Euro Pacific bank is a scam
- Thread starter sonato
- Start date
- Status
When the receiver initially wanted to move the funds form Novo to the bank in California, a move which I opposed, his plan was to mail out checks to all Opt outs. I told him that was a bad idea as many customers would not have a way to deposit U.S. dollar denominated checks. Hopefully he has reconsidered and will do bank wires, but I have no idea what his current plan is. Mailing checks individually to each customer and waiting for them to clear is a︀ much slower process. Given what's happened so far, I would not be surprised if that's︁ the reason the receiver opts for checks.
That is certainly true, as long as very few people are involved. What if the Trustee received one thousand e-mails reading, e.g.
"Watch out, OUR money may be at risk. We demand funds segregation" ? If our funds are lost (or a significant part thereof)
and we end up in a lawsuit, Lugo cannot say "I didn't know that". That was my meaning.
"Watch out, OUR money may be at risk. We demand funds segregation" ? If our funds are lost (or a significant part thereof)
and we end up in a lawsuit, Lugo cannot say "I didn't know that". That was my meaning.
If you are concerned of OPT INs then Lugo has no involvement with them legally or otherwise so they are not going to care what happens with their cash.
You would be helping him get richer by increasing his billable workload if he reads them and decides to respond to each email.
Happy to be wrong, but their statements seemed to suggest that they are not involved in any capavity with OPT IN.
Once all the funds and metals that belong to Opt In's are transferred to Qenta, the Receiver has no more responsibly to those customers. He is only responsible for returning funds to Opt Out customers. Qenta is responsible for returning funds to Opt In customers. So Opt In customers must direct their questions and complaints to Qenta.
What do you think OCIF needs to approve regarding Qenta after it receives all the cash and metals that belong to the Opt Ins? OCIF already approved the transfer of those liabilities to Qenta. Once they transfer I don't see what role OCIF would play.
Eh let me explain because I can see people are not doing their homework much regardgint their own money.
First of all, OCIF agreed for the sale of assets to Qenta because the deal was made AFTER receiver took over the bank. I checked it with documents.
Qenta is now giving a warning signs all over - which OCIF is aware of and actually admits this themselves.
When Qenta was responsive they transfered to them metals and investment funds. - In my opinion this is the part that can be hard to pinpoint to OCIF as a fault if they actually did due diligence and︀ stuff as they should before accepting Qenta deal. I have my suspicionts that they didnt,︁ This is the only potential turning point regarding those funds.
The opt in cash is︂ still being held by receiver which can we read between the lines in last report︃ of the receiver.
The fact that Qenta is giving warning signs, Ocif is aware of︄ that, makes them responsible for their next actions.
If they transfer the funds to Qenta︅ they will hold responsible and I assume they know it especially that they have been︆ officially informed about that.
So honestly I think the fact opt ins are getting requsts︇ for the documents like opt outs is a light in a tunnel that cash deposits︈ of opt ins will be distributed like cash of opt outs due to the fact︉ that they cant just wire the funds to Qenta knowing there is somew real issues︊ going on.
This is a bit speculative but the facts support it.
First of all, OCIF agreed for the sale of assets to Qenta because the deal was made AFTER receiver took over the bank. I checked it with documents.
Qenta is now giving a warning signs all over - which OCIF is aware of and actually admits this themselves.
When Qenta was responsive they transfered to them metals and investment funds. - In my opinion this is the part that can be hard to pinpoint to OCIF as a fault if they actually did due diligence and︀ stuff as they should before accepting Qenta deal. I have my suspicionts that they didnt,︁ This is the only potential turning point regarding those funds.
The opt in cash is︂ still being held by receiver which can we read between the lines in last report︃ of the receiver.
The fact that Qenta is giving warning signs, Ocif is aware of︄ that, makes them responsible for their next actions.
If they transfer the funds to Qenta︅ they will hold responsible and I assume they know it especially that they have been︆ officially informed about that.
So honestly I think the fact opt ins are getting requsts︇ for the documents like opt outs is a light in a tunnel that cash deposits︈ of opt ins will be distributed like cash of opt outs due to the fact︉ that they cant just wire the funds to Qenta knowing there is somew real issues︊ going on.
This is a bit speculative but the facts support it.
If the bank is still holding some of the funds that belong to︋ Opt Ins, and has not sent those funds to Qenta, then the purchase transaction has︌ not yet closed. In fact, failure to deliver those funds would be a breach of︍ the contract, but if Qenta has gone dark in the process, that breach may be︎ justified. If that is the case my guess is that whatever funds the bank has️ above what is owed to Opt outs would get divided proportionally amount the opt ins. The rest of the money would be owed to Opt ins by Qenta.
- Status