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Euro Pacific bank is a scam
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It would have been nice to have signed a letter with all of our signatures in which we informed the OCIF, the Receiver, and Qenta that they were all fired, as we didn't wish for them to handle our money.
I'm sure we could've found a lawyer that would've found a way to return our funds exactly as we had them.
Now it seems that all the funds are going to be transferred to the Receiver's bank, whichever that bank is, maybe that bank in California, where all the funds are going to be converted into USD at whatever︀ exchange rate they want, and from there funds will be sent to Qenta and to︁ Opt-out customers. Basically we are all in the same boat.
I decided to Opt-in just︂ because Qenta told us during the virtual town hall meetings that we would be able︃ to keep different currencies, plus precious metals, Gold & Silver. But now the Silver will︄ either have to be converted to Gold or to USD at who knows what price︅ per ounce.
So basically there is no point in having Opted-in.
I will not be︆ downloading the Qenta App, I have no desire to work with Qenta and be forced︇ to convert all my money into Gold, which I'm sure comes with fees, plush more︈ fees whenever you want sell that Gold.
I hope Qenta doesn't give us any problems︉ when we tell them that we are not interested in working with them, and we︊ just want them to transfer our funds directly to another bank.
This is the only︋ service Qenta offers, G-coin, in case anyone is interested.
https://gcoin.com/
I'm sure we could've found a lawyer that would've found a way to return our funds exactly as we had them.
Now it seems that all the funds are going to be transferred to the Receiver's bank, whichever that bank is, maybe that bank in California, where all the funds are going to be converted into USD at whatever︀ exchange rate they want, and from there funds will be sent to Qenta and to︁ Opt-out customers. Basically we are all in the same boat.
I decided to Opt-in just︂ because Qenta told us during the virtual town hall meetings that we would be able︃ to keep different currencies, plus precious metals, Gold & Silver. But now the Silver will︄ either have to be converted to Gold or to USD at who knows what price︅ per ounce.
So basically there is no point in having Opted-in.
I will not be︆ downloading the Qenta App, I have no desire to work with Qenta and be forced︇ to convert all my money into Gold, which I'm sure comes with fees, plush more︈ fees whenever you want sell that Gold.
I hope Qenta doesn't give us any problems︉ when we tell them that we are not interested in working with them, and we︊ just want them to transfer our funds directly to another bank.
This is the only︋ service Qenta offers, G-coin, in case anyone is interested.
https://gcoin.com/
It's very unfortunate that this happened.︌ When I initially sold the bank to Qenta, it was because Qenta wanted to offer︍ banking services to its customers. Had OCIF approved the sale of the bank to Qenta︎ none of this would have happened. But according to the C&D, OCIF rejected the sale️ due to the fact that I would have owned 4.15% of Qenta after the sale. Though both sides clearly informed OCIF of this ownership verbally and in writing the day the sale was initially proposed, COIF claimed they only discovered that detail about 8 months later, shortly before issuing the C&D. The bad publicity about me, even though OCIF knew it was false, lead the OCIF Commissioner to conclude that I should not be allowed to own a bank, or even be a minority shareholder in a company that owned a bank.
Since OCIF wouldn't let me sell the bank to Qenta, they let Qenta︀ buy the accounts that didn't request their money back. This was important as OCIF had︁ told me that all funds that customers did not request back would be transferred to︂ the PR government. I did not want that to happen, so i needed a back︃ up for customers who didn't withdraw their funds in time. At that time I was︄ also told by Qenta they would be able to hold the foreign currencies and silver︅ EPB customers held in their accounts.
Nothing has gone as planned. But none of this︆ would have happend had the OCIF Commissioner either allowed the sale to Qenta, or another︇ buyer who stepped up after the C&D, or allowed me to liquidate the bank on︈ my own, as I offered to do, without putting it into receivership.
Since OCIF wouldn't let me sell the bank to Qenta, they let Qenta︀ buy the accounts that didn't request their money back. This was important as OCIF had︁ told me that all funds that customers did not request back would be transferred to︂ the PR government. I did not want that to happen, so i needed a back︃ up for customers who didn't withdraw their funds in time. At that time I was︄ also told by Qenta they would be able to hold the foreign currencies and silver︅ EPB customers held in their accounts.
Nothing has gone as planned. But none of this︆ would have happend had the OCIF Commissioner either allowed the sale to Qenta, or another︇ buyer who stepped up after the C&D, or allowed me to liquidate the bank on︈ my own, as I offered to do, without putting it into receivership.
I understand OCIF had the power to︌ close the bank, as they did, but I don't understand the fact that they determined︍ that you should be prevented from owning 4.15% of Qenta after the sale, that was︎ none of their business, it was an internal agreement between You and Qenta.
All this️ has only proven how incompetent OCIF is, 13 months later and customers still have no access to their funds, and we are now forced to accept USD, which is quite ridiculous given that EPB had no customers from the U.S.
I hope the Receiver and Qenta don't put any restrictions as to where customers can transfer their money.
I hope all media channels learn about this ordeal so people around the world understand the risks they take when banking in the jurisdiction of Puerto Rico.
All this️ has only proven how incompetent OCIF is, 13 months later and customers still have no access to their funds, and we are now forced to accept USD, which is quite ridiculous given that EPB had no customers from the U.S.
I hope the Receiver and Qenta don't put any restrictions as to where customers can transfer their money.
I hope all media channels learn about this ordeal so people around the world understand the risks they take when banking in the jurisdiction of Puerto Rico.
I have no idea what the rate will be as it will not be known until the day of conversion, as exchange rates fluctuate. I think it will be done by the correspondent bank, as the bank the receiver chose to receive and disperse the money only has a U.S. dollar account with that bank. Hopefully the FX rate will be fair. But i doubt it will be the 5-10 basis points that EPB charged. Or what we pay︀ to do FX at AGP or EPAM. It could end up being 100 to 300︁ basis points. I don't think we will know until after the conversion are made. Then︂ we can compare to actual interbank rates. I will email the receiver and ask, but︃ I doubt he will have an answer.
If you go to the link that I provided earlier you can download an App for G-coin, but I don't know if that's the same App the you'll need for Qenta.
Here's the link to G-coin
https://gcoin.com/
Here's the link to G-coin
https://gcoin.com/
Very nice special communication website, still in the dark. "A separate communication website and customers portal for customers included within theAmended Voluntary Liquidation Plan directed by the Receiver has almost been completed and should be up and running within the next seven days."
Since OCIF wouldn't let me sell the bank to Qenta, they let Qenta buy the accounts that didn't request their money back. This was important as OCIF had told me that all funds that customers did not request back would be transferred to the PR government. I did not want that to happen, so i needed a back up for customers who didn't withdraw their funds in time. At that time I was also told by Qenta they would be able to hold the foreign currencies and silver EPB customers held in their accounts.
They sure know, that the minor customers, who has less than︀ 100k savings will most probably do nothing against to them, as the lawsuit might be︁ to risky for a single private individual.
They are also slow for the above reasons︂ on purpose and they will announce on some day, that as you have not requested︃ your funds back they have been already transferred to the state of PR, as Peter︄ has mentioned above.
None of us has got nothing from Qenta so far, so all︅ this is just an illusion and nothing else.
None of us has got nothing from︆ Qenta so far, so all this is just an illusion and nothing else.
They sure know, that the minor customers, who has less than︀ 100k savings will most probably do nothing against to them, as the lawsuit might be︁ to risky for a single private individual.
They are also slow for the above reasons︂ on purpose and they will announce on some day, that as you have not requested︃ your funds back they have been already transferred to the state of PR, as Peter︄ has mentioned above.
None of us has got nothing from Qenta so far, so all︅ this is just an illusion and nothing else.
None of us has got nothing from︆ Qenta so far, so all this is just an illusion and nothing else.
Neither have I. But the receiver is making excuses to extend the process. I have asked many times for a full accounting of all funds paid out of the bank since he took over, but so far I have received nothing. That is very concerning to me.
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