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Euro Pacific bank is a scam

#2,904
Pschiff said:
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.
Click to expand...
Hi Peter, can I ask what kind of information you may find?
is it regarding the Gold/Qenta situation ?
and what in your opinion is holding back the process ?
It would be nice with an understandable status report - the level of information here is shocking and disrespectful to clients.
 
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#2,905
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.
Click to expand...

Have you got a answer? It's a month and half later now.
 
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#2,908
EPB had a long history of non-compliance and even its own auditors had doubts about it's ability to operate in 2019.
It has been insolvent for many years and they were fined many times for not renewing their license.
Very long reading, but provides clear timeline of the way the whole thing was run.

Orders here: https://www.mediafire.com/file/vuoyh8a2b6kbskb/Euro_Pacific_International_Bank_-_Orden.pdf/file (Could not attach due to filesize being too large).
Around page 10 provides the financial position. Around $4m in customer deposits went missing in 2020, so it was not a full reserve bank.
 
#2,909
Hello @john8899,
Can you explain why auditors had doubts about EPB in 2019 if OCIF began their investigation in mid 2020? Who are these auditors? What did they say? Where did they say it and when?

History of non-compliance being a cause of anything seems like a far fetch when OCIF didn't even investigate.

4 mill missing is nothing for a bank or even for someone like PS. They could have easelly injected that money if they were allowed to. The bank was more stable than any other bank as far as reserves go if only that much was missing. Most banks have not been destroyed in circuimstances a thousand times worse than what you had at EPB. Like SVB or even Novo.

There has been 0 care given to depositors back then and even now. Clearly EPB was not closed to defend them. What matters is not what you say but what you do, because what regulators says are just hogwash.
 
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