Yesh that makes sense… anyways if it was really him who destroyed the bank and destroyed many lifes, I hope he will get punished for it.
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Euro Pacific bank is a scam
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As mentioned earlier in the thread but others, opt-ins were an asset-deal with Qenta, so the responsibility lies with Qenta. Receiver is only responsible for opt-outs.
Since opt-outs are with a government appointed receiver, there is less risk and the chance of recovering (some) money is more likely. If Qenta collapses, opt-ins go to zero.
Of course, bad decisions have been made by many depositors.
1. Martin has sounded the alarm on the bank many many years ago, before any of the bank's wrong doings came to light. Despite this, lots of people in the cult of Schiff still told us Schiff is an upstanding selfless man who only looked after the interests of others and not himself.
2. The "bank" was never insured by the FDIC, which was a huge red flag. Remember when Schiff would brag on his podcast about the moral hazards of FDIC and how his bank was better and all that? Then when it collapsed, it turned into: well depositors knew the bank was not FDIC insured, so they took the risk and sometimes things in life go wrong, too bad.
So OCIF is not responsible for agreeing to the deal? Wouldn't that create moral hazard where anyone could just give a cut to OCIF for sharing with them other peoples money?
That's what I was thinking. In which case some of the banks liabilities (Opt-in assets) were sold to Qenta by EPB. Qenta bought those assets in theory. Clients implicitly agreed to the sale of their assets to Qenta by not opting out. The question is whether the assets that were moved to Qenta are segregated from Qenta's own assets? Basically are they held under financially regulated conditions in a custodial account arrangement and marked as liabilities to customer or were they just sent to Qenta's business account for them to do as they wish. i.e take out loans, encumber the funds, spend or transfer et.
Basically if your an opt-in client and don't have any agreement in writing over what you agreed to when your assets were moved to Qenta then your in a weak legal position to do anything if something goes wrong now. The status of the funds may no longer be liabilities of Qenta but now assets where you have no legal claim whatsoever. It would be like me going to a bank and telling 1,000 customers of the bank to transfer their money to my XYZ Cayman Ltd business account and I will offer you the ability to withdraw the funds at a later date on a new platform. You basically agreed to send me funds with no legal protection in form of confirming the funds will be held in a segregated custodial account similar to how EMI's and brokers etc have to hold customer funds.
Also I don't think if Qenta is paying $1.25m in total for opt-in accounts that your gonna be able to withdraw funds from them easily without them recovering the $1.25m they will have spent buying those accounts.
P.S It needs to be confirmed if Qenta is paying $1.25m for the Opt-in client accounts. And PS would be able to answer this. But for those that opted for Qenta hope for the best and put aside worst case scenarios for now like I mentioned above. But I think it will be extremely difficult to get all your money back out of Qenta if your opted in.
One thing is not clear to me, for Opt-ins, it was mentioned here some weeks ago that Quenta was sending out letters to customers to start the process, is it true/still going on? I have received nothing so far.
tks
tks
Same here. They chose OPT IN for me although I wanted OPT OUT and they've never contacted me.
Some of you are waiting that PS is coming back to this forum.
He will not and all the funds of opt-in group are gone for ever and there is no way to get anything back as we volunteered to give them to Qenta
Opt-outs might get part of their funds on some day, but they need to wait for several years before it happens.
He will not and all the funds of opt-in group are gone for ever and there is no way to get anything back as we volunteered to give them to Qenta
Opt-outs might get part of their funds on some day, but they need to wait for several years before it happens.
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How do you know? Even people pronounced dead come back to this forum as we had to learn the hard way!
I think it is okay for me to share that ever since the lawsuit PS has been left out of the loop so even if he was here right now he could not give anyone an update.
47 mll is with receiver (confirmed) & 20 mll WAS with Qenta before they start losing money (the dubai operation has closed down):
Opt-in will recover between 0% (opt-in has to pay for their own dumb decision opting in) to X % in case it will determined that opt-out will have to help the opt-in but the receiver is against that decision
Opt-out are in a better decision and will - almost certainly - have a higher recovery rate than opt-in
Opt-in will recover between 0% (opt-in has to pay for their own dumb decision opting in) to X % in case it will determined that opt-out will have to help the opt-in but the receiver is against that decision
Opt-out are in a better decision and will - almost certainly - have a higher recovery rate than opt-in
From Qenta website 
---- quote start
In the unlikely event that Qenta Inc. goes out of business, you still maintain the title of ownership to your gold. As a customer, your gold holdings are fully insulated from Qenta’s activities. G-Mint S.à.r.l., a Swiss limited company (“G-Mint”), acts as your bailee for the gold associated with your purchases on the Qenta App. In such capacity, G-Mint keeps the gold in safe deposit with one of the licensed gold storage facilities for the benefit of each gold owner. In order to ensure G-Mint’s continued financial viability, G-Mint collects storage fees directly from each Qenta wallet, which are used to cover the cost of storing and insuring your gold. Please refer to the Vault Terms for more information.
--- quote end
But G-Mint Sarl Switzerland was Liquidated.....lmao
https://app2.ge.ch/ecohrcinternet/extract?lang=EN&companyOfsUid=CHE-406.674.883
---- quote start
How will I get my gold if Qenta goes out of business?
In the unlikely event that Qenta Inc. goes out of business, you still maintain the title of ownership to your gold. As a customer, your gold holdings are fully insulated from Qenta’s activities. G-Mint S.à.r.l., a Swiss limited company (“G-Mint”), acts as your bailee for the gold associated with your purchases on the Qenta App. In such capacity, G-Mint keeps the gold in safe deposit with one of the licensed gold storage facilities for the benefit of each gold owner. In order to ensure G-Mint’s continued financial viability, G-Mint collects storage fees directly from each Qenta wallet, which are used to cover the cost of storing and insuring your gold. Please refer to the Vault Terms for more information.
--- quote end
But G-Mint Sarl Switzerland was Liquidated.....lmao
https://app2.ge.ch/ecohrcinternet/extract?lang=EN&companyOfsUid=CHE-406.674.883
It's still active but the license will expire in a short time if not renewed (that is not a big issue though). But the fact that the Swiss company which is meant to administer all of the gold holdings is long liquidated is quite problematic.The Dubai entity was closed also? Are you sure?
Ok folks so here is the $1.25m Purchase Agreement document that Peter Schiff signed on behalf of EPB for sale of assets to Qenta et al.
https://9fraud.com/wp-content/uploads/1prW0BInnbzKVUZ1ognhb0CD1YeUNTMUF.pdf
Note that the buying parties are Qenta Inc, G Commerce DMCC and Responsible Gold Trading DMCC (last two both of Dubai). G Commerce license however expired back in 13/10/2023 and is awaiting termination and Responsible Gold Trading DMCC license expires in a few days from now.
After G-Mint Sarl went under and G-Commerce Sarl also went under I wonder if Qenta Inc is ok?
Anyone want to shine some clarity or correction on the situation above? Agreement says......
---- quote start
Cash and Cash Equivalents:
To be transferred to Purchasers or their designated Affiliate upon their release by Seller’s correspondent banks including but not limited to Novo Banco, S.A.
---- quote end
So where were the opt-in assets transferred too?
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