Euro Pacific bank is a scam

[orion7352]

Well let's hope they can resolve the issues amicably⁤ so we don't have to resort to legal action.

A long lawsuit would wipe out⁣ all our money in fees, EPB staff costs, the Receiver, etc.

One of the best⁢ ways to put pressure on Novo Bank is to picket their headquarters. They won't like︀ that . It could very well lead to a run on the bank like Credit︁ Suisse.

 

[spartan7510]

everyone on here impacted by NOVO BANK unlawfully wihtholding funds need to raise a complaint‌ to the relevant Portuguese banking regulators and include the court order in the complaint.
I have already lodged my complaint, here are the resources:

https://finance.ec.europa.eu/consum...s-fin-net-country/fin-net-members-portugal_en
https://clientebancario.bportugal.pt/en/formulario-nova-reclamacao
https://www.cmvm.pt/en/Investor_area/Reclamacoes/Pages/Complaints.aspx
https://www.livroreclamacoes.pt/Inicio/

 

[Radko]

Yes let's hope for that, legal action‍ will cost a lot of money and a lot of time, so anything other than⁠ going through the Portuguese legal system would be a better option, although at the end⁤ of the day legal action may be the only option left, it's all based on⁣ money, if Novo can make more money by holding onto the funds than the cost⁢ of defending themselves in court, they will delay the release of the funds for as︀ long as they can. Novo is a bank not a charity, they are in the︁ business of making money, not friends.

 

[orion7352]

Actually Novo︍ Banco's biggest shareholder appears to be a US private equity outfit called Lone Star

 

[Radko]

Sorry to say this but that document is not a court order,⁠ no one is ordering anything, it is just a document informing that the freeze of⁤ EPB account was lifted on February 22nd, that's all.
Getting a proper court order will⁣ have to go through the Portuguese legal system, which as we all know can take⁢ years and will cost a lot of money, lawsuits are expensive, customers would have to︀ pay for all that, including paying the Receiver while he waits patiently in Puerto Rico,︁ this is the sad reality.

 

[spartan7510]

So we have now proof that what NOVO︀ BANK is doing is illegal and unlawfully witholding customer funds. What have you done about︁ it? Have you bothered to raise complaints with relevant regulatory bodies?
Time to give them︂ negative publicity. Start here:

https://twitter.com/bancodeportugal
This is the lawyer in the court documents representing the︃ bank - https://www.linkedin.com/in/carlos-carneiro-gomes-8335751/?locale=en_US

This is the bank CEO - https://www.linkedin.com/in/mark-bourke-602093b5/

Start questining them on public︄ space and shame them.

 

[Radko]

Sorry but we do not have prove that Novo bank is doing something⁤ illegal, you are assuming that, but you have no evidence of Novo bank doing anything⁣ illegal, they may be doing it but at the moment we don't have evidence of⁢ that.
Time will tell, eventually the truth will come out, who knows maybe Novo has︀ a grace period that allows them to hold on to the funds, we don't know︁ at the moment, we assume the sometimes illegal is taking place but that's all, there︂ are always two sides to every story.

Nevertheless I will complain just as you have,︃ thanks for the links, let's all complain, it won't hurt doing it.

 

[orion7352]

Shaming and getting aggressive in public isn't the best first option in my⁤ opinion.

Hopefully EPB, the lawyer, Qenta or whoever can resolve this amicably with Novo Banco.⁣

 

[spartan7510]

WItholding customer deposits when transfer has been requested and court documents stipulating for funds to‌ be returned without explanation is unlwful. Show me any reason following the court document of‍ the 22nd February why they should withold withdrawals.
The fact that they have not communicated⁠ anything out following the 22nd February should tell you everything you need to know about⁤ the criminal enterprise.
In the UK, they would be pulled over hot coals for that⁣ and be fined for failing to return customer funds wihtou providing a clear and legal⁢ explanation why.

 

[ATNTESTING]

That's a good finding! But not sure shaming them on public would make⁤ things go faster for us.
What are our options at this point? Sending separated messages⁣ on Linkedin would just make them laugh and ignore us.
Twitter can be a good⁢ option to make sure they reply to us.
We need at least a reason why︀ they keep withholding our money.

I guess someone like Peter messaging them could have a︁ bigger impact.

 

[Radko]

Yes, I fully agree, that's the smart thing to do, believe me⁠ when I say that a lawsuit against Novo would mean having to wait for a⁤ very long time, potentially years, not to mention the cost of the lawsuit. And it⁣ can turn very ugly very quickly, they may ask for another investigation and get other⁢ agencies involved, I won't say much more as I don't know who else is reading︀ this thread, a lawsuit must be avoided at all cost.

 

[orion7352]

Well this is Portugal and Portugese law. I︀ doubt either of us know much about Portuguese law.

I think we need to calm︁ down . All customers are as frustrated and annoyed as you are.

Let's see if︂ any constructive, reasonable, amicable progress can be made.

Unfortunately we don't ever get any information︃ from EPB, Receiver or Qenta. Only Peter Schiff is kind enough to keep customers informed︄ as best he can. Unfortunately he might not get information if the talks are between︅ the Receiver and Novo Banco in this particular instance.

 

[Pschiff]

If we don't get anywhere with Novo early next week the bank will take legal‌ action. Hopefully the equivalent of an emergency injunction ordering the immediate lease of the funds.‍ So I don't think it will take years. Novo has no legitimate legal basis for⁠ not releasing the funds.

 

[spartan7510]

I think you will get results and very fast, if you drag NOVO BANK CEO‌ name over coals in public, especially if newspapers decide to report on it. Probably get‍ money back within a week...
After SVB and other financial calamities in banks, they are⁠ not very popular in public opinion... so something they would want to avoid.

 

[Radko]

Thanks Peter, let's hope for that,⁤ have a peaceful weekend everybody, let's have a party the day we get our money⁣ back, hopefully very soon.

 

[orion7352]

I am sorry but I think trying to attack the CEO of⁣ Novo Bank in public is likely to be counter productive. It would immediately get his⁢ defences up.

The CEO of Novo Bank may know nothing about this whole issue. Novo︀ bank is pretty large. So it may not have come to his attention.

 

[spartan7510]

Disagree with that, CEO's do not like negative publicity (particularly CEO's of banks given what⁣ has happened), matters and complaints tend to get attention and traction when they are in⁢ the spotlight. Someone down the management chain who took the descision to withhold customer depsits︀ from been returned will get a slap when the CEO is dragged over the coals︁ in the news.

Question is now that Peter Schiff has presented the evidence from the︂ court document (it is out of his control) so what are you going to do︃ about it? Continue to complain about/to Peter?

 

[orion7352]

I have filled︀ out one of the above complaint forms you posted. I am not sure how effective︁ they will be but I guess it's worth a go.

There are many different types︂ of CEOs. You don't know this particular CEO and how he would react. I see︃ he worked at Allied Irish Bank some time ago. They used to be very progressive︄ and shareholder friendly but I don't recollect this particular guy.

There are times to be︅ combative and times to just hold off and be a little circumspect and patient.

I suspect this is a delicate negotiation phase between our side and Novo banco. I would︆ just hold fire for now.

Of course I could be wrong. As Peter says let's︇ see if anything happens this coming week.

 

[Martin Everson]

Exactly.

 

[spartan7510]

If they are not doing anything unlawful following court document of 22nd February, then why‌ not be transparent about it? The fact that they are hiding it without providing justification‍ should tell you everything you need to know. Witholding customer deposits without providing reason is⁠ illegal and amounts to theft and/or fraud by disenfranchising the depositor/investor of thier funds, especially⁤ if that is used for business/payroll