Euro Pacific bank is a scam

[orion7352]

The Receiver has no photos of himself on his website and no images of himself‌ anywhere on the Internet. The firm has no Google reviews either . Not one.

I think it tells you a lot about him. Aloof, incommunicative, unresponsive, total disregard for customers.‍ It all heightens suspicions.

OK so while the Portuguese government had a freeze on the⁠ account he had an excuse not to communicate with customers. But since then he hasn't⁤ said anything. I think if any of us were the Receiver we would want to⁣ keep customers informed and reassure customers. But he has said nothing at all.

 

[Radko]

Obviously everything is at a standstill, so I don't expect that we︁ will get our money before the 1 year anniversary in just 4 weeks from today.︂ After that everybody goes on holidays, including Peter.

 

[spiderman]

In the previous bank liquidation I experienced, the receiver sent lengthy reports to all customers.‌ It ended bad, but at least we were informed.

 

[Radko]

This Receiver doesn't care, it's obvious by now.

 

[orion7352]

So the Receiver's strategy is to take money every month from customers through fees until‌ there's nothing left for customers. Maybe this was the plan all along between OCIF and‍ the Receiver.

 

[regi]

There is a high probability in what you⁠ say. Note that Peter has been forced to sign a special agreement that allows him⁤ to sit back and not interrupt this very complicated situation called return of funds to⁣ the owners. The world has seen scams better than this one, that is for sure.⁢ We could write a book titled "How to f**k a client in broad daylight and︀ not be held accountable".

 

[Radko]

It's the business the Receiver and OCIF are in, that's how they can⁣ get a lot of cash very easily without having to worry about anyone controlling them,⁢ they have the power and they use that power to make money. It's not ethical︀ but that's how it is, especially in a shithole like Puerto Rico, they need to︁ survive somehow.

 

[orion7352]

@Pschiff said a few days ago that he has a lawyer in Puerto⁣ Rico. Can't this lawyer question the Receiver and OCIF about what's going on ?

If the Receiver is not trying to return customers' money but is only focused on prolonging⁢ the situation, then this is a clear fraud that the lawyer that Peter/EPB has hired︀ should pick up on.

 

[regi]

I completely agree with you that some legal⁤ action is needed at this time.

 

[ATNTESTING]

I'm happy for Peter. I hope we will also have a chance to⁣ sign an agreement with the receiver to get back our money too.

 

[regi]

I wouldn't be so optimistic. It doesn't look like the story about getting back the⁠ money ( too soon ).

 

[orion7352]

I agree with @regi .I am very concerned about the integrity and motivation of the Reveiver and OCIF. I︂ increasingly feel we need our own legal representation as customers.

 

[Pschiff]

One of the big differences is that when EPB was put into receivership it had no‍ debt, and more than enough cash to immediately return all money to depositors. Normally when⁠ a bank is put into receivership, it's bankrupt and so it takes a long time⁤ to sort out the mess, and figure out who gets what. This may be the⁣ first time in history that a completely solvent bank, without a single loan, no secured⁢ creditors, or even a single past-due bill, was put into receivership. Also, receivership is normally︀ a last resort, if there are no better alternatives available. In this case, Qenta was︁ willing to buy the bank, immediately inject another $7 million in capital, and assume all︂ of the bank's liabilities.

 

[orion7352]

@Pschiff is it possible for︂ your lawyer in Puerto Rico to put pressure on the Receiver to be more transparent︃ with customers as to what the problems are and what he is doing to fix︄ the problems?

Since the freeze on the account was lifted by the Portuguese government the︅ Receiver has failed to communicate with customers. With no transparency in the process it gives︆ no reassurance to customers whatsoever. Thank you.

 

[Pschiff]

I have asked him to do what he can to look into the situation.

 

[Radko]

Please if you get to︂ speak to OCIF tell them that we now know that all this was completely unnecessary︃ as OCIF could have let you liquidate the bank on your own and we would've︄ had our money back 11 months ago, so by holding the press conference and appointing︅ a Receiver, not only it has delayed this process tremendously but has also caused a︆ complete unnecessary expens to the bank and possibly to the customers, and we can't help︇ but think that this was never about helping or protecting the customers, it was about︈ squeezing every possible penny from the bank and the customers as that's what it looks︉ like, everything but protect the customer's money, pure corruption and incompetence by OCIF and the︊ appointed Receiver, 11 months and counting....

 

[regi]

This "first time in history"︂ confirms my belief that it was planned. Someone felt a great opportunity for easy money︃ that belongs to someone else. The rest was just good poker game. We can all︄ agree that this should not normally happen. They tried to grill your good name. They︅ did practically everything they could to prevent the transfers from going out. I'm not the︆ conspiracy type. But I've been in business too long. It's hard not to believe it's︇ about money. This shitty world sleeps on the money.

 

[orion7352]

We all accept this should never have happened but we have︀ to fight to get our money back and focus on the best course of action︁ to do whatever we can.

At the moment we have to focus on getting the︂ Receiver to tell us what the problems are and how he plans to fix them.︃ He's been tasked with a job. If he's deliberately stalling to increase his fee by︄ taking customers deposits then that's a fraud.

We should all complain to OCIF about the︅ Receiver's poor communication to customers..

Here is the email to complain to OCIF. If we︆ fight and make noise and complain it will be more difficult for them to get︇ away with a conspiracy to defraud which might be their plan. They think they can︈ steal from us because we are all foreigners overseas.

[email protected]

Apparently the complaints get sent︉ to OCIF''s lawyers

 

[spartan7510]

Here is the Recievers email address at his firm, I found︄ it in a court document:

[email protected]

 

[JoeOhNo]

@Pschiff
Please tell me, as You have more knowledge about PR and USA connection.‌ To the best of Your knowledge, is it possible to sue ocif and receiver in‍ front of US court? Or could You ask Your lawyer about such an option.