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Euro Pacific bank is a scam

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Peter Schiff is probably so well known among people who are critical of the existing‌ monetary system because he criticizes it very frequently, articulately, emphatically and with great reach. For‍ many of them, it was therefore not a far cry when he founded his EPB.⁠

But his lawsuit against the IRS/J5 and others is not about him as a former⁤ owner. Instead, he explicitly appears here (https://9fraud.com/civil-rights-claim/ , page. 30) as a 'shareholder and⁣ owner for his personal loss'. It also says: 'this claim does not relate to any⁢ damage suffered by Euro Pacific Bank, but only to that damage suffered by Mr. Schiff︀ personally'.

So if any ex-customers of EPB have personal expectations and hopes attached to this︁ claim: this is in no way about them! Mr. Schiff is only concerned with himself.︂ And only about one thing: money! A lot of money!

If, against this background, the︃ suicide of a former EPB customer is invoked in the statement of claim to support︄ the conspiracy narrative, I frankly consider this to be tasteless.
 
So we have a 100% reserve bank that was apparently in severe capital difficulties in‌ 2021. How can that be? The plaintiff already wants to sell it at this point.‍ In August 2022, however, these difficulties no longer exist (p.27, (5)), https://9fraud.com/civil-rights-claim), but very⁠ significant amounts of capital have flowed out.
Peter Schiff's lawsuit seeks + USD 56 million⁤ in damages from the defendants.
The narrative of the lawsuit emphasizes the role of EPB⁣ as a liquidated bank that was driven there by a conspiracy. The plaint states:
Tuesday Sept. 21st 2021 (page 24, k)), https://9fraud.com/civil-rights-claim) plaintiff meets with OCIF to discuss the⁢ bank's losses, which would have resulted from the negative press due to the Atlantis investigation,︀ to sell the bank, including its banking license (page 5, e) et seq.), or merge.︁ At this point, the plaintiff already seems so convinced that he wants to get rid︂ of his bank that he even offers OCIF to liquidate EPB itself if a sale︃ or merger does not work out.
Nov/10/2021 (page 9, g)) a meeting is held for︄ the sale as a stock sale with OCIF, which would have brought the plaintiff USD︅ 17.5 million in 2022. EPB was to go to Qenta, making Peter Schiff a shareholder︆ there, among others. The negotiations lead the plaintiff to offer a capital injection of USD︇ 7 million for the bank in order to allow the deal to go ahead.
Subsequently, OCIF offers Mr. Peter Schiff to sell the bank as an asset sale for only︈ USD 1.25 million (p.6, i)
By June 30th, 2022, the plaintiff again does not believe︉ that the IRS is investigating EPB and him as bank owner. (page 4, b) ff.).︊ On this day, the press conference takes place that changes everything.
On Aug. 9th, 2022,︋ the plaintiff signs a deal with OCIF for a 90-day liquidation period of EPB (p.28,︌ m))
Putting things in perspective in general: A rate hike by the FED was already︍ under discussion during above mentioned time period and it finally happened in March 2022: the︎ Fed raises interest rates in 11 steps, in the steepest interest rate hike in its️ history. Peter Schiff’s regular reflections about the FED make me think whether this development could‌ have been a key motivator to get rid of EPB almost at any cost?
 
Shouldn't the (former) management and owners of EPB have fiduciary duty to the "depositors" at‌ the "bank"? If so, given the discussion over the last few pages as well as‍ the questionable practices of the former management and the way the bank was run, would⁠ it make sense for customers to launch a class action against the former management and⁤ owners?

For those who are attacking those who bring up these questions and doubts about⁣ Schiff and the management of EP and defending him blindly, does it not seem strange⁢ that the guy likes to attack the FDIC and the government for the so-called "moral︀ hazard", and then when the bank collapsed, he just said, well it's too bad, depositors︁ knew EPB was not FDIC isured and took the risk?

Just look at the reviews︂ for Euro Pacific Capital: https://topratedfirms.com/brokers/customer/europacificcapital-review.aspx
His FINRA check says he go into trouble with the︃ NFA in 1990 for "cheat, fraud, deceived customers" and he settled with them: https://files.brokercheck.finra.org/individual/individual_1759484.pdf (page 12)

I think too many people who joined EPB were listened too much to his︄ podcasts and assumed he was helping you. No, he's not. He just wants your money.︅
 
What is almost amusing when you read Peter Schiff's statement of claim is that he‌ opposes the OCIF of Puerto Rico in a way that makes you wonder why he‍ still lives in Puerto Rico at all and why he runs his other companies from⁠ there? Companies such as SchiffSovereign (Schiff Sovereign LLC 151 Calle San Francisco Ste 200 San⁤ Juan 00901 Puerto Rico ) and Euro Pacific Asset Management (Lots 81-82, Street C, Suite⁣ 206 Dorado, Puerto Rico 00646). After all, his lawsuit is based on the allegation of⁢ a conspiracy. A conspiracy is a secret collaboration of several persons to the detriment of︀ third parties. The element of secrecy, of non-provability, is central. So either he is convinced︁ that he can demonstrably convict all those involved - in the case of the OCIF︂ this would be Ms. N. Zequeira (OCIF commissioner) or Mr. Lugo-Mender (official receiver) - and︃ after their removal everything will be fine again in the tax haven of Puerto Rico?︄ Or will he have to mutate into a little-liked person there? Because then he would︅ have attacked the home base of his own man-in-the-middle companies in such a way that︆ he would be almost unacceptable for Puerto Rico in and of itself? But maybe I'm︇ wrong according to 'money doesn't stink'.
 
I agree with the above! To me, first and foremost:︇ EPB was in financial trouble already by 2021. Why is a full reserve bank in︈ financial trouble? To use the ´bad press' as an excuse argument is almost ridiculous! The︉ so called IRS-led press-conference came later, in June 2022! So we have financial trouble first︊ and IRS/J5 next!
 
In his lawsuit, Peter Schiff is claiming damages of more than USD 56 million. Not‌ in his role and therefore his responsibilities as the former owner of EPB, but merely‍ as a private shareholder.
OCIF, in turn, has decided that his bank will be liquidated.⁠ As a result, he will receive almost nothing.
EPB's former customers are therefore currently dependent⁤ on the receiver, who is described by Mr. Schiff on p.24, i) (https://9fraud.com/civil-rights-claim) as essentially incompetent, as he has no banking experience. I consider this assertion to be⁣ completely far-fetched, as it is the nature of any insolvency administration to have to deal⁢ with banks when a company is being wound up or dismantled.
On the other hand,︀ if you look at how US law regulates (https://www.law.cornell.edu/uscode/text/11/326) or limits the remuneration︁ of the insolvency administrator, you can see that Mr. Lugo-Mender has so far stayed within︂ the bounds of this. Yes, it is a lot of money, but it is not︃ yet clear from the accounts he has audited that he is overspending.
For former customers,︄ the following picture therefore emerges, roughly speaking: either the insolvency administrator breaks up the bank︅ and the customers see some of their deposits again at some point. Or Peter Schiff︆ makes off as a private individual with a huge sum in damages and leaves his︇ former customers astonished, who are left to fend for themselves. Against the background of Mr.︈ Schiff's constant and intense projections of a full-reserve bank, a tough pill to swallow!
 
Hello,

Just for my understanding here.
It sounds like Peter Schiff︊ is suing to get his hands on the depositors funds now he knows the reciever︋ retrieved tham or am I wrong?
 
Okay that could also be his motivation‍ but would this case be paid out of EPB money? The depositors funds?
 
no it would delay the liquidation and return of funds to depositors (my personal opinion)‌ and
incur legal fees paid from depositors money for the liquidator to defend himself from‍ this stupid (my personal opinion) lawsuit
 
But lets say he⁠ wins this lawsuit … Would you think it’s paid by the depositors funds?
 
I dont belive after,⁠ some consultations, that epb money could be used to defend against this
 
To be honest, these last days are making med see ghost, thieves and conspiracies everywhere regarding‌ the return of the funds …
 
Dont give in‍ into paranoia. Your scenarios are super unrealistic. The only really threating scenario now is Qenta⁠ bankruptcy
 
PS is still very active on X/Twitter. Maybe someone can bring the concerns/doubts posted here‌ over there for him to address?
 
I used to be a listener of PS on his interviews and podcasts. I truly‌ believed on his bank. I tried to get my money out but it was too‍ late, it was blocked.
I feel like that I got lured onto believing Qenta (opt-in)⁠ was the best option to get my money quicker, but after reading 122 pages on⁤ this thread my hopes are lower and lower.

The last time I contacted Qenta was⁣ 13th November 2024 and they replied me saying they are also waiting for the receiver's⁢ work to be completed.
The last time I contacted the trustee for EPB liquidation was︀ 13th December 2024 and they directed me to Qenta, no good answers.

On the portal︁ "El Nuevo Dia" says clients from the liquidating banks like Euro Pacific Bank (EPB) and︂ Bancrédito International Bank & Trust started to receive their money back in April 2023 (︃https://www.elnuevodia.com/negocios...n-bancos-internacionales-recuperan-su-dinero/).
Apparently only the Bancrédito clients had because as I see, no one from︄ EPB had go a single cent back.
 
Don't worry guys, if Quenta goes under they will use the opt outs money to‌ pay the opt ins. 😀

Anyone who hopes to get back their money need to get‍ a reality check. I am not saying there's absolutely no chance of it happening, but⁠ relying on that slim margin is silly.

Peter has a better chance of winning his⁤ lawsuit then you lot getting the money back.

If you wish to blame anyone blame⁣ OCIF. They are responsible for all of this. ALL!
 
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