Euro Pacific bank is a scam
- Thread starter sonato
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But I hope this time it will be a positive update. In the end no logical reason why it shouldn’t but with this guys you never know
It was a terrible idea to give customers the choice to Opt-in and Opt-out, we should have all gone to Qenta, and from there we could have all transfer our funds to wherever we wanted to.
This Opt-in and Opt-out situation is making the process lengthier and more costly, the only one that benefits from it is the Receiver, not the customers.
This Opt-in and Opt-out situation is making the process lengthier and more costly, the only one that benefits from it is the Receiver, not the customers.
At least the money is there....and earned interests is higher than the receiver´s current spending quaterly.... when liquidated, EPB had USD 68.1mll in cash (USD 66.7mll owed customers)......Now the receiver has USD 47.8 mll under his control and (see page 6): total USD 18.9mll additional is with interactive brokers, an extremely safe broker (and the rest is elsewhere).... USD 47.8+18.9 = USD 66.7 sums up to what is owed to customers, even though we should get interest rates (aint happening, I know)
OCIF did not allow that. The Commissioner insisted that I give people the option to withdraw their funds. She said I could not just sell the accounts to Qenta without the customer's approval. I got her to agree︀ to negative consent. In hind sight, had she allowed all the accounts to go to︁ Qenta, this entire situation may have been avoided. It was the 500 wire requests that︂ we submitted to Novo that caused them to submit a suspicious report to the government,︃ that resulted in the 8 month freeze. If it was just one request to transfer︄ all the funds to Qenta, it may not have caused suspicion.
You never mentioned this before. When did you find this out?
In any case hope people get their money back.
*Edited to remove reply to deleted message*
In any case hope people get their money back.
*Edited to remove reply to deleted message*
Why the heck did you submit 500 wire transfer instructions to Novo? And why has this never been mentioned before?
Ever thought about J5 asked for the freeze?
Ever thought about J5 asked for the freeze?
There was no freeze when we submitted the wire requests. We were trying to return customer funds to customers. What was left over was going to be wired to Qenta. The J5 never asked for a freeze. The J5 investigation found nothing. It was only after we requested the wires that Novo send their suspicious activity notice to the Portugese government. They incorrectly told the government that the bank was closed for︀ money laundering and tax evasion. That resulted in the freeze. They were confused by the︁ OCIF press conference, which was the entire point of the press conference. It was a︂ publicity stunt for the J5 so they could pretend their failed investigation was a success,︃ and take credit for the closure of the bank. The media cooperated with their inaccurate︄ reports that also falsely claimed the bank was closed for money laundering and tax evasion.︅ The entire thing was a fraud and likely illegal.
I would pay to see that, if I had money. Peter is probably waiting for the FOIA documents he needs to file the next lawsuit.
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