All the cash in now under the control of the receiver and Qenta. I have no idea what is holding up the return. I've asked but have not been given an answer. All the gold was transferred to Qenta a long time ago. I have no idea if they still hold it, or if its been sold and hedged. I've asked but again did not received an answer.
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Euro Pacific bank is a scam
- Thread starter sonato
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There is nothing left to investigated. The bank was already investigated more than any other bank, especially for its size. They were desperate to find something that the bank did wrong. They found nothing. That's why the OCIF Commissioner had to come up with the insolvency pretense and long history of non-compliance.
Any customers here received any communication from Qenta to this effect?
P.S I have never banked with EPB so no dog in this fight.
Qenta told me that they have all the Gold, those that do not stay with Qenta will have to liquidate that Gold.
Everything else, Silver, Mutual funds, and foreign currencies will be liquidated by the Receiver and customers will get the equivalent in USD.
Those that do want to stay with Qenta will have to hold everything in Gold, as Qenta doesn't offer any other type of investments.
I assume the money will eventually be repaid from the new third-party bank and not wired in name of EPB. I mean USD and EPB inbound wire would land some ppl with uncomfortable questions due to banks reputation. Plus being in USD a currency that subjects the receiving bank/EMI to US laws they may go anal on compliance checks.
Yes, funds will either be send from the U.S. bank in USD., where the receiver transferred the money, or Qenta. That depends on Opt in, or Opt out. For Op in, customers can choose to leave their funds in G-coin I think at Qenta. Ot just withdraw. My guess is new KYC will be required. Anything to slow down the process. They can argue its been a long time, so all information needs to be updated.
very funny to read some of the very first posts in this thread on page 1
This relates to the extra strict compliance the bank had. All of the complaints related to that issue. Show how ridiculous that all the events that led to the shutdown of the bank began with the J5 thinking the bank was helping people evade taxes and launder money, and then the media falsely accusing the bank of having no compliance.
I never actually made any money from the bank. The compliance costs were too high I think I would have made money eventually, but the government and media destroyed that potential. My main income comes mainly from Euro Pacific Asset Management and Schiff Gold.
@myshufflemix
PS estimated net worth is 100 Mio USD, so you don't have to worry I believe. (From public sources researched).
PS estimated net worth is 100 Mio USD, so you don't have to worry I believe. (From public sources researched).
Don't always agree with you on everything, but I was an EPB customer before it was re-domiciled to PR. From memory it took about a month to go through compliance...your team were very thorough. FWIW, it was nothing like the very lax compliance at DBS Singapore at the time (I got an account opened there for the same BVI entity in just under 7 days).
I couldn't believe that s**t that 60 minutes in Australia ran with too (with no evidence of course!). Good to see you won that court case.
Obviously. The bank did not make any loans so it wasn't making much money, if any.
EPB was just a side gig. I expect Peter's net worth to be over a 100 mill, but that's just my opinion.
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