There's no money missing. The liquidator wants to change the agreement with Quenta for unknown reasons. They are keeping people in the dark as always, which tends to make people upset, hence the number of posts on this thread.
Wirecard was a prior asset purchase Qenta made. I don't see the relevance to Qenta buying EPB. The reason OCIF claimed the bank was insolvent is that they initially excluded about $3.5 million in cash held in the company's gold hedge book. That mistakes was corrected when they admitted in the final order that the bank had millions more in cash than was owed to customers, and was not insolvent. While the bank was not insolvent, it was under-capitalized. But OCIF was fine with that pending the sale to Qenta. Qenta was obligated to inject $8 million in capital once the change of control was officially approved. In Nov. of 2021 I offer to put in $7 million myself, while the approval process was still under way. The Commissioner told me, and eight other people in the room at the time, that there was no reason for me to make that contribution, and that the bank was fine operating with the capital it had pending the official approval of the sale to Qenta. Despite that, I added about $2 million in capital between that date and June 30th 2022, to make up the bank's operating losses, to keep the capital at the level the Commissioner said was sufficient for the bank to operate. Prior to the June 30th 2022 Cease and Desist, no one from OCIF informed anyone at the bank that additional capital was necessary, or gave me the opportunity to add the capital I had already offered to put in. Again, this entire thing was a PR stunt for the J5. The bank was never insolent and no customer funds were ever at risk. The Commissioner would have approved the sale but for the interfearance of the IRS on behalf of the J5.
She was the OCFI Commissioner. My lawyer was in the room. So was the Qenta CEO and in-house counsel. An OCIF official also made a follow up phone call to the bank's attorney to reaffirm that the bank did not need any additional capital to operate. But I agree, I attorney should have gotten that commitment in writing. But all of this will come out in my lawsuit, assuming it does not get dismissed. If the judge allows it to proceed, I will win, and the truth will all come out.
That's just not true. If OCIF believed the bank needed more capital, the procedure is to inform the bank in writing of the deficiency and give it time to cure the deficiency before issuing a C&D. Also, we are not talking about a low level official. But the head of the agency itself made that verbal assurance. Do you really think that it's fine for a regulator to abruptly shut down a completely solvent bank for having low capital, without any advanced warning or giving the bank any opportunity to cure the capital deficiency first? If you do there is no point in this discussion.
No, those wires didn't go though as Novo bank refused to process the requests due to the Puerto Rico government freeze. Though initially they regarded the requested wires as suspicious, due to false press reports that the bank was shut down for money laundering and tax evasion. So they held off on sending the money until the Portugese government could review. They did, and placed the 8-month freeze on the account.
Who are u planning to sue?
My lawsuit has not delayed the process. If anything it creates an incentive to speed it up, as I've alleged the receiver has been deliberately delaying the process for self-enrichment.
Suing me would be a waste of money. I was just a shareholder and director of the bank. I never took any money out, only put money in. So there is no money to claw back, and I am not personally liable for claims against the bank. The bank was owned by a corporation. That limits liability to the entity. It does not extend to shareholders or directors. To pierce the corporate vail customers would need to prove that I committed fraud, misappropriated funds, or was involved in come other illegal conduct. But I did none of that. In contrast, if customers sue OCIF or the IRS, I would make a great wittness.
