Euro Pacific bank is a scam

[JoeOhNo]

Can anyone explain why they are not mentioning Qenta at all in that communication doc‌ and instead they mention that GFST? Whats that all about and what that GFST actually‍ is?

 

[Radko]

Qenta AKA GFST.
Qenta is not a Bank.

 

[JoeOhNo]

Oh ok,‌ got it thx.

 

[mrbrush]

@Pschiff what percentage of their deposits are opt in customers get back? Approximately? What do‌ you think?

 

[Pschiff]

I think its about 500 -600 accounts that‍ opted out. I forger how many total accounts there are.

 

[orion7352]

Do you think it's possible for the timetable for opt-out clients to be speeded up?‌ Why should we have to wait for end October!

 

[StEPB]

So, when the opt-in is distributed in‍ July, the opt-out clients are on there own. Probably no possibility to become an opt-in⁠ client anymore? Quenta seems more reliable to me than the receiver.

 

[Pschiff]

Once your money is at Qetna you⁠ should be able to withdraw it right away, or leave it there if you so⁤ choose. That's why I had the bank sell the accounts to Qetna. In addition to⁣ earning the bank $1.25 million to further protect customers, and perhaps ensure that money would⁢ be left over from me, OCIF had planned to keep for itself any money that︀ customers did not submit proper wiring instructions to transfer to another account. I did not︁ want that to happen, so I arranged that any monies not requested to be wired︂ out would be sent to Qenta for safe keeping. I also trust Qetna way more︃ than OCIF.

 

[Radko]

Thank you Peter, thank you for thinking about the customers and not letting OCIF steal whatever︁ money was left unclaimed.
I hope you end up getting some money for yourself.

 

[Pschiff]

The way it's going I doubt I will recover one⁠ dime out of the $10 million plus I personally put into the bank, $7 million⁤ of which was contributed in 2021 and 2022 to cover losses incurred as a direct⁣ result of the 60 Minutes defamation. I did this to protect customers and to make⁢ sure the bank always had more than enough cash to pay all bills and cover︀ 100% of customer deposits.

 

[orion7352]

Is Qenta accounts still only able to send to the same name accounts? It's not like︁ a bank account.

 

[Pschiff]

Yes, they can send funds to‍ the beneficial owner. I'm just not sure if they can send to third parties yet,⁠ as they are not a bank. That is one reason Qenta wanted to buy Euro⁤ Pacific Bank. But OCIF wouldn't let them. The Commissioner preferred putting the bank into receivership⁣ instead, and rejecting the $7 million in additional capital Qenta had committed to contribute to⁢ the bank.

 

[Radko]

I really hope you get a lot of money from those⁢ hypocrites and you recuperate all the money that you lost with this ordeal, that would︀ be such a sweet ending and vindication.

 

[Pschiff]

That would be great, but under Australian⁠ defamation law I highly doubt that. I will win my lawsuit, but the monetary judgement⁤ I receive will likely be very small in relation to what I lost. Had I⁣ known this, and realized how much I was going to lose, I would have sued⁢ 60 Minutes in America rather than the U.S. I would have had a higher burden︀ of proof, but I have overwhelming evidence to meet that burden. I would likely have︁ won a much larger judgement in U.S. courts, but it would have been harder to︂ collect.

 

[orion7352]

I thought⁣ it wasn't possible to have a corporate account at Qenta and send it to your⁢ personal account as beneficial owner. I think I would need to get concrete proof of︀ that to opt-in . I am currently opt-out. If it's still possible to switch.

 

[Pschiff]

I'm not sure.

 

[Radko]

Have you︀ exhausted all possible avenues to get them to pay for what they've done?
Is it︁ impossible to sue them now in a U.S. court?
You have a great case against︂ them, it will take time to go through the system but at then you'll collect,︃ I would check with the lawyers in case there is something else that you can︄ use to go after them, they need to be buried.

 

[regi]

One friend told me that he tried to opt-out⁤ after the deadline and was told that it is not currently possible. I think that⁣ Opt-in is also not possible for now.

 

[NorthernDutchman]

Thanks Peter for keeping us informed on this platform.

I have a question about EPB‌ customers holding shares in one of the mutual funds.
I requested to liquidate my holding‍ in the Gold and Precious Metals fund so I could make the one last outgoing⁠ wire to opt out (it had to be done this way).
This request was not⁤ granted because it was “a management decision” to wait with selling the customers positions in⁣ these funds. As a result I could not make the final outgoing wire.

The questions:⁢
1. Why was my request to sell not honoured?
2. Can I still opt-out so︀ I will receive all my funds hopefully by oktober?
3. Who is handling the selling︁ of my shares in the fund?
4. When can I expect the selling of my︂ shares?
5. Can I still make the last outgoing wire after this so I can︃ opt out or am I forced to do it after migration to Quenta?

I have︄ asked the EPB several times about this matter but the only answer I get is︅ that it is a management decision and “we will escalate” with no further follow-up.

If there are more customers on this platform with the same experience please also reply just︆ to know I am not the only one.

 

[Radko]

I have︈ money invested in three funds, plus Gold & Silver. As you know the funds stopped︉ trading last year, and some weeks ago the Gold & Silver also stopped trading, so︊ I have quite a bit of money sitting in the funds and in precious metals︋ that I'm waiting to know what's going to happen with all that.

I'm opting-in, so︌ I guess and I hope the funds and the precious metals will get liquidated and︍ the proceeds will be transferred to Qenta, as soon as Qenta let's me access my︎ money I will leave for good and I will close my Qenta account.