The Commissioner had already told us she supported the sale to Qenta. I am suing because the IRS convinced her to change her mind. There were other buyers that wanted to buy the bank after it went into receivership. But the OCIF Commissioner would not allow it. This lawsuit will put︀ the receiver under a spot light. I think he is more likely to speed up︁ the process as a result. My lawsuit accuses him of deliberately slowing down the process︂ for personal gain. It would also be illegal to use bank's funds to defend against︃ a lawsuit filed against him personally. I am not suing the bank.
Euro Pacific bank is a scam
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You sue him in his official capacity as an OCIF appointed liquidator of EPB. Of course he can use the funds to defend the case.
Secondly what the Commissioner tells you is irrelevant as long as it is not in WRITING as a rule of thumb.
At least here in Europe verbally communicated things from the regulator are useless to say at least sadly...
Secondly what the Commissioner tells you is irrelevant as long as it is not in WRITING as a rule of thumb.
At least here in Europe verbally communicated things from the regulator are useless to say at least sadly...
We have a lot of written evidence too. We will get a lot more in discovery. I don't think he can use bank funds unless a judge gives him permission. He is being sued for violating︀ his fiduciary duty as a trustee. He would violate it more if he were to︁ use bank funds to defend against this action. Also there are eight wittness to what︂ the Commissioner told me.. They will all be deposed. I doubt they will all commit︃ perjury. Especially since there will be a new Commissioner in Jan.
The problem Peter is that after everything that's happened and given how the bank was closed, we cannot trust the Receiver or the Commissioner.
At this point anything is possible, they seem to make their own rules, but let's hope you're︀ right.
At this point anything is possible, they seem to make their own rules, but let's hope you're︀ right.
Correct. But its been almost 2.5 years now. Even if I didn't sue there is no telling how much longer this would go on. The receiver is making a lot of money from the bank. Since he's clearly been delaying the liquidation, why should he stop now? He can always make up excuses for another 2.5 years. I think the average bank liquidation takes about five years. The receiver know this. The fact︀ that Euro Pacific Bank is not the average bank, and never belonged in receivership in︁ the first place, is likely irrelevent in his mind.
The receiver might have to take time off his official duties to deal with a legal case and retain council etc. Surely that will only delay things? Building animosity between both parties might not be a good idea.
I would need to see the court papers to understand on what basis he can be sued on a personal basis when issue is related to actions in his appointed official capacity that are the concern.
I would need to see the court papers to understand on what basis he can be sued on a personal basis when issue is related to actions in his appointed official capacity that are the concern.
Yes, the lawsuit is against him as the trustee of the bank, as I am suing him personally for violating his fiduciary duty to depositors,︀ other creditors, and the bank's only shareholder. As fat as time is concern, I think︁ most of what he does now is bull s**t anyway. he just needs to run︂ up the monthly bills. The more work he invents for himself to do, the more︃ money he can charge the bank.
Ok but you yourself are a creditor of the bank I believe [in capacity as a shareholder]? I would think he could use the︀ receivership assets to defend himself against a case brought by one of the creditors in︁ discharging his official appointed duties. Your not suing him on an unrelated party basis. It's︂ related directly to EPB receivership actions and his actions in regards to discharging his professional︃ duties from the basis that you are a creditor.
If however your saying he has︄ not carried out his appointed duties correctly and failed in i.e his professionalism your gonna︅ have a tough time proving that without solid evidence. He can easily argue case is︆ from a creditor in relation to his professional appointed duties and he did nothing wrong.︇ The burden of proof will be on you to prove case with solid evidence otherwise︈ it will be dismissed at first hurdle.
I would need to see the paperwork when︉ its public to understand the full basis of the case out of interest.
Good luck︊ anyway.
P.S Didn't others hire a lawyer and try similiar earlier on? How did that︋ go?
If however your saying he has︄ not carried out his appointed duties correctly and failed in i.e his professionalism your gonna︅ have a tough time proving that without solid evidence. He can easily argue case is︆ from a creditor in relation to his professional appointed duties and he did nothing wrong.︇ The burden of proof will be on you to prove case with solid evidence otherwise︈ it will be dismissed at first hurdle.
I would need to see the paperwork when︉ its public to understand the full basis of the case out of interest.
Good luck︊ anyway.
P.S Didn't others hire a lawyer and try similiar earlier on? How did that︋ go?
The evidence is clear that he violated his fiduciary duty from day one. He︇ never tried to sell the bank in its entirety. There where multiple buyers. Selling the︈ bank was in the best interest of everyone. Yet he failed to act in the︉ best interest of everyone, and instead acted solely in the best interest of himself. Also,︊ he blindly followed the OCIF's commissioner's order to liquidate the bank, rather than exploring options︋ that were more favorable to the bank, its customers, general creditors, and sole shareholder.
Today: exactly 1 month since "all efforts are geared to commence this liquidation process within the next upcoming weeks"
https://epbprliquidation.com/october-11-2024/
truly embarrassing
https://epbprliquidation.com/october-11-2024/
truly embarrassing
Good Luck with that but he does not appear to be a man that walked in of the street. He seems someone that knows his way around the law and his profession and is probably well connected.
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Mr. Wigberto Lugo Mender, Esq., CPA, is admitted to the P.R. Supreme Court, the Circuit Court of Appeals for the First District and the U.S. District Court for the Judicial District Court of Puerto Rico. He is graduated of the University of︀ Puerto Rico School of Law, Cum Laude. He also has a dual bachelor’s degree in︁ business administration and accounting from the University of PR., Cum Laude.
He has exposure in︂ multiple disciplines and has gained diverse working experience with financing, legal, bankruptcy, estate liquidation︃ and general financial consulting assistance to business of all sizes and in different industries. He︄ has served as attorney in several of private and commercial clients, particularly commercial, insolvency and︅ inheritance matters. Currently appointed as a Chapter 7 Bankruptcy Trustee for the Judicial District of︆ Puerto Rico, he has work in liquidation of assets pertaining to bankruptcy estate and an︇ Estate Administrator and Trustee in the Puerto Rico First Instance Court, with involvement in administration︈ of assets in contested proceedings including individuals, partnership and corporations.
Prior to his current work︉ profile, he has worked as Bankruptcy Analyst for the U.S. Trustee Office, U.S. Department of︊ Justice and for Arthur Andersen & Co., in San Juan, Puerto Rico. He has also︋ active as Speaker for several bankruptcy seminars sponsored by the local state CPA board, Colegio︌ de Abogados de Puerto Rico, the American Bankruptcy Institute and Past Member of the Comision︍ de Quiebras del Colegio de Abogados de Puerto Rico. He has been designated as Treasurer︎ of Puerto Rico Bankruptcy Bar.
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Mr. Wigberto Lugo Mender, Esq., CPA, is admitted to the P.R. Supreme Court, the Circuit Court of Appeals for the First District and the U.S. District Court for the Judicial District Court of Puerto Rico. He is graduated of the University of︀ Puerto Rico School of Law, Cum Laude. He also has a dual bachelor’s degree in︁ business administration and accounting from the University of PR., Cum Laude.
He has exposure in︂ multiple disciplines and has gained diverse working experience with financing, legal, bankruptcy, estate liquidation︃ and general financial consulting assistance to business of all sizes and in different industries. He︄ has served as attorney in several of private and commercial clients, particularly commercial, insolvency and︅ inheritance matters. Currently appointed as a Chapter 7 Bankruptcy Trustee for the Judicial District of︆ Puerto Rico, he has work in liquidation of assets pertaining to bankruptcy estate and an︇ Estate Administrator and Trustee in the Puerto Rico First Instance Court, with involvement in administration︈ of assets in contested proceedings including individuals, partnership and corporations.
Prior to his current work︉ profile, he has worked as Bankruptcy Analyst for the U.S. Trustee Office, U.S. Department of︊ Justice and for Arthur Andersen & Co., in San Juan, Puerto Rico. He has also︋ active as Speaker for several bankruptcy seminars sponsored by the local state CPA board, Colegio︌ de Abogados de Puerto Rico, the American Bankruptcy Institute and Past Member of the Comision︍ de Quiebras del Colegio de Abogados de Puerto Rico. He has been designated as Treasurer︎ of Puerto Rico Bankruptcy Bar.
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Impressive resume, but he had no prior banking experience︎ at all when OCIF put him in charge of my bank. He was so so️ incompetent that he blew a 500K pound receivable. All he had to do was gather certain information and provide it to the liquidator, but he couldn't do that one simple task. The bank lost the money.
And? Thats totally irrelevant. A receiver is appointed on the sole discretion of OCIF. He is currently receiver of another bank which is in liquidation so he must enjoy the trust of OCIF.
Conclusion: Peter Schiff´s lawsuit (that I hope he wins, and he is a guy I repect) made the receiver totally STALL....nothing after 11th of october "liquidation plan will be published in a few weeks" ...NOW we are at best with 1-3 years extra time, and as he is being sued together with "the entire world" of course he colludes with them and charge himself monthly.
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