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Euro Pacific bank is a scam

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A corporation registered in Delaware.
Yes, parts of Wirecard were sold to recover more funds. Wirecard︀ had an Austrian GmbH that was used for administering the tech development of payment gateways︁ and integrations. This was sold to Qenta same as Wirecard NA was sold to Syncapay,︂ Wirecard AU was sold to Change Financial etc.
Since Delaware does not reveal the shareholders of a local︅ corporation, how exactly have you figured out who owns Qenta Inc?

Within your screenshot of︆ Qenta GmbH, it just shows that Kerim Chouaibi is the director of that German entity.︇ So how does this provide evidence of him being the shareholder of either company?
Because the liquidation process could have︉ been done more effectively, and, from provided information on 9Fraud, there was not really enough︊ reason to block Qenta's acquisition and continuation of EPB business especially since there was going︋ to be an immense capital increase that would protect clients.
 
How could a liquidator promise to repay everyone in full if there's a⁠ lack of capital?
It was a lie that's how.
If a bank is missing X⁤ amount of dollar and the regulator does not allow to put the missing X into⁣ the bank then as simple logical consequence the bank will fail.
It's like saying: you⁢ are allowed to go into the house, but you are not allowed to open the︀ door. - and then you tell the person: why didn't you go into the house?︁ It is you fault if you didn't since it was allowed.
 
This is misleading. Qenta is not saying you can︀ opt out if you have opted in, in the sense that you are no longer︁ considered opted in or in the sense that you wont be part of Qenta! What︂ they are actually saying is that once you opt in, you stay in and your︃ funds are moved to Qenta. After that, YES you can opt out by transferring your︄ money out. By agreeing to opt in, customers essentially sold themselves to the devil!
 
Peter’s pocket benefited from Qenta’s bizarre 'opt-in' concept,let’s not forget that! This report︀ (https://epbprliquidation.com/wp-content/uploads/07-17-2023-EPIB-Trustee-Case-Progress-Report.pdf) reveals that 1,702 customers effectively sold themselves to the devil (Qenta), and︁ Peter was paid USD 1.25 million for it. If no one had opted in, Peter︂ wouldn’t have received that payout. That’s why there was so much cheap sales talk to︃ lure customers into Qenta, which ALSO benefitted Peter
 
Is this lead time normal to get a response? Your not⁠ exactly a guy off the street that opened a support ticket with their support team⁤ to resolve an issue. Your Peter Schiff a guy that signed a Purchase and Assumption⁣ Agreement with them and your asking them for answers. If they are ghosting you its⁢ very concerning.

Anyway hopefully Qenta can clear this all up as one big misunderstanding right?︀
 
I cannot even expect Qenta to contact us, just nothing from them, and soon 3‌ years is already past.

It is time to wake up to reality.
 
Are you sure this is a proper answer to your depositors?⁠ You decided to sell to Qenta when OCIF deemed them unfit to buy the bank,⁤ if Qenta fails your lawsuit is null and void
 
Ok. But do you have the guy on WhatsApp, maybe? Or⁠ do you know where he lives? It is not that you sell a whole bank⁤ without knowing whom your are dealing with.

While I have nothing to do with your⁣ forsaken bank, I am getting annoyed of this game. How about I look for a⁢ venue where those who miss money and you can meet in person?
 
regarding said Purchase and Assumption agreement.:

Shortcomings of the Purchase and Assumption Agreement⁣ ​

  1. No Guarantee That Qenta Can Fulfill Its Obligations – The agreement does not require⁢ Qenta to prove financial stability or set aside reserves to cover assumed liabilities for opt-in︀ customers.
  2. Unclear What Happens If Qenta Fails – There is no contingency plan if Qenta︁ becomes insolvent after taking responsibility for opt-in customers.
  3. No Legal Recourse Against Peter Schiff or︂ Euro Pacific Bank – Once the transfer is completed, Schiff and Euro Pacific Bank have︃ no further responsibility for the transferred customers.
  4. No Regulatory Oversight Specified for Qenta – The︄ agreement does not indicate which financial authority (Puerto Rico, UAE, or Delaware) will regulate Qenta’s︅ handling of transferred accounts.
  5. No Clear Timelines for Completion of Transfer – While the agreement︆ mentions multiple closings, it does not set a firm deadline by which all opt-in customers︇ must have their funds fully transferred.
  6. No Protection for Funds During Transfer Process – The︈ document does not specify if customer funds will be safeguarded (e.g., held in escrow) before︉ the transfer is finalized.
  7. No Clarity on Handling of Disputed Accounts – It does not︊ explain what happens if an opt-in customer's account is flagged for compliance issues, investigations, or︋ errors before or after transfer.
  8. No Contingency Plan if Transfer Fails – If the transition︌ is delayed or halted due to regulatory issues, the agreement does not outline what happens︍ to opt-in customer funds.
  9. No Audit Requirement for Euro Pacific Bank’s Financials – There is︎ no independent verification of the assets and liabilities Qenta is agreeing to take over.
  10. No Transparency on Qenta’s Ability to Provide Banking Services – The agreement does not require Qenta️ to maintain operations for a specific period, meaning they could take over assets and later‌ cease customer services.
  11. No Guarantees for Opt-In Customers’ Access to Funds – It is unclear‍ how quickly opt-in customers will regain full access to their accounts after the transfer.
  12. No Mention of Customer Notification Process – The agreement does not specify when or how opt-in⁠ customers will be informed about the transfer or their new banking conditions.
  13. No Clear Plan⁤ for Handling Uncleared Cash – The agreement does not define how long Qenta can delay⁣ processing funds that remain uncleared at Euro Pacific Bank’s correspondent banks.
  14. No Protection Against Hidden⁢ Liabilities – If additional liabilities are discovered after transfer, Qenta does not appear to have︀ recourse against Euro Pacific Bank.
  15. No Penalties for Misrepresentation by Euro Pacific Bank – If︁ Euro Pacific Bank inaccurately represented its financial condition, Qenta has no explicit legal remedy.
  16. No Specification of Dispute Resolution for Customers – The arbitration clause applies only to the parties︂ in the contract (Euro Pacific Bank and Qenta), leaving customers without a clear path to︃ resolve disputes.
  17. No Explicit Plan for Data Security and Privacy Compliance – The agreement does︄ not outline how customer records will be transferred securely or whether privacy laws will be︅ followed.
  18. No Requirement for Qenta to Accept All Opt-In Customers – It is unclear if︆ Qenta can reject certain opt-in customers after the transfer, leaving them in financial limbo.
  19. No Mechanism for Customers to Confirm Transfer Completion – Opt-in customers have no defined process to︇ verify when their accounts have been successfully transferred and are accessible.
  20. No Restrictions on Qenta’s︈ Use of Transferred Assets – Qenta could theoretically acquire the assets but not prioritize the︉ needs of transferred customers.
These omissions create uncertainty for opt-in customers and leave Qenta’s responsibilities︊ vaguely defined, increasing the risk of financial instability and legal disputes.
 
DeepSeek analysed Schiff and Qenta´s deal from 30sep 2022 and concludes this;

If Qenta Used‌ the Money for Operations and Is Now in Default, Opt-In Customers Are in Serious Trouble‍​

If Qenta took over Euro Pacific Bank’s assets (customer funds) and used them for⁠ normal operations, but is now in default or insolvent, then opt-in customers face⁤ significant financial risk with little to no protection. Here’s why:

1. Qenta Took Customer⁣ Money Without Any Safeguards​

  • The agreement does not require Qenta to segregate customer funds⁢ from its own operational accounts.
  • Qenta could have spent, invested, or lost the funds, leaving no guarantee that opt-in customers can withdraw their money.

2. No Legal Recourse︀ Against Peter Schiff or Euro Pacific Bank​

  • Schiff and Euro Pacific Bank are 100%︁ released from liability after the transfer.
  • If Qenta mismanages or loses customer funds, opt-in customers cannot legally go after Schiff or Euro Pacific Bank for compensation.

3. No︂ Financial Oversight or Protection for Opt-In Customers​

  • The agreement does not specify which regulator︃ oversees Qenta’s financial stability.
  • If Qenta operated recklessly, there is no government safety︄ net (like FDIC or deposit insurance) to cover customer losses.
  • No audit was required before︅ the transfer, meaning Qenta could have been financially unstable from the start.

4. No︆ Reserve Requirements or Liquidity Protections​

  • The agreement does not require Qenta to maintain minimum liquidity levels to ensure customers can withdraw their money.
  • If Qenta spent or lost the︇ funds, there may be nothing left to return to opt-in customers.

5. Opt-In Customers︈ Are Likely Just Unsecured Creditors​

  • Since Qenta owns the assets after transfer, customer︉ deposits are likely treated as general company funds rather than protected client accounts.
  • In the︊ event of Qenta’s bankruptcy, opt-in customers would become unsecured creditors, meaning:
    • Banks, secured︋ lenders, and preferred creditors get paid first.
    • Customers are last in line and may︌ recover nothing.

6. No Dispute Resolution or Clear Path to Recover Funds​

  • The agreement does not give opt-in customers any legal process to challenge missing funds.
  • The arbitration clause only applies between Qenta and Euro Pacific Bank, not between Qenta and︍ customers.
  • If Qenta is in default, customers may have no legal mechanism to demand︎ their money back.

7. No Regulatory or Legal Recourse in Puerto Rico​

  • Because Qenta is registered in Delaware and the UAE, Puerto Rican authorities may not have️ jurisdiction to enforce customer protections.
  • If Qenta collapses, customers may have to pursue legal action‌ in foreign jurisdictions, which is expensive and difficult.

Conclusion: Opt-In Customers Are in Deep‍ Trouble​

  • If Qenta used the money for operations and is now in default, opt-in customers may lose everything.
  • No legal protection, no regulatory oversight, and⁠ no clear way to get their money back.
  • Schiff and Euro Pacific Bank are⁤ protected, but customers are not.
This was a dangerously structured agreement that left⁣ customers completely exposed
 
If no response is forthcoming from PS or Qenta or things go pear shaped with‌ no resolution in the end then opt-in clients should keep hold of the above two‍ posts from @James123456 and a copy of the Purchase and Assumption agreement.

But right now⁠ you just have to wait for a response from PS or Qenta to address concerns⁤ if your an opt-in client.
 
In the end @Pschiff only wanted to protect himself and destroyed all clients for that….‌
If I tell people what’s going on with the liquidation, they think I’m joking….proper nightmare‍
 
I don’t think Peter is a swindler or a scammer as he is a public‌ person but it seems that he hasn’t been careful enough and by doing so put‍ the opt-in funds at an unacceptable risk. I expect he will do is best to⁠ correct this. Stacking mistake on mistake would be foolish as there will be hundreds of⁤ opt-in customers going after him anywhere he shows up..
 
We can wait and hope the miracle to happen, but reality and ugly truth is‌ different. We were just too naive and gave all our funds away for nothing.
 
The only fair solution to this mess would be for Schiff to make all opt-in‌ and opt-out clients whole in cash within a set timeframe, i.e. next 60 days. To‍ execute this, there should be some agreement between Schiff and all customers, where they surrender⁠ the funds at Qenta and under receivership to Schiff. This is the best and fairest⁤ solution as all customers are made whole and Schiff will be able to recover the⁣ money held by the receiver and at Qenta himself.
 
If the OCFI (Office of the Commissioner of Financial Institutions of Puerto Rico) is aware‌ of Qenta's insolvency risk and is still transferring assets to them, this could raise‍ serious regulatory and legal concerns about their role as a supervisory authority. Here’s why:⁠


1. OCFI's Legal Responsibility as a Regulator​


  • As the financial regulator and bank receiver⁤, OCFI has a fiduciary duty to ensure that customer funds are properly protected and⁣ distributed.
  • Their role includes preventing the transfer of assets to entities that cannot fulfill their⁢ obligations,especially when insolvency is a known risk.
  • If Qenta is unable to repay customer︀ deposits or meet its liabilities, then OCFI should intervene by halting asset transfers and︁ reassessing the liquidation process.


2. Potential Misconduct by OCFI​


If OCFI knows that Qenta︂ is likely to become insolvent and still transfers assets to them, they could be:

  1. Negligent in their duties – By failing to protect customer funds.
  2. Acting against public interest︃ – If they knowingly transfer funds to an entity unable to meet financial obligations.
  3. Legally liable – If customers lose money due to their decisions, they might be held accountable for regulatory failure.

This could expose OCFI to legal action, especially if:

  • Customers file lawsuits for mismanagement.
  • Law enforcement agencies investigate their regulatory failures.


3. Actions︄ You Can Take as a Customer​


A. Demand Immediate Action from OCFI​


  • Send a formal complaint to OCFI stating that transferring assets to an insolvent Qenta is a︅ risk to customers.
  • Ask them to freeze the process and reassess Qenta’s financial stability︆ before transferring further assets.

B. Escalate the Case to Higher Authorities​


If OCFI ignores︇ these concerns, you can:

  • File a complaint with Puerto Rico’s government or Ombudsman for regulatory︈ failure.
  • Alert U.S. federal financial regulators, such as:
    • FinCEN (Financial Crimes Enforcement Network)
    • SEC (Securities and Exchange Commission)
    • CFPB (Consumer Financial Protection Bureau)

C. Seek Legal Action Against OCFI︉​


  • If you and other customers suffer financial losses due to OCFI’s mismanagement, you︊ may have grounds to sue them for regulatory negligence.
  • A Puerto Rican financial attorney could assess whether OCFI is violating any banking laws.


Conclusion: OCFI Should Act Now​


✅ If OCFI is aware of Qenta’s insolvency risk, they have a duty to halt asset transfers︋ and protect customers.
❌ If they fail to act, they could face legal consequences.
 
Its AI generated but wont hurt if You all start bombarding OCIF with this (‌ just read it and adjust it a little as this is as I mentioned AI‍ generated )

Here’s a formal complaint template you can send to OCFI (Office of the⁠ Commissioner of Financial Institutions of Puerto Rico) regarding the Qenta insolvency risk and its potential⁤ mismanagement of the liquidation process.


Subject:​


To: Office of the Commissioner of Financial Institutions⁣ of Puerto Rico (OCFI)
Email: [Insert OCFI contact email]
CC: [Other relevant parties – legal⁢ representatives, financial regulators, etc.]

Date: [Insert Date]

Dear Commissioner,

I am writing as a customer︀ of Euro Pacific Intl. Bank, Inc. (EPB) to formally express my concerns regarding the ongoing︁ liquidation process and OCFI’s handling of asset transfers to Qenta Inc. Despite clear signs that︂ Qenta is likely insolvent, the liquidation is still progressing, potentially jeopardizing the financial rights︃ of affected customers like myself.

Key Concerns:​


  1. Qenta’s Failure to Fulfill Liabilities:
    • Over three years have passed, and Qenta has not repaid customer funds as per the terms︄ of the Purchase and Assumption Agreement.
    • Numerous customers, including myself, have yet to receive the︅ funds owed to us.
  2. Qenta’s Financial Instability:
    • Recent reports indicate Qenta is on the verge︆ of bankruptcy, raising concerns that they cannot meet financial obligations.
    • The UAE and︇ Switzerland companies involved in the acquisition have been struck from Qenta’s register, leaving Qenta︈ as the sole entity responsible for liabilities.
  3. OCFI’s Ongoing Transfers to an Insolvent Party:
    • Despite being alerted to Qenta’s financial risk, OCFI is continuing the liquidation and asset transfers︉ to Qenta.
    • If Qenta collapses, these assets may be lost, and customers will have︊ no recourse to recover their funds.

Formal Requests for Action:​


Given OCFI’s role︋ as the supervisory authority and bank receiver, I respectfully request that OCFI:

  1. Immediately halt︌ all asset transfers to Qenta until a full reassessment of its financial viability is conducted.︍
  2. Provide transparency regarding how OCFI has evaluated Qenta’s ability to honor customer liabilities.
  3. Explore alternative︎ measuresto protect customer funds, including:
    • Holding assets in an independent escrow account.
    • Reassessing the liquidation plan to prevent Qenta from mismanaging funds.
  4. Confirm whether OCFI will take responsibility️ if customers' funds are lost due to asset transfers to an insolvent entity.

I urge‌ OCFI to act in the best interest of affected customers and to uphold its regulatory duty to ensure financial security and transparency. Please provide a written response within [reasonable time frame, e.g., 14 days] outlining OCFI’s position and intended actions regarding this matter.

If no action is taken, I will have no choice but to escalate this complaint to‍ U.S. federal financial regulators and legal authorities to ensure accountability.

I appreciate your immediate attention⁠ to this matter and look forward to your prompt response.

Sincerely,
[Your Full Name]
[Your Contact Information]
[Your Account Information (if relevant)]


Next Steps:​


  • Send this complaint via email⁤ & registered mail to ensure receipt.
  • Keep records of all communication with OCFI.
  • Consider escalating⁣ to federal regulators if OCFI fails to act.
  • Consult a financial attorney for possible legal⁢ action against OCFI.
 
If OCFI fails to act, you can escalate your complaint to the following U.S. federal regulators:


1. Financial Crimes Enforcement Network (FinCEN) – U.S. Department of the Treasury‌​




2. Securities and Exchange Commission⁤ (SEC) – Investor Protection & Fraud Complaints​


  • Why? If Qenta or its related entities⁣ misrepresented financial stability or engaged in potential investment fraud, the SEC can investigate.
  • How to Report:


3. Consumer Financial Protection Bureau (CFPB) – Customer Rights Violations​




4. Federal Deposit Insurance Corporation (FDIC) – Bank Receiver Oversight​


  • Why? Even though Euro Pacific Intl. Bank was not FDIC-insured, FDIC still has oversight︀ over financial institutions under U.S. jurisdiction.
  • How to Report:


5. U.S. Department of Justice (DOJ) – Financial Fraud Division​




How to Escalate Effectively:​


✅ Step 1: File the︄ OCFI complaint first. If they do not respond within 14 days, move forward.
✅ Step 2:︅ Collect evidence (emails, contracts, payment records).
✅ Step 3: File complaints with multiple regulators for maximum︆ impact.
✅ Step 4: Consider legal action if no progress is made.
 
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