Euro Pacific bank is a scam
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So you left as Chairman after the bank relocated from St Vincent then? As you were the Chairman then as documents clearly state.
Yes, I don't recall having that title in St. Vincent. But its irrelevent to the point you were trying to make. The is no difference between the chairman of the board and a member of the board. Neither are personally liable to customers if they experience losses.
If you don't recall being the Chairman of the bank and was asleep at the wheel, then how can people even be confident that the bank had proper management and compliance controls in place? If the chairman or board director has been sleeping and not exercising duty and skill to appoint and oversee︀ the management team of the company, then they will be legally liable for breach of︁ duty. In any case, the orders posted on the receiver's website has shown that the︂ bank has been insolvent for many years and has breached multiple laws and regulations. It︃ shows that the management and board have been incompetent and should have no business running︄ a bank let alone a lemonade stand.
It shows no such thing. I had over 60 employees working at the bank. 30 worked in compliance. We had multiple independent audits. The bank was never insolvent. Also, I was always listed as a director, never Chairman of the board. It's irrelevent though as I attended every board meeting. But the board was there to look out for shareholders, not customers. The bank had officers and employees who did that, as well as regulators and independent auditors. No customer every had a problem withdrawing their funds prior to the government taking it over.
Well, no customer every had a︀ problem withdrawing their funds but when I did it I've always been asked WHY and︁ what was the purpose of my withdrawal. That's weird, isn't it? Please don't talk about︂ compliance, money laundering etc., that would sound even more weird.
- Failure to Act in Creditors' Best Interests:
Directors have a duty to act in the best interests of creditors when a bank is insolvent. If the chairman fails to fulfill this duty, they may be held liable for resulting losses.
- Mismanagement and Breach of Duty:
If the chairman has engaged in mismanagement or breached their fiduciary duties, leading to the bank's failure, they could be held personally responsible.
First, Euro Pacific Bank was never insolvent. It was placed into receivership despite its being solvent. So the fiduciary duty of directors never shifted to creditors. Second, at the time of the asset sale to Qenta, the bank was under the control of OCIF and the Receiver, not me. All I did was arrange for the sale of the bank's assets to Qetna, which the Receiver and OCIF approved and which strengthened the ability of the bank to repay 100% of its liabilities, including 100% of deposits. No money from that sale went to me personally. The customers were not sold to Qenta. I simply︀ agreed to give customers the option of having their accounts transferred to Qenta if that︁ was their preference. All customers where given the choice have having their funds returned or︂ having them transferred to Qenta. If Qenta miss-managed those funds after they were successfully transferred,︃ Qenta is liable, not me. So if Qenta does not return Opt-in customers deposits, Opt-in︄ customers would easily win a lawsuit against Qenta. If Qenta can't pay, Opt in customers︅ would become creditors in a bankruptcy proceeding. I have no idea what Qenta's other liabilities︆ are, but they do have substantial assets that can be sold to repay creditors.
The Receiver, under the supervision of OCIF. I have no involvement other than constantly complaining and asking questions, most of which are never answered. OCIF now has a new Commissioner as of last week. I have a lawsuit against the prior one. Hopefully the new one will help speed up this process.
The cash of opt ins are with the Trustee. All Qenta has to do is say to him to handover the cash to the customers. The gold metals Qenta can deal directly with customers.
This is fantastic news! Can you tell me who in Qenta you are in contact with and when you last heard from them? I have sent numerous email's to Qenta, Brent de Jong, affiliated Qenta companies, recently acquired companies by Qentas and their CEO's, youtube accounts that have has recent interviews regarding Qenta and none of them have responded. OCIF and the Receiver will not respond to my emails I︀ submitted a complaint to OCIF and received no response. Prior to your post, I asked︁ OCIF (not that I expect them to respond) to tell me the dollar value of︂ my account sent to Qenta so I could write off the 100% of my account︃ as a capital loss on my taxes.
Do you know why Qenta is ghosting everyone︄ including OCIF? I don't understand why they would do this if they intend on contacting︅ customers and setting up accounts. Qenta's ghosting and complete lack of communication is indicative of︆ serious trouble within the company I will definitely ask for all my money back immediately!︇ Again, I do hope you Qenta contact is telling the truth!
Do you know why Qenta is ghosting everyone︄ including OCIF? I don't understand why they would do this if they intend on contacting︅ customers and setting up accounts. Qenta's ghosting and complete lack of communication is indicative of︆ serious trouble within the company I will definitely ask for all my money back immediately!︇ Again, I do hope you Qenta contact is telling the truth!
Another question, sorry. Can you ask your Qenta contact to define 'soon'? Will contact with customers be made in the next few days or weeks? An exact date would be nice, however a ballpark timeframe is better than nothing.
As the receiver manages all the funds opt ins and outs for the time being and during the past three years there has been not a single message from Qenta. The opt ins should have now option to switch to opt out, if they wish.
“ Nothing is written in stone yet” Also all this has taken much more time than it was told three years ago.
“ Nothing is written in stone yet” Also all this has taken much more time than it was told three years ago.
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