Euro Pacific bank is a scam

Pschiff said:

I have no idea. I just wrote another email to Qenta asking for an explanation.

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Hello Peter,
Any news on this?

The lack of communication is crazy.

SCHLOSSFINANZ said:

I am just surprised why PS is not answering at which bank Qenta holds the client funds and at which legal entity?

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I'm still waiting for any answer. I also asked them where the customer's gold is. We transferred over $30 million in gold to Qetna from Silver Bullion. It's now worth over $50 million.

Read Grok's analysis of what happend to the bank. Grok's take strongly implies customers would win a class action lawsuit against OCIF and the IRS.

https://x.com/i/grok?conversation=1905081638821699939

Pschiff said:

I'm still waiting for any answer. I also asked them where the customer's gold is. We transferred over $30 million in gold to Qetna from Silver Bullion. It's now worth over $50 million.

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This is such a simple request and them not being able to answer such a simple question greatly worries me. At least with the receiver, we have periodic proof of life updates. Qenta has gone silent, what is stopping them from keeping people updated with periodic annoucements on their web site?

Pschiff said:

Read Grok's analysis of what happend to the bank. Grok's take strongly implies customers would win a class action lawsuit against OCIF and the IRS.

https://x.com/i/grok?conversation=1905081638821699939

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Legal advice from a crappy chatbot, I am sure no one will be burned again...

Pschiff said:

I'm still waiting for any answer. I also asked them where the customer's gold is. We transferred over $30 million in gold to Qetna from Silver Bullion. It's now worth over $50 million.

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Aren't you responsible for handing over these assets?

against the wind said:

Aren't you responsible for handing over these assets?

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No, I have no control over anything anymore.

Pschiff said:

No, I have no control over anything anymore.

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But you handed it over

against the wind said:

But you handed it over

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Yes, I did. Whatever I didn't hand over to Qetna would have been handed over to the receiver or the Puerto Rican government. The bank was taken away from me. That's why I filed a lawsuit.

Pschiff said:

Yes, I did. Whatever I didn't hand over to Qetna would have been handed over to the receiver or the Puerto Rican government. The bank was taken away from me. That's why I filed a lawsuit.

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And you received some fee from Qenta - not all as was agreed- for it. the more customers chosen for opt in the better for qenta and your deal with them. We gave our funds in good faith to EPB because we believed in PS. We believed in a bank without loans. We believed in the alternative of gold. And look where we are now. No bank. No gold. Nothing.
We had gold arnd 1600 and were forced to sell it because in first instant we wanted to transfer asap our funds to another account. However then came the opportunity, created by you, to have G-coins. And this was presented as a much quicker and easier process instead of opt out. It turns out to be perhaps a big scam? I still believe you when you said the funds (the money accounts) are safe. The gold it seems now another story. good communication by all parties should help and clear a lot of speculation. I think this is the least customers deserve. My early retirement is now alraedy blown in pieces. my health is going down. do not understand how this came so far and last so long, when there were no loans made and there was a surplus;

I didn't get any money from Qetna. It all went to the bank. $500K up front. $750K when the deal closed, which still hasn't happened. The only way for customers to keep their gold was to go with Qenta. If you stayed with the bank all the gold was sold so we could wire out the cash. There was no way to deliver the gold. It was all supposed to happen quickly, but it got screwed up by the Portugese government freezing the Novo account. No one saw that one coming. Had the IRS and the J5 not convinced the OCIF Commissioner to hold that press conference to frame the bank for money laundering and tax evasion, as a PR stunt for the J5, all customers would have received access to their funds and gold in the fall of 2022, either as a wire from the Bank or a new account with Qenta.

thank you very much for telling this the 236. time here!
It his highly worrying that you have not been able to find out at which bank Qenta is booking the assets of your (former) customers!
Maybe instead of trying to do litigation PR and reputation PR with your posts maybe you fly to the Qenta CEO and find out what is happening? Or maybe ask Lanny Davis to write him a registered letter?

If the only reason people are ganging up on PS is that he is the only one willing to reply to messages, then I can understand why nobody else is willing to talk to us.
Imagine if we actually had a reason to be angry about something with the person responsible. Wouldn't want to be on the receiving end of that.

danielboros said:

If the only reason people are ganging up on PS is that he is the only one willing to reply to messages, then I can understand why nobody else is willing to talk to us.
Imagine if we actually had a reason to be angry about something with the person responsible. Wouldn't want to be on the receiving end of that.

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It seems to me PS is not giving any new info. Only repeating ...it wasn t me.
And that s not fair towards his customers. He surely is completely aware of the who's, where and whats.
Why not share the info.

What's the benefit of this thread with so many posts, is anyone getting money out of it from this bank ?

Mr Schiff,

I've been recently thinking about a potential new approach to the problem. And I have an offer/idea for You that I assume You might be interested in.
At present You and us clients went a bit separate ways. Dont get me wrong. Im not blaming You. I know in the end everyone plays for themselves and charity and responsibility has its limits.
Lets be honest. At present You are the only one who is actively fighting the situation but for Your benefit mostly and indirectly for the benefit of the clients. Again, no blame here. I know how world works.

BUT, what if there was a scenario where You would lead the customers case against the OCIF/Qenta/IRS or whoever is responsible ( to be determined ) and actually have a business in that?

My proposition is as follows. You allready paying for the lawyers that are familiar with the case. I assume extending the scope of their work a little wouldnt increase the cost linearly, let alone exponentially.
Would it increase the ammount of work? Sure, to some degree. Most clients cases are fairly similar I assume.
Hell, maybe Your lawyers would even agree to extend the work scope for some success fee. The success fee taken from the potential compensation for the clients.
I assume most of us like me would gladly give lets say half of the compensation in return for someone really taking care of the situation. And lets be honest, compensations in US courts are huge.

You got the database of the clients, I assume You are allowed to contact them. Most probably would go for a deal like that. At lest I would. Im gonna ask few dosens people on closed groups about EPB, what they think about such scenario and Ill get back here with the results but Im confident this will suit most. You got some papers signed with Qenta and OCIF. Yeah, but You would rather act as case manager rather then a side so I dont think those apply.

So, benefits for You?
Money - the way You would share the success fee with Your lawyers is the only question You would have to consider. You are confident about Your win and thus the win for the clients should be on similar level of uncertainty.
PR - well, You took a hit with the EPB situation when it comes to PR so I imagine this would be an epic comeback if You care about it and it seems You care a lot.

Benefits for clients?
Someone really fighting for the case as lets be honest this are potential huge money at stake to win.

So, would You be potentially interested in such scenario?

Are you a PR lawyer. I have already asked my lawyer to look into representing a class action on behalf of the customers. I could finance the litigation, and customers can pay me back out of what they win. Legally as a non lawyer, I can't share in his fees. But he can work on a reduced contingency, so customers can me back if they win. If they lose I'm just out the money. But it's hard to say when the best time to file is, as we don't know the extent of damages. Also, I may find some powerful information that would really help the customer's case, so we can wait to see what I find before we file. There is no statute of limitation has customer harm is ongoing and the extent of damages is still unknown. I do have all the customer's email address , so can also help get the customers on board.

Thank You for response. No, I'm not a lawyer at all.

I’m glad you’re considering a class action and financing it upfront. You say you can’t share your lawyer’s fees as a non-lawyer—if that’s how it is, then that’s how it is. But could your lawyer draft a contract where customers repay you a portion of their winnings for financing the case, separate from legal fees? It could be framed as reimbursement, giving you a stake. I’m coming from a place where I believe every party—yourself, the clients, and even the lawyers—needs to be covered and happy to stay motivated.

Timing-wise, waiting for more info makes sense since the harm’s ongoing. It’s in your best interest to sign such a deal—having every client repay you individually would be a nightmare. How about a trust or escrow account managed by your lawyer or a third party? Winnings could be pooled there, your share deducted, and the rest distributed. Simple and efficient.

What do you think?