https://www.irs.gov/pub/irs-ci/j5-report-7-25-2024.pdf : page 4: "Euro Pacific Bank....has since been liquidated"
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Euro Pacific bank is a scam
- Thread starter sonato
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I read that. Just a bad choice of words. It should read its in liquidation. Maybe the PR guy at the J5 who wrote just assumed the liquidation would have been completed by now.
The winding up "process" of the bank has nothing to do with IRS. Understanding receivership and liquidation process is not the IRS's competence to be fair. It is indeed a bad choice of words or journalism so don't be easily misguided by that.
The professional in this process is the appointed receiver whether you like him or not. Just be patient until the process is finished as nothing you say or complain about here will have any change on the outcome of the process.
Probably true. But the IRS is the reason the bank is now in receivership. The OCIF Commissioner had already decided to allow Qenta to buy and continue to operate the bank, which would have been seamless for customers. But the IRS and J5 needed to publicly save face for their highly publicized Atlantis Investigation, which ended up finding that the bank did nothing wrong. They also likely wanted to help the "journalists" who broke the story they leaked save face too. So the IRS got the OCIF Commissioner to do them a favor. Other than a pat on the back during the press conference, I'm not sure what else she received in return.
But I hope this time it will be a positive update. In the end no logical reason why it shouldn’t but with this guys you never know
This process is so overly and unnecessarily complex. It seems to be that the sole purpose of this process is to delay the return of funds for as long as possible to maximize the income earned by the receiver.
It was a terrible idea to give customers the choice to Opt-in and Opt-out, we should have all gone to Qenta, and from there we could have all transfer our funds to wherever we wanted to.
This Opt-in and Opt-out situation is making the process lengthier and more costly, the only one that benefits from it is the Receiver, not the customers.
At least the money is there....and earned interests is higher than the receiver´s current spending quaterly.... when liquidated, EPB had USD 68.1mll in cash (USD 66.7mll owed customers)......Now the receiver has USD 47.8 mll under his control and (see page 6): total USD 18.9mll additional is with interactive brokers, an extremely safe broker (and the rest is elsewhere).... USD 47.8+18.9 = USD 66.7 sums up to what is owed to customers, even though we should get interest rates (aint happening, I know)
OCIF did not allow that. The Commissioner insisted that I give people the option to withdraw their funds. She said I could not just sell the accounts to Qenta without the customer's approval. I got her to agree to negative consent. In hind sight, had she allowed all the accounts to go to Qenta, this entire situation may have been avoided. It was the 500 wire requests that we submitted to Novo that caused them to submit a suspicious report to the government, that resulted in the 8 month freeze. If it was just one request to transfer all the funds to Qenta, it may not have caused suspicion.
I wonder what is happening to the interest on the funds that are now with Qenta?
You never mentioned this before. When did you find this out?
In any case hope people get their money back.
*Edited to remove reply to deleted message*
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Mistake. I deleted it but I guess you replied before I did. Just delete your reply to avoid confusion. You must have replied within seconds. That's a flaw in this board. If I comment is deleted, the replies should delete as well.
Why the heck did you submit 500 wire transfer instructions to Novo? And why has this never been mentioned before?
Ever thought about J5 asked for the freeze?
Ever thought about J5 asked for the freeze?
There was no freeze when we submitted the wire requests. We were trying to return customer funds to customers. What was left over was going to be wired to Qenta. The J5 never asked for a freeze. The J5 investigation found nothing. It was only after we requested the wires that Novo send their suspicious activity notice to the Portugese government. They incorrectly told the government that the bank was closed for money laundering and tax evasion. That resulted in the freeze. They were confused by the OCIF press conference, which was the entire point of the press conference. It was a publicity stunt for the J5 so they could pretend their failed investigation was a success, and take credit for the closure of the bank. The media cooperated with their inaccurate reports that also falsely claimed the bank was closed for money laundering and tax evasion. The entire thing was a fraud and likely illegal.
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