Euro Pacific bank is a scam

[SCHLOSSFINANZ]

1) EPB tapped regulatory capital (evidence in OCIF resolution)
2) Qenta was not-fit-and proper (look‌ at 9fraud.com a site from PS apparently) where OCIF wrote to PS lawyers that Qenta‍ was not disclosing needed information and tried to hide business dealings in Bosnia Herzegovina (FATF⁠ grey listed) and Syria (FATF black listed)

 

[against the wind]

If 2) is⁤ true i think it is impossible that receiver would go ahead and transfer the deposits⁣ to Qenta. OCIF has to give her go ahead for the plan, and that she⁢ would never do if 2) is correct

 

[Martin Everson]

Not fit and proper to own a bank in Puerto Rico.

I don't⁠ know the rules or discretion receiver has when it comes to where assets can/cannot flow⁤ to during liquidation. Criteria maybe lower.

 

[SCHLOSSFINANZ]

yes the criteria for asset deals are lower. I am just surprised that OCIF agreed‌ to that despite the fact that Qenta has no proper licence...

 

[Martin Everson]

Well it was actually clients that agreed‍ and not anyone else. There was an option to simply opt out of not using⁠ Qenta and have funds returned to a bank of their choice. Some clients decided they⁤ wanted their assets to flow to Qenta - rightly or wrongly so its on them.⁣

So basically clients chose the Qenta option and assumed all downstream risks. i.e if my⁢ account was being closed and I asked my money to be sent to my account︀ at Bank of Haiti its on me and not receiver what happens after a successful︁ wire transfer.

I am just confused as to why Peter said some opt-out assets went︂ to Qenta.

 

[Alpinist]

The opt-in clients including me have chosen Qenta voluntarily, what was my second biggest mistake‌ after opening account with EPB, if Qenta has wasted our funds or part of them.‍

PS knows the truth, if he wants tell that to us.

In case he will⁠ be silent, it is already an answer.

 

[ILOVEROME]

Notice how Peter Schiff now vanished! He probably will not return to this forum!

Why? The Qenta disaster, that we will hear much more about in 2025, is now being‌ exposed! Something Peter was the mastermind behind (and it wasn’t to help customers)! He has‍ told some customers that he thinks Qenta spent the money!

Peter has made endless wrong⁠ statements (“Qenta was a highly qualified buyer”) but disappears when his usual sales pitch /⁤ broken record is challenged by smart people!

People will lose money because Peter couldn’t follow⁣ the banking rule (FACT 1) and because Qenta spent them as those funds weren’t segregated⁢ (FACT 2)

Opt-in customers are in the worst position!

 

[Vqn]

I seriously dont’ understand how the reciever and ocif can accept that the funds are not︁ segregated.
Is this confirmed?

 

[against the wind]

how can a⁤ receiver agree to give the funds to Qenta when OCIF does not aprove Qenta

 

[SCHLOSSFINANZ]

Guys please wait until PS comments. These are wild speculations at the moment. Nothing is‌ proven for now.

A big part of the deposits are under control of the receiver‍ as per his last report.

 

[James123456]

FACT 1: Deposit base USD 66.7mll on the day of the C&D Order (30th June‌ 2022)

FACT 2: Total customers: 3,595 of which 1,702 “opt-in (47%) - & 1,893 customers‍ “opt-out” (53%) - https://epbprliquidation.com/wp-content/uploads/09-15-2023_EPIB_Trustee_Case_Progress_Report.pdf:

FACT 3: Latest figure: Receiver is controlling USD 47.7 mll⁠ : https://epbprliquidation.com/wp-con...Receiver-Report-on-Work-Performed-Q3-2024.pdf

That means a BIG part was with Qenta!: Some USD 20mll is with⁤ Qenta! And they could be the entire money for opt-ins IF they are smaller depositors⁣ on average than opt-outs, which is a reasonable assumption given I knew several multi-million depositors⁢ who are opt-out!

 

[Alpinist]

It is hard find anything about Qenta, only this one, what is not very positive‌ one.

https://news.spacconference.com/202...nvestors-acquisition-i-terminates-qenta-deal/

 

[Alpinist]

it is a bit strange that total claim of “private”plaintiff is extremely close the total‌ assets of EPB including, the interest rate, court, lawyers fees etc.

 

[SCHLOSSFINANZ]

I can encourage everyone to read 9fraud.com it is very interesting and gives a good‌ insight
into how EPB was run and how the major shareholder PS is thinking/working

 

[James123456]

The USD 20mll Qenta had & the︀ 47 mll USD the receiver had = probably roughly the final allocation claim - even︁ though the split is roughly equal beween opt-in/out in terms of number of actual clients︂ :
A) all "non-responders" automatically became opt-ins and many here would have neglible deposits
B) I know several million USD depositors who are opt-out.

Hence the USD 20mll is probably︃ the entire sum of Opt-ins. Sent to a financial start company (Qenta just had 3︄ year history) AND involved in speculative business (digital assets) and HIGHLY risky by its very︅ nature - see for instance https://flabizlaw.org/member-articl...section-of-digital-assets-and-bankruptcy-law/ or https://www.isda.org/a/CrLgE/Naviga...ermediaries-and-Customer-Asset-Protection.pdf

But poor customers, many of them not︆ having a financial background, were lured in...under the pretense of a QUICK payback and the︇ false premise that Qenta was a "highly qualified buyer" as Schiff stated

 

[Alpinist]

PS is also shareholder with Qenta.
It is smart to start risky business using funds‌ of opt in clients. It shows a good moral indeed.

 

[SCHLOSSFINANZ]

It gives the impression that Peter Schiff puts his own interests before those of his‌ 'former' customers?

 

[Alpinist]

Let’s assume PS will win his private lawsuit and get 56MM. He advised us to‌ file other lawsuit right after and we will get all the funds back about 60MM‍ and it is happy end.

I cannot believe this one, not even in my wildest⁠ dreams. It just will never happen.

The little island of Puerto Rico will not exist⁤ anymore.

 

[ILOVEROME]

James even worse! Qenta company was︂ registered in 2019 but it didn’t offer any (digital) product until 2021 and LESS than︃ one year before the EPB Cease & Desist order in 2022!

USD 20mll certainly was︄ very convenient liquidity for a start up company like Qenta!

And what did people expect?︅ That Qenta would just let this money “sit there”? Of course, they invested it in︆ their (by nature) highly risky business! And opt-in people signed up for this!

(Even safe︇ banks worldwide invest deposits: It is called “Fractional-reserve banking”. But of course, these banks don’t︈ tend to go bankrupts, and typically, they are backed up by their central bank. Qenta︉ is a whole different beast!)

That said: Opt-in clients were manipulated into Qenta and this︊ WILL be the biggest scandal of all this once it becomes evident that this cash︋ has vanished! Watch…

NOT that the receiver took his time, and NOT some delusional claims︌ that the US government (including IRS and OCIF) are on a vendetta personally against Peter︍ Schiff!

 

[Alpinist]

It is also very easy to orchestrate an innocent bankruptcy and then move the money‌ to a new entity / to the same beneficial owners under a new entity.

After that the opt ins have no chance to get anything back. It is a perfect‍ crime indeed.