Euro Pacific bank is a scam
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The two main lesson from all this are:
1) Having your money in a full reserve bank means nothing, you're just as vulnerable as in any other bank.
2) Banking in Puerto Rico was arguably the biggest mistake of my life.
After 2 years and 2.5 months the Receiver can't even bother to tell us when will we get our money back.
1) Having your money in a full reserve bank means nothing, you're just as vulnerable as in any other bank.
2) Banking in Puerto Rico was arguably the biggest mistake of my life.
After 2 years and 2.5 months the Receiver can't even bother to tell us when will we get our money back.
Yes, it looks a bit like what gets posted in almost every thread about bank security here on OCT. But a tough and hard way to learn it.
I am looking forward to the day when FDIC insured banks will point to the FED and say: we don't hold any of your cash, the FED does. And the FED didn't fail so no insurance can be applied.
Just like in the Synapse crash: What Happens When Your Bank Isn’t Really a Bank and Your Money Disappears?
Just like in the Synapse crash: What Happens When Your Bank Isn’t Really a Bank and Your Money Disappears?
It just shows that bad things can happen in a well regulated environment too.
Another article on Synapse: https://www.cnbc.com/2024/07/02/synapse-fintech-fdic-false-promise.html
Another article on Synapse: https://www.cnbc.com/2024/07/02/synapse-fintech-fdic-false-promise.html
What conspiracy theory do I have. All I know is that its a fact that the IRS conspired with the J5 and the OCIF Commissioner to shutdown my bank so they could pretend it was guilty of facilitating tax evasion and money laundering, and take credit for shutting it down. I have the proof from my FOIA request. I sued the IRS to get more evidence they are hiding. The commissioner refused to allow me to liquidate the bank myself, and refused to allow anyone to buy the bank and infuse it︀ with additional capital.
the buyer you presented is NOT fit and proper to run a bank as demonstrated in this thread!
No legit buyer would buy a PR offshore bank with NO fedwire account
but good to have you back from vacation!
No legit buyer would buy a PR offshore bank with NO fedwire account
but good to have you back from vacation!
If any money is lost there should be a class action federal lawsuit against OCIF and the receiver. There was no need for anyone to lose any money. When they took over the bank all the deposits where there. Even the receiver confirmed this. OCIF admitted it. The bank had no debt and only about 5$00K in outstanding invoices, which I had negotiated down to about $300K. There was over two million in excess cash after those bills where paid to make every depositor whole.︀ But the OCIF Commissioner never should have put the bank into receivership. She should have︁ allowed Qenta to buy it and put in the $8 million in capital it had︂ already committed to add as a condition of approval. The only reason she did not︃ to that was she made a deal with the IRS to shut the bank down︄ as a PR stunt for the J5. Shortly after the bank was put into receivership︅ a group of former OCIF executives offered to buy it and fully protect all customers.︆ But the OCIF Commissioner would not even consider the offer, as she made a deal︇ with the IRS to liquidate the bank. The customers where sacrificed.
yes the IRS had the OCIF commission lie to shut down the bank. The IRS also got the OCIF Commissioner to reject the sale of the bank to Qenta, which she had already supported. This was done solely so the J5 would have something to brag about. The only success they have is their failed investigation of Euro Pacific Bank. Since their massive two year investigation found absolutely nothing, they got the OCFI Commissioner to shut down my bank so they could save face. It's too bad the main stream media refuses to tell this story.︀ Incredible example of government corruption, that goes all the way to the top of the︁ IRS.
Obviously not according to OCIF since opt in clients are going to Quenta anyway. So according to OCIF Quenta is both unfit and fit to manage the money of the customers of EPB. Also according to them EPB was both insolvent and not insolvent at the same time. But why blame them when we can blame someone who lacked the power to do anything? Makes sense I guess. Maybe, perhaps.
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