The vast majority of customers do not have their life savings in the bank. That may be true for︀ some, but I'd say maybe 1%. For most people the accounts represent a small part︁ of their net worths. I lost $10 million cash that I put into the bank︂ as capital. Far more than any customer, and I will never get that money back.︃ That $10 million was a larger part of my net worth than al EPB account︄ is for the typical customer. Losing another $65 million would be an even larger percentage.︅ Plus, I don't keep $65 million in cash. I only keep a few million. I︆ invest my money. I'm not gong to hold cash and allow inflation to destroy its︇ value. So I would have to sell a lot of investments to raise the $65︈ million. What happens if by the time I get the money from the bank the︉ investments i sold double in price? Than I'm out $130 million. Customers will just have︊ to wait. That is unfortunate, but I don't see any other alternative. You guys can︋ complain, hire a lawyer, do other things to speed up the process, but expecting me︌ to personally send out thousands of wires is not a viable solution.
Euro Pacific bank is a scam
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I have 99% of my life savings in the bank.
In 2022 I was semi-retired and my wife wasn't working. Now I'm working 12 hours a day, and my wife is working 2 jobs, also 12 hours a day.
I thought depositing all my savings in a full reserve bank was a safe bet.
If I don't get that money I will be working until the day that I die.
In 2022 I was semi-retired and my wife wasn't working. Now I'm working 12 hours a day, and my wife is working 2 jobs, also 12 hours a day.
I thought depositing all my savings in a full reserve bank was a safe bet.
If I don't get that money I will be working until the day that I die.
I was referring to the bank publishing its annual audited financials when it was operating just like other offshore banks I use. Transparency is important if a bank demands large amounts of information from its customers yet never published publicly one single audited financial statement for its customers.
That’s what I did with the money now stuck at Qenta, I had it invested in gold and silver at EPB and ordered it to sell this once the liquidation started so I could opt-out and collect the cash. But later I learned that I was an opt-in client, how can? And now I lost almost 3 years of profit in nominal terms and a big part of purchasing power stored in it.
I didn’t make the mistake to store all of my︀ savings at one bank so for me it was 1/5th of my savings and that︁ helps to make me feel relative relaxed about it but for the few that had︂ a much larger share of there savings in it or ran there business account at︃ EPB I feel really sorry.
I didn’t make the mistake to store all of my︀ savings at one bank so for me it was 1/5th of my savings and that︁ helps to make me feel relative relaxed about it but for the few that had︂ a much larger share of there savings in it or ran there business account at︃ EPB I feel really sorry.
Could be nice to see an evidence, what CEO of Qenta has told to PS and then again, what PS has told us. Photo of email is already enough ,
Qenta has told nothing directly to us in past three years, where funds are actually.
Should we believe all this.
Qenta has told nothing directly to us in past three years, where funds are actually.
Should we believe all this.
why should your depositors make your job and pressure OCIF?
Maybe you can answer the questions I raised for the sake of transparancy?
Maybe you can answer the questions I raised for the sake of transparancy?
Total nonsense from Schiff (and he knows it, as Peter is a smart guy): There wasn’t a single customer who didn’t have 'other accounts they could send the money to.' Does he really think there was even a single EPB customer who only had an account with EPB in PR when all of them were non-PR domiciled?
ehhmm sorry PS why didnt you send paper checks to your customers lol???? Then they would have been able to cash them at their bank.
No you wanted to SELL the client book to gain money out of it on the shoulders of your LOYAL customers for years.
No you wanted to SELL the client book to gain money out of it on the shoulders of your LOYAL customers for years.
That is incorrect (and Peter knows it too!): The purchase and assumption agreement dated September 30, 2022, between EPB (seller) and Qenta (buyer) states that︁ Qenta took over opt-in customers (and schiff was paid USD 1.25mll), with no guarantee of︂ protection for them. Section 7.1(b) clearly states that "purchasers shall indemnify and hold harmless seller︃ and sole shareholder from and against any and all losses which such person may suffer…︄ relating in any such case to the assets or the liabilities assumed by purchasers at︅ closing."
Also, Peter is not telling the truth. This document (which has been published here)︆ does not mention segregation of accounts even once!
Also, Peter is not telling the truth. This document (which has been published here)︆ does not mention segregation of accounts even once!
Alpinist: Schiff is very active in this forum and will just avoid responding to your requests for documentation regarding the sudden "Brent de Jong, CEO of Qenta email telling me everything is fine".
I didn't get any money from the sale. $500K was paid by Qenta into the bank's account. So that was extra capital to payoff customers. Another $750K was supposed to be paid, but Qenta is not paying due to the extra costs they incurred over the past two years. I also sold︀ the bank's office furniture for $50K. That went into the bank's account as well.
The money went︁ to the bank, to further protect customers. Not one penny went to me. Also, customer︂ funds were going to transfer directly into segregated accounts at a Qenta subsidiary for each︃ Opt in customer. But that changed as a result of the Portugese government freeze of︄ the Novo account. There was no way to have anticipated this.
There are two key documents:
- "Liquidation and Dissolution Plan for Euro Pacific Bank"dated September 9, 2022, signed by Peter Schiff, Lugo Mender (the receiver), and the OCIF commissioner.
- Section 2: "Sale of Assets" explicitly states that for opt-in customers, "G-Commerce DMCC, a wholly owned subsidiary of Qenta, Inc., has agreed to assume/buy all the bank’s deposit obligations of both cash and precious metals. G-Commerce DMCC is incorporated under the laws of Dubai, UAE."
- Section 2: "Sale of Assets" explicitly states that for opt-in customers, "G-Commerce DMCC, a wholly owned subsidiary of Qenta, Inc., has agreed to assume/buy all the bank’s deposit obligations of both cash and precious metals. G-Commerce DMCC is incorporated under the laws of Dubai, UAE."
- "purchase and assumption agreement"dated September 30, 2022, in which Euro Pacific Bank sells opt-in customers (among other assets) to Qenta.
- This agreement was signed by Peter Schiff and Brent De Jong.
- Section 7.1(b) indemnifies Schiff and Euro Pacific Bank from any losses that may occur after the transaction date (September 30, 2022).
- This agreement was signed by Peter Schiff and Brent De Jong.
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