Euro Pacific bank is a scam
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He wrote that efforts are geared to commence the liquidation process. What does that mean? How far into the liquidation process before funds are actually returned to customers.? What needs to be done in the process to make the liquidations possible? Also, weeks can mean any number of weeks. It could mean two. But maybe it means five. No idea.
Maybe, I dont know but this is what it says :
"Opt-Out customers should be informed that the notices required by the Office of the Commissioner of
Financial Institutions have not been sent, as we are still reconciling the assets and customers’ accounts
participating in this process. Once this reconciliation concludes and is approved by the Office of the
Commissioner of Financial Institutions,︀ we will then be able to set an official migration date, of which
customers will︁ be informed."
"Opt-Out customers should be informed that the notices required by the Office of the Commissioner of
Financial Institutions have not been sent, as we are still reconciling the assets and customers’ accounts
participating in this process. Once this reconciliation concludes and is approved by the Office of the
Commissioner of Financial Institutions,︀ we will then be able to set an official migration date, of which
customers will︁ be informed."
Yes, seems like bull s**t to me. Here is the original liquidation plan approved by OCIF. I was basically forced into agreeing to this as a result of the conspiracy between the IRS/J5 and the OCIF Commissioner that I had no hard evidence of until April of this year.
The reason this plan didn't work is that the press conference to close the bank, comments made by former IRS Chief Jim Lee, and the media coverage, and the J5 press release after the press conference, resulted in Novo bank coming to the false conclusion that the bank was closed for︀ money laundering and tax evasion. Novo bank then informed the Portugese government of its concern.︁ The government then frozen the bank's Novo account for 8 months. By the time it︂ was unfrozen, due to the receiver's lack of any prior banking experience, and his failure︃ to follow instructions from bank employees or Qenta, which I think was gross negligence more︄ than mere incompetence, the bank lost its ability to process wire instructions to Novo Bank.︅ The fact that Novo Bank and the Portugese Government falsely concluded that the bank was︆ closed for money laundering and tax evasion was not an accident. It was the deliberate︇ intent of the IRS?J5 an the media to create that false impression. That was the︈ goal of the conspirators, and the only reason the bank was closed and put into︉ receivership. It had nothing to do with protecting customers. it was all about framing the︊ bank and me for crimes they knew we did not commit. The customers were sacrificed︋ to achieve that goal. The IRS Chief and OCIF Commissioner lied to make this happen.︌ That is the basis of my lawsuit.
For the last 2.3 years we've been told that the main problem was Novo bank not releasing the funds, finally back in August Novo bank transferred all the funds. It's been more than 3 months since the Receiver received the funds and here we are, still waiting.
This is starting to look a bit shady!
This is starting to look a bit shady!
it doesn't just look shady, it is shady. Novo bank not releasing the funds was the problem for a long time. But now there are other problems. It's all out of my control. The receiver controls the whole process, and makes more money the longer︀ it drags out. You will read when I post my lawsuit that I offered to︁ liquidate the bank myself, without a receiver. I offered to put move money into the︂ bank to further protect customers. But the OCIF Commissioner rejected my offer. She insisted that︃ the bank go into receivership under the control of a inexperience and conflicted trustee. Had︄ I been in control I would have completed the process as quickly as possible. The︅ faster the liquidation, the more money left over for me. I was not gong to︆ charge the bank for my services. I was going to provide them for free. So︇ my incentive would have been a quick liquidation. The receiver's incentive is to drag the︈ process out for as long as he can get away with it to maximize his︉ monthly fees. So far he's done a great job. I warned the OCIF Commissioner about︊ this risk. But making the bank look bad was more important to her than the︋ quick return of customer funds. Before the IRS got involved, the Commissioner assured me that︌ if I could not find a buyer for the bank, that she would let me︍ liquidate it myself. That under no circumstances would she appoint a receiver. Some how the︎ IRS got her to change her mind.
I think you︋ have a very good case against the Commissioner, she is the one to blame for︌ everything that's happened.
She will have to explain why she did what she did, and︍ the Judge will decide if it was legal.
We, the customers, have paid a huge︎ price, and we're still paying for her actions with no end in sight.
She will have to explain why she did what she did, and︍ the Judge will decide if it was legal.
We, the customers, have paid a huge︎ price, and we're still paying for her actions with no end in sight.
Hi Peter - good luck with your lawsuit. You have said many times in this forum that because of a NDA (or whatever you called it, some signature from your part), you were not allowed to sue OCIF. But suddenly now you could sue them? what changed?
Yes, I singed a released. But I had not realized that I only signed as a director related to losses suffered by the bank..So the release doesn't apply to me personally for losses that I suffered as a shareholder. Also, even as to the bank, I signed under duress.
you sue because the (in my personal eyes) shady buyer Qenta was not approved by OCIF?
Let me predict what will now happen
the receiver will halt the process to defend this lawsuit until its concluded
he will use EPB depositors money to defend himself, further draining the funds
Let me predict what will now happen
the receiver will halt the process to defend this lawsuit until its concluded
he will use EPB depositors money to defend himself, further draining the funds
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