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Euro Pacific bank is a scam
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Unlikely since the list of Opt ins won't be final until the end of the 3 month claims period.
Yes, customers who owned gold, but who did not want to go ti Qenta, had to sell their gold so the bank could wire out their money. The gold was sold almost 3 years ago, but much of the proceeds only stated going out to customers last week. I only know this from this board. The Receiver never told me anything. For customers who opted to go with Qenta, their gold should still be there ready︀ to be allocated to their accounts.
If Qenta does not have the funds or metals, they can be sued. Qenta and their subsidiaries assumed all the liabilities for customers who did not opt out and whose funds or metal were transferred to︀ Qenta. So unless the subsidiaries and Qenta file for bankruptcy, customers have a good lawsuit︁ against Qenta. That, of course, assumes what is being speculated about Qenta is true. I︂ have no information upon which to base an opinion either way. So hopefully all the︃ money and metals are there. However, if Qenta does go bankrupt and there is not︄ enough there to cover depositors claims, OCIF, the IRS, and the Trustee are all good︅ targets for a lawsuit to recover those losses.
If an OPT OUT does not send in the paperwork in time they automatically become an OPT IN so what you say is not correct. The list will be finalized when all OPT INs have been identified which is still in progress.
There is no viable lawsuit against me. I didn't do anything wrong and neither did the bank. There are several bad actors with legal liability. But I'm not one of them. Also customers weren't sold. The bank sold assets to Qenta. Customers had to Opt In for Qenta to acquire them. That choice was necessary to avoid deposits that where not withdrawn in time from being forfeited to the Puerto Rican government.
you forgot one important point. What DD you did in choosing Qenta? What mechanism you implemented in the Asset Deal Agreement to safeguard the client book you sold to them?
Due diligence was done prior to my decision to sell the bank to Qenta, as I was accepting mostly Qenta stock. But OCIF and the receiver had to approve the asset sale, which they did. Even if you claim the bank should not have given customers the choice of going with Qenta and you somehow win a lawsuit against the bank for providing that option, the bank has no assets.︀ So a judgment against the bank is worthless. You can't get a judgment against me,︁ as shareholders are not liable for corporate debts. The only way I could be liable︂ would be if you could claw back fraudulent distributions made to me by the bank.︃ Proving fraud is hard, but it's a moot point as the bank made no distributions︄ to me. I contributed over $10 million in capital, with $7 million of that during︅ the two years prior to the bank being illegally shut down by OCIF. I never︆ withdrew one penny since the bank was formed, either in dividends or salary. So I︇ am the biggest victim of this crime. Customers’ best legal strategy is to go after︈ the perpetrators of the crime. They have real liability and assets you can legally go︉ after.
I’m new to this forum but have been trying to follow this thread. My mother is trying to complete the OCIF Claim Form on behalf of my late father who passed away in November 2023. He had elected to be an Opt-In. It was confirmed by EPB in January 2024 that he was on the Opt-In/Cash-Out list. In November 2024 my mother was informed that his accounts would be transferred to the Opt-Out list. We have no idea why.
We are trying to ascertain whether his securities were sold at this time and the proceeds transferred to the Receiver. Without this information my mother is︀ unable to complete the Claim Form. We are unable to get an answer from EPB,︁ Qenta or the Trustee. My mother is the co-account holder but the account was in︂ my late father’s name. Any ideas?
We are trying to ascertain whether his securities were sold at this time and the proceeds transferred to the Receiver. Without this information my mother is︀ unable to complete the Claim Form. We are unable to get an answer from EPB,︁ Qenta or the Trustee. My mother is the co-account holder but the account was in︂ my late father’s name. Any ideas?
You (the bank) pretented customers would be better off with opt in. That seems enough ground for a lawsuit if turns out you pushed your good customer to a fraudelous company
The bank didn't pretend anything. The bank did not make a recommendation either way. It just presented the alternatives without making any recommendations. Neither the bank nor I had anything to gain by customers choosing to go with Qenta. So the option was provided purely as a curtsy to customers. The added benefit of $1.25 million in capital to further protect customers was not conditioned on any︀ number opting in to go to Qenta. But even if the bank had encouraged customers︁ to go to Qenta, that does not make the bank liable for torts committed by︂ Qenta after the transfer, as there were no red flags the bank ignored. But even︃ if that was not the case, the bank has no assets. So there is no︄ point in suing it. Plaintiffs would just lose even more money on legal fees. As︅ a shareholder, I have no personal liability for corporate debts.
you still are saying publicly MY BANK, you︄ are in lawsuits against OCIF etc...because it was your bank.
you clearly made mistakes that︅ brought the customers into this situation. you even never said sorry!!
I am sure there︆ can be a case made against you
you clearly made mistakes that︅ brought the customers into this situation. you even never said sorry!!
I am sure there︆ can be a case made against you
quote mssge EPB aug 29 2022 +++++++++We write to inform you that, although Euro Pacific Bank is now in liquidation pursuant to a Consent Order for Liquidation and Dissolution of International Financial Entity entered into with the Puerto Rico Office of the Commissioner of Financial Institutions (“OCIF”), we can now provide you with a positive update on an easy path forward++++
and more +++++Once your funds are transferred, they will be immediately available to spend or withdraw. If the acquiring financial institution does not meet your needs, you can transfer your balance to an alternative financial institution.+++++++++ and also more nice words about Qenta︀ incl the experienced staff and so on on
and more +++++Once your funds are transferred, they will be immediately available to spend or withdraw. If the acquiring financial institution does not meet your needs, you can transfer your balance to an alternative financial institution.+++++++++ and also more nice words about Qenta︀ incl the experienced staff and so on on
so after seeing the funds suddenly blocked, the outlook presented by your bank to an easy path forward, to an experienced staff cy, to immediately be able to withdraw your funds ..well that is pushing your customer towards Opt IN. certainly if the Opt Out option runs thru the Trustee, a certainty of long slow process;
there is no individual allocated accounts when it comes to metals. PS chose the cheapest option LOL.
Means one omnibus account for all.
Means one omnibus account for all.
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