So basically no one knows the current status and why customers have still not received money?
Euro Pacific bank is a scam
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My suspicion is that the Receiver is dragging out the process so he can keep paying himself lots of money. He may also be using bank funds to pay personal expenses, and he may have put his girlfriend on the payroll. I don't know for sure, but that's the way it looks to me.
Do you know where the funds are? Are they still with Novo or were they converted to USD and parked in that new bank that was discussed some months ago, or moved somewhere else in some MM Deposit yielding 5% APR secretly in the dark.
People at least need to know that what remains of the funds are held safe somewhere.
People at least need to know that what remains of the funds are held safe somewhere.
As far as I know some funds are with Novo bank and the rest is with Interactive Brokers. Then there are some funds in the bank's checking account at FIrstBank in Puerto Rico.
I don't know. The entire situation was unnecessary and completely political.︀ I don't like the Receiver being able to waste more money on legal bills, or︁ bill more for his time devoted to address the legal actions against him or the︂ bank. The more work he can pretend to do, the more money he can justify︃ taking for himself, or his friends.
I don't know. The entire situation was unnecessary and completely political.︀ I don't like the Receiver being able to waste more money on legal bills, or︁ bill more for his time devoted to address the legal actions against him or the︂ bank. The more work he can pretend to do, the more money he can justify︃ taking for himself, or his friends.
Sure enough, thank you, what︀ do you think we could do to put pressure on the receiver or to the︁ commissioner? Any idea?
I just saw they sent out an update today which basically said nothing for the opt-in members. I thankfully opted out of migration of my other accounts with (regrettably) the exception of precious metals. Looks like they made some progress with the opt-out members so I hope you can get the heck out of dodge asap!
The update says that, for opt-out customers, "The Receiver and his team have initiated communication to collect the necessary documentation via the Receiver’s portal". However, there is no information on what documents to upload. I sent an inquiry via their website, I will be surprised if I get any response at all.
That's why I tried so hard to keep the bank out of Receivership. I also got OCFI to agree to let me help with the liquidation. But when I tried to help I got shot down by the Receiver, and none of the bank's counter parties would work with me as I was not the trustee. I even agreed not sue sue OCIF to make sure the clients got their money back quickly. The original plan was to return all funds in 30 days to opt outs, then transfer the balance to Qenta. That got blown up by Novo bank, which told the Portugese government︀ the bank was shut down for money laundering and tax evasion. So they froze the︁ account for 8 months to conduct their own investigation, which also found nothing. Seven governments︂ investigated the bank and found nothing. But it got shut down anyway.
At this point all of us, opt-in & opt-out, are in the same boat. Nothing is going to happen for any of us until the Receiver gets the money out of Novo Bank.
The Receiver started collecting documents and then he stopped, and said︀ that until the liquidation plan is finalized and approved by OCIF, no more documents will︁ be collected.
I guess one day, who knows when, we will know what's happened to︂ our money, but the longer this takes, the worse it will be for us.
I still don't understand why the Receiver doesn't tell us why Novo Bank is not releasing︃ the funds.
So far all his plans have failed, that plan︅ was too good to be true unfortunately.
I now wonder if Christmas will come again︆ and we will still be waiting.
The Receiver started collecting documents and then he stopped, and said︀ that until the liquidation plan is finalized and approved by OCIF, no more documents will︁ be collected.
I guess one day, who knows when, we will know what's happened to︂ our money, but the longer this takes, the worse it will be for us.
I still don't understand why the Receiver doesn't tell us why Novo Bank is not releasing︃ the funds.
So far all his plans have failed, that plan︅ was too good to be true unfortunately.
I now wonder if Christmas will come again︆ and we will still be waiting.
I start to believe they clearly know what they do. And they probably laugh before sending their updates every 2 or 3 months. And I heard EPB and Peter hired a lawyer. Why it's so difficult to have a call with them to know the situation ?
Looks like, how many of you would join a collective action?
Would you please state each of you?
Would you please state each of you?
A collective action would accomplish exactly what? I'm not sure that would make any difference, and most likely the Receiver will end up dragging the whole process even more, plus he will spend more money, our money.
Those customers that have hired a lawyer in Puerto Rico, what have they managed to get in exchange for the $10K that they have supposedly paid?
It's obvious by now that OCIF doesn't care about anything, they don't answer to anyone, they make their own︀ rules and that's it, the rest of us have to live with the consequences.
Those customers that have hired a lawyer in Puerto Rico, what have they managed to get in exchange for the $10K that they have supposedly paid?
It's obvious by now that OCIF doesn't care about anything, they don't answer to anyone, they make their own︀ rules and that's it, the rest of us have to live with the consequences.
I wonder why EPB and Peter just don't pay a lawyer for us who would update us on a weekly basis with a zoom call. 10k euros is supposed to be a small amount of money for them. I mean, that's what I would do in this situation if I were them.
I dont know, this︀ should be discussed with them first, i did not join because i had the same︁ concerns expressed here and because the number of participant too low was keeping a head︂ price too high for me.
But if we join in mass or in a substantial︃ number i think it could be sustainable for everybody and could be effective at least︄ in putting some pressure on them.
So why dont we get in touch again with︅ them to see what is going on and what this attorney is bringing on table?︆
True fact is that he could be in the same social circle as the receiver︇ and both working around same objective in keeping us quiet and milk the cow but︈ could be also
an honest professional trying to push for a solution and keep his︉ clients informed on what is really going on.
But if we join in mass or in a substantial︃ number i think it could be sustainable for everybody and could be effective at least︄ in putting some pressure on them.
So why dont we get in touch again with︅ them to see what is going on and what this attorney is bringing on table?︆
True fact is that he could be in the same social circle as the receiver︇ and both working around same objective in keeping us quiet and milk the cow but︈ could be also
an honest professional trying to push for a solution and keep his︉ clients informed on what is really going on.
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