Euro Pacific bank is a scam

[btc100k]

Spartan7510 - No. I was not a customer of EPB.

I noticed that the victims‌ are behaving like the wives who get beat up by their husband. The wife will‍ continue to defend the husband even after he bashes her face in. In a similar⁠ manner, the victims on this board are still defending Peter Schiff after he bashed your⁤ face in. Radko still wants to invest in his gold fund, even after this huge⁣ mess he is in. The GDX/GDXJ offers much lower fees with similar returns and you⁢ don't have to worry about Peter Schiff ruining that too.

 

[spartan7510]

Your a bit delusional, clearly misinformed as well. As already stated, you bring no value︁ to this discussion. Suggest you go troll your trash of Peter Schiff hatred elsewhere. You︂ spurt out opinions and accusations without bringing any substance to the conversation in terms of︃ solutions.
Whats done is done, we cannot change that, only proceed with caution moving forward.︄ If you have a solution on how we can get our money back other than︅ Peter Schiff bashing, Im sure the audience here would like to hear that...

 

[btc100k]

I do have a solution. Pursue legal action against Peter Schiff. The only reason he‌ is posting on this forum is to convince you not to.

 

[spartan7510]

That would be pipe dream, again, not a real solution, only a fantasy. On⁠ what grounds are you going to sue him?
Most directors/shareholders in companies that are structured⁤ correctly have Limited Liability LLP or Ltd and are shielded from legal recourse when business⁣ fails. The business itself (in this case EPB) is its own legal entity. The business⁢ is in liduidation. Unless you have solid proof of wrong doing, fraud, misleading customers which︀ can be directly tied to descisions made by Peter Schiff (not EPB management taking unilateral︁ descisions) you dont have a chance in hell. So again, what are you going to︂ sue him for?

The issue here is the OCIF and receiver that are the problem︃ and need to be held accountable. I have a published agreement that customer funds would︄ be returned. The OCIF and reciever are in breach of this agreement and would be︅ liable.

 

[Radko]

I appreciate your suggestions of GDX and GDXJ but I like Peter's Golf fund because︁ of Adrian Day, he made me 63% in 5 months back in 2020 so I'll︂ stick to it, but Martin is correct, this thread is about the future of the︃ deposits held by Novo bank, so if you don't like Peter because he doesn't agree︄ with BTC then start your own thread or join many of the ones already in︅ existence, we are trying to find clarity to this unfortunate situation in which the OCIF︆ played a massive roll not really thinking about the customers, it was a decision that︇ fit her agenda and the IRS, which is unheard of.
Best of luck with BTC,︈ I hope it gets to 100K one day, but I wouldn't put all my eggs︉ in one basket.

 

[btc100k]

Unfortunately that is what you did by putting your money in a small uninsured offshore bank.‌
I am not here to troll anyone. I do not believe Peter Schiff is being‍ honest. You guys have an emotional attachment to Peter because you listen to his podcasts,⁠ read his tweets, read his books and watch his YouTube videos. Just because he says⁤ things you agree with doesn't mean he is right.

I want everyone to get their⁣ money back. 100% of it. I think you guys need to put more pressure on⁢ Peter Schiff to guarantee he will cover any money that is not recovered. He has︀ plenty of money and can afford it. He said the FDIC was a scam and︁ refused to get insurance for the bank, so let Peter Schiff be the equivalent to︂ the FDIC. He should make everyone whole.

 

[koohl]

I can only agree, if you put your money‍ in such small banks you ask for trouble and losing your money. Sad but true.⁠

 

[Pschiff]

No offshore︃ banks in Puerto Rico have FDIC coverage. My bank did what was advertised. It made︄ no loans, and kept 100% of deposits in reserve. On the day the bank was︅ unnecessarily put into receivership all of the customer's cash was there, plus millions more. I'm︆ not not responsible for losses caused by regulators. Also, Qenta had applied to buy the︇ bank, and add $7 million in additional capital, but OCIF refused to allow the sale.︈ That's not my fault. Other buyers showed up after Qenta was rejected. OCIF refused to︉ even consider any sales. That's not my fault either.

There is no basis to︌ sue me. I put over 10 million into the bank but never took a penny︍ out. You could only sue a shareholder to claw back distributions that should not have︎ been made. But no distributions were ever made to me. I was a shareholder in️ corporation that owned a bank. I have no personal liability unless I committed fraud, which‌ I did not. I was also a director, but my potential liability there is only‍ to shareholders. I am the only shareholder. I can't sue myself. Despite my lack of⁠ personal liability i have done all that I can to protect customers.

 

[Radko]

I honestly︃ don't believe most customers know who Peter is, most customers, including me, were looking for︄ a full reserve bank.
And someone should ask the Commissioner of OCIF to explain why︅ she didn't allow the sale of the bank, or why she didn't allow Peter to︆ inject more capital into the bank, any of this options would have been infinitely better︇ for the customers, and on top of that she appointed a Receiver that is costing︈ money to the bank and potentially to the customers, what a way to look out︉ for the customers.

And as far as I know there are over 50 financial institutions︊ in PR and none of them are FDIC, there are only 5 banks in PR︋ that are FDIC, but in the case of EPB, a full reserve bank, being FDIC︌ was unnecessary.

I believe if Trump would have been in office this situation would have︍ been handled differently, and here we are having to deal for the Socialist/Communist government of︎ Portugal to decide, another left-wing government no different than the one in Spain, luckily Italy️ finally woke up, hopefully France will follow soon, and then Canada as well, sorry this‌ is off topic.
The Commissioner should be held accountable imo.

 

[Pschiff]

Exactly. Plus, the new president Qenta hired to run the bank was a︇ rock star. She would have been by far the most highly qualified bank president in︈ Puerto Rico. Instead, OCIF appointed a receiver with zero banking experience in any form. The︉ real agenda was not to protect customers. It was to make me look bad, to︊ allow the IRS and J5 to claim some kind of vindication for coming up empty︋ on Operation Atlantis, and to give Nine some "evidence" to defend against my defamation lawsuit.︌

 

[regi]

I am sitting, reading and wondering in what sh**ty world my children︀ will have to exist. It is the moment when any new business doesn't make sense.︁ Keeping money in bank is not so simple as it suppose to be. Political soccer︂ lasts and fight for as much money as it is possible to catch too. In︃ the end for those small people in this modern world, like me, the goal is︄ not only to watch competition, market demand, trends. This perfect world fu**ed up itself so︅ much that now I have to be an expert in watching the situation on financial︆ market too. I need to be able to predict where on / off manager is︇ hiding and move my money before the lights will go out. Perspective vision on what︈ will my children have to watch. Probably normal will be what today makes my eyes︉ rolling over.

 

[Pschiff]

The bank's lawyer⁣ wrote that he expects news next week. Fingers crossed we get it and its good.⁢

Not true. When the bank had an account with the Federal Reserve it was able to︅ hold dollars there. But all small banks need to hold foreign currency deposits with larger︆ banks. That's how it works. Also no bank is 100% compliant. All audits typicalyl revel︇ some small inadvertent violation. Bank's fix the "problem" and pay they fine. It's a game.︈ It's how regulators justify their existence. EPB was basically compliant. It only had one government︉ audit over a three-year period The bank was new to Puerto Rico, so was bound︊ to get a few things wrong. The bank had been asking for an audit for︋ two years to find out if it was doing anything wrong. It was only the︌ week after the 60 Minutes program aired that regulators finally decided to audit the bank.︍

 

[btc100k]

Peter Schiff,

You said that the bank did nothing wrong and now you say:

"The bank was new to Puerto Rico, so was bound to get a few things wrong"‌

Case closed.

 

[Pschiff]

I never said that. The bank did nothing⁠ criminal, and nothing civil that would have gotten any other bank shut down. I owned⁤ a broker dealer for over twenty years, and every two years auditors found something wrong.⁣ It's nearly impossible to be perfect. If every bank was shut down for any minor⁢ mistake, there would be no banks. Also major banks made way more mistakes than EPB,︀ such as Wells Fargo. It paid billions of dollars in fines, but was never shut︁ down.

 

[Radko]

Let's move on from this subject please, let's⁠ wait to see if we get good news next week so we can All move⁤ on and put this nightmare behind us, have a great Easter weekend everybody.

 

[regi]

Fingers crossed for better times next week.‍ This nightmare has to be finished. I am mentally exhausted. For the first time my⁠ profit and tax return will show loss. For everything including audit I have to pay⁤ from my own pocket. A few weeks more and the company will be burried forever.⁣

 

[spartan7510]

When the bank operated out of︄ St Vincent & Grenadines, it was fantastic, customer service was superb as a boutique bank︅ should be. When it moved to Puerto Rico, I noticed the service went downhil from︆ there. Should have been a red flag to call it a day..

 

[Pschiff]

It wasn't that service went down, its⁤ that compliance procedures had to be ramped way up to comply with stricter banking regulations.⁣ So your complaint is not really with the bank, but with the government imposed rules⁢ and regulators the bank was forced to comply with.

 

[btc100k]

"My bank failed because of the government"
"My service⁤ went down because of the government"

Does anyone see the pattern here? No remorse, no⁣ accountability, always blaming someone else.

I know some people are tired of my posts so⁢ just ignore me if you don't like it. I want you to get 100% of︀ your money back and I want Peter Schiff to make up the difference if you︁ are short changed. That is what any honorable man would do.

 

[Pschiff]

What if what I said⁢ about the government is true.? Has that ever occurred to you? Do you think everyone︀ who works in government is honest? What don't you do some research into what happened︁ to the bank before you just assume all politicians act honorably? Also, most bank customers︂ didn't even know who I was when they opened their accounts, and my ownership interest︃ had nothing to do with their decision to do so. If despite my best efforts︄ customers en up losing a cent or two on the dollar none of those losses︅ will have been my fault, and no one customer will lose anywhere near the approximately︆ $25 million I lost because OCIF chose to block the sale of the bank to︇ Qenta.