However EPB is very different than Loyal. 100% of customer deposits were always and continue︇ to be held in cash. The bank has no creditors other than depositors. So once︈ this last legal hurdle is cleared everyone should receive 100% of their money in a︉ matter of days. Fingers crossed that process will start next week.
Peter Schiff,
You should apologize because it was your bank. Trying to blame the government or 60 minutes is what a politician would do. If someone loses money or access to their money from any business, the owner should take responsibility and apologize. It seems like you want to protect your brand and sweep this under the rug.
I have a friend that owes me $13,000. He keeps on saying he's gonna pay me next week and it's been 7 years. Your promises of people getting their money soon is just a way to try to calm the upset victims. Maybe to prevent them from︀ seeking legal action against you or at least delaying it.
You keep saying your bank︁ did nothing wrong but the regulators say otherwise. And you also were quoted in an︂ article that you "mistakenly" used customer money for operating expenses. How can you admit that︃ in the article and then come on here and say that you did nothing wrong?︄ Even if it was a mistake, which I don't believe, it was still doing something︅ wrong. Intentional or not it was doing something wrong.
You should apologize because it was your bank. Trying to blame the government or 60 minutes is what a politician would do. If someone loses money or access to their money from any business, the owner should take responsibility and apologize. It seems like you want to protect your brand and sweep this under the rug.
I have a friend that owes me $13,000. He keeps on saying he's gonna pay me next week and it's been 7 years. Your promises of people getting their money soon is just a way to try to calm the upset victims. Maybe to prevent them from︀ seeking legal action against you or at least delaying it.
You keep saying your bank︁ did nothing wrong but the regulators say otherwise. And you also were quoted in an︂ article that you "mistakenly" used customer money for operating expenses. How can you admit that︃ in the article and then come on here and say that you did nothing wrong?︄ Even if it was a mistake, which I don't believe, it was still doing something︅ wrong. Intentional or not it was doing something wrong.
I wanted the bank to return the money. Regulators prevented it. The accounting error was not even a problem for regulators. I had nothing to do with it, but as soon as I found out I added 4.5 million in capital to protect depositors. OCIF had no problem with any of this, as we alerted them to it at the time. Again the bank did nothing wrong. The OCIF commissioner lied. None of that is my fault. None of this would have happend had the IRS not leaked the investigation, which completely exonerated the bank, to 60 Minutes, which then fasely accused me and the︀ bank of committing serious crimes. In Oct of 2021 the OCIF Commissioner enthusiastically supported the︁ sale to Qetna. Then nine months later she abruptly changed her mind, and made up︂ some lies about the bank being insolvent, and having a history of non-compliance, to justify︃ her action. I agreed to allow the liquidation of the bank, and did not sue︄ OCIF, as I wanted to make sure bank's customers got their money ASAP.
Hi Peter, you say "no one at the bank did️ anything wrong" but the OCIF in their order of cease and desist say that the bank wasn't keeping the minimum amount of capital required to keep the license, which was 5 million dollars, they also claim that they asked EPB to submit a number of documents, and EPB didn't do it, basically the OCIF says that EPB ignored their multiple warnings.
So basically you blame them and they blame you, someone is not telling the truth, and I find it hard to believe that the OCIF is lying and they just closed a bank that according to you was 100% compliant, wouldn't that be illegal?︀
And please don't get me wrong, I completely agree that you were treated very harshly︁ by the OCIF, and I also agree that the press conference given by the Commissioner︂ and the J5 representatives was a show designed to create headlines, which ultimately ended up︃ hurting the customers more than anyone else.
But the Commissioner at the press conference also︄ said "no one is above the law" she was trying to say that had the︅ bank complied with their demands nothing would have ever happened.
In my previous comment I︆ said: "....while you tried to sell the bank so you could profit from it, and︇ by the way there's nothing wrong with that..."
There is nothing wrong with trying to︈ sell your bank so you could profit from it, but there is something wrong with︉ trying to sell a bank that according to the OCIF wasn't 100% compliant.
You know︊ you have made yourself a target, so more of a reason to not leave an︋ opportunity for anyone to come along and screw you.
I have supported you and your︌ dad all my adult life, I share many of your views, that's one of the︍ reasons why I transferred all my life's saving to EPB, but as of right now,︎ we the innocent customers are paying the price for everything that's happened. I am paying️ a massive price, this Easter week I will be moving into my older sister's home so I can sell the house where I've been living for the last 25 years; last year I had purchased tickets to fly to Mexico, we were going to retire there permanently, I had also rented a house for a year, we were scheduled to leave for Mexico the first week of July, right after the bank was closed, so I had to cancel everything, ultimately I lost the money of the tickets and the money I had advanced to rent the house in Mexico, and later on in August︀ I had to go back to work, so I don't know about the rest of︁ the customers but we are paying a huge price for something that we have nothing︂ to do with, obviously someone screwed up massively and here we are with no end︃ in sight.
Also, you were very naive to sat down to talk to 60 Minutes︄ Australia, I'm not Australian but I know that all those tabloid reporting programs, there are︅ many around the world, have an agenda and they don't care about the facts or︆ the truth, they care about creating a program that fits their agenda even if everything︇ they intend to report is completely false, Australian tabloid programs are a cheap copycat of︈ the UK tabloids, they make a living from selling falsehoods, yes it's a disgusting business,︉ and yes you should have done a little bit of research before you sat down︊ to talk to them.
Having said that, I hope you make a bunch of millions︋ from the defamation lawsuit, I really do, I would like to see 60 Minutes Australia︌ go out of business, same goes for Four Corners.
Last but not least, if you︍ still believe that EPB was 100% compliant at the time it was closed, then at︎ some point you should consider taking legal action against the OCIF, I would happily testify️ in your favor about the consequences that the closing of EPB has had in my life.
So basically you blame them and they blame you, someone is not telling the truth, and I find it hard to believe that the OCIF is lying and they just closed a bank that according to you was 100% compliant, wouldn't that be illegal?︀
And please don't get me wrong, I completely agree that you were treated very harshly︁ by the OCIF, and I also agree that the press conference given by the Commissioner︂ and the J5 representatives was a show designed to create headlines, which ultimately ended up︃ hurting the customers more than anyone else.
But the Commissioner at the press conference also︄ said "no one is above the law" she was trying to say that had the︅ bank complied with their demands nothing would have ever happened.
In my previous comment I︆ said: "....while you tried to sell the bank so you could profit from it, and︇ by the way there's nothing wrong with that..."
There is nothing wrong with trying to︈ sell your bank so you could profit from it, but there is something wrong with︉ trying to sell a bank that according to the OCIF wasn't 100% compliant.
You know︊ you have made yourself a target, so more of a reason to not leave an︋ opportunity for anyone to come along and screw you.
I have supported you and your︌ dad all my adult life, I share many of your views, that's one of the︍ reasons why I transferred all my life's saving to EPB, but as of right now,︎ we the innocent customers are paying the price for everything that's happened. I am paying️ a massive price, this Easter week I will be moving into my older sister's home so I can sell the house where I've been living for the last 25 years; last year I had purchased tickets to fly to Mexico, we were going to retire there permanently, I had also rented a house for a year, we were scheduled to leave for Mexico the first week of July, right after the bank was closed, so I had to cancel everything, ultimately I lost the money of the tickets and the money I had advanced to rent the house in Mexico, and later on in August︀ I had to go back to work, so I don't know about the rest of︁ the customers but we are paying a huge price for something that we have nothing︂ to do with, obviously someone screwed up massively and here we are with no end︃ in sight.
Also, you were very naive to sat down to talk to 60 Minutes︄ Australia, I'm not Australian but I know that all those tabloid reporting programs, there are︅ many around the world, have an agenda and they don't care about the facts or︆ the truth, they care about creating a program that fits their agenda even if everything︇ they intend to report is completely false, Australian tabloid programs are a cheap copycat of︈ the UK tabloids, they make a living from selling falsehoods, yes it's a disgusting business,︉ and yes you should have done a little bit of research before you sat down︊ to talk to them.
Having said that, I hope you make a bunch of millions︋ from the defamation lawsuit, I really do, I would like to see 60 Minutes Australia︌ go out of business, same goes for Four Corners.
Last but not least, if you︍ still believe that EPB was 100% compliant at the time it was closed, then at︎ some point you should consider taking legal action against the OCIF, I would happily testify️ in your favor about the consequences that the closing of EPB has had in my life.
Maybe we should keep the fighting for after we get our money back.
Personally I will just be happy to get my money back. I want to move on with my life. Not look back.
I just hope we can get our money back soon and I wish everyone the best .
Personally I will just be happy to get my money back. I want to move on with my life. Not look back.
I just hope we can get our money back soon and I wish everyone the best .
I agree that if Peter Schiff thinks there was wrong doing on the part of the OCIF he should wait to take legal action until the funds are returned, but I think he knows that.
I also want to move on with my life, but if the Commissioner︀ lied during the Press conference then Peter should take legal action, perhaps another defamation lawsuit,︁ and I would happily fly to Puerto Rico to testify about the consequences that the︂ closing of EPB has had on my life.
On a different note, I don't understand︃ why if EPB was investigated by the J5 for 2 years and no charges were︄ filed why is Portugal not allowing the release of the funds, do they don't validate︅ the investigation conducted by the J5 and they just want to conduct their own investigation,︆ and if so, is this new investigation going to last another 2 years? If this︇ is the case then I guess this is going to go on for a very︈ long time.
I also want to move on with my life, but if the Commissioner︀ lied during the Press conference then Peter should take legal action, perhaps another defamation lawsuit,︁ and I would happily fly to Puerto Rico to testify about the consequences that the︂ closing of EPB has had on my life.
On a different note, I don't understand︃ why if EPB was investigated by the J5 for 2 years and no charges were︄ filed why is Portugal not allowing the release of the funds, do they don't validate︅ the investigation conducted by the J5 and they just want to conduct their own investigation,︆ and if so, is this new investigation going to last another 2 years? If this︇ is the case then I guess this is going to go on for a very︈ long time.
The five millions in capital was authorized capital, which the bank had. The Commissioner was wrong. She also told me personally in front of over a half dozen witnesses in Oct. of 2021 that the bank was fine on capital, and there was no need for me to contribute any more. But I added about 2 million anyway to cover operating losses while we waited for the sale t Qenta to be approved. Based on the deal Qenta was required to add $7 million in capital on closing. The︀ bank was never told by anyone at OCIF prior to the C&D to add more︁ capital. Nor were we given the ability to add more capital after the C&D was︂ issued. I can't be held responsible if the bank did everything right, but the OCIF︃ commissioner decided to make stuff up so she could help the IRS shut it down.︄ I will speak more freely about the ordeal after all customer funds have been returned︅ and the bank is liquidated. This is probably one of the best example of government︆ corruption and abuse of power in U.S. history. To repeat, everything the OCIF Commissioner said︇ was not true, and I have written proof of that. Her actions were completely unjustified︈ by the facts.
Peter, you should run for political office because you are behaving just like a politician: "I did not have sex with that woman."
The only reason you went on 60 Minutes Australia was because you thought it would be free advertising for your brand. That is on you for not doing your homework.
And I don't believe the OCIF is gonna shut down a bank that did nothing wrong. That would be a first in banking history.
Stop giving people false hope by saying the money is coming next week. You don't know. And if they don't get all of their money back, you should︀ make them whole. You have enough money to do that. And that is the honorable︁ thing to do.
The only reason you went on 60 Minutes Australia was because you thought it would be free advertising for your brand. That is on you for not doing your homework.
And I don't believe the OCIF is gonna shut down a bank that did nothing wrong. That would be a first in banking history.
Stop giving people false hope by saying the money is coming next week. You don't know. And if they don't get all of their money back, you should︀ make them whole. You have enough money to do that. And that is the honorable︁ thing to do.
I don't care what you believe. I know what happend. The was no reason to shut down the bank. There were several highly qualified buyers who wanted to buy the bank, including a former OCIF Commissioner, add millions in additional capital, bring on entirely new management and a new board of directors, but OFIC refused to allow anyone to buy the bank. They insisted on liquidating it. What banking regulators would do something like that? I know people who own banks in PR, that actually did have insufficient capital. They were not shut down. They were given plenty of time to contribute the additional capital.︀ 60 Minutes lied to me to get me to agree to the interview. In fact,︁ I didn't even know it was for 60 Minutes when I did it. This is︂ all part of my defamation lawsuit in Australia.
Peter, do you think there is a possibility that this situation with Novo Bank won't get resolved from let's say now until the end of the year? I can understand that Novo wants to keep the deposits for as long as they can, but there has to be a limit to it?
From what I've been told I think we will get good news next week. Nothing is certain, but it won't be long to know if what I heard was true, as next week starts tomorrow. fingers crossed.
I think you should apologize to me. By the way when OCIF unnecessarily blocked︃ the sale of the bank to Qetna, which would have been seamless for all customers︄ and employees, I lost about $25 million, which is more than 10% of my net︅ worth. I doubt any customer lost that high a percentage of their net worth, let︆ alone that dollar amount. I am just as innocent as any of the customers. We︇ are all victims. I was a passive shareholder and unpaid director only. But none of︈ the banks actual officers or employees were guilty of wrongdoing either. The problem was with︉ the IRS and regulators, not the bank. Their two-year criminal investigation came up empty, so︊ this was their way of punishing me for anyway for crimes no one associated with︋ the bank committed. Welcome to America.
I think you should apologize to me. By the way when OCIF unnecessarily blocked︃ the sale of the bank to Qetna, which would have been seamless for all customers︄ and employees, I lost about $25 million, which is more than 10% of my net︅ worth. I doubt any customer lost that high a percentage of their net worth, let︆ alone that dollar amount. I am just as innocent as any of the customers. We︇ are all victims. I was a passive shareholder and unpaid director only. But none of︈ the banks actual officers or employees were guilty of wrongdoing either. The problem was with︉ the IRS and regulators, not the bank. Their two-year criminal investigation came up empty, so︊ this was their way of punishing me for anyway for crimes no one associated with︋ the bank committed. Welcome to America.
"I doubt any customer lost that high a percentage of their net worth"
Just a few posts ago Radko said he lost all of his life savings. Show some compassion.
And losing out on a business deal where you could have netted 25M is not the same thing as someone losing their life savings in a bank.
Just apologize for what happened and guarantee that everyone will be made whole no matter what happens. You can afford it. You can't make money off of the people that trusted you and then turn your back on them when things go south.
Does anyone else on this︀ board agree with me? I know many of you are too scared to say anything︁ in fear you won't get your money back. Don't be scared.
Just a few posts ago Radko said he lost all of his life savings. Show some compassion.
And losing out on a business deal where you could have netted 25M is not the same thing as someone losing their life savings in a bank.
Just apologize for what happened and guarantee that everyone will be made whole no matter what happens. You can afford it. You can't make money off of the people that trusted you and then turn your back on them when things go south.
Does anyone else on this︀ board agree with me? I know many of you are too scared to say anything︁ in fear you won't get your money back. Don't be scared.
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