Euro Pacific bank is a scam

[EPBVictim01]

He might have also disappeared on advice of his lawyer as he is in the middle of a lawsuit he brought. And no doubt people would end up asking him stuff he cannot speak on or will incriminate himself.

Looking at his past posts I think he has said enough stuff that will not be helpful to his case.

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.

 

[SCHLOSSFINANZ]

Ok I see. Thats not good.

Does anyone know what the below $1.25m from Qenta was paying for?

I guess the client book?

 

[john8899]

My question is who is legally responsible if things go south? Is the liquidator responsible for the liquidation or somebody else?

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.

Also what if the opt out bank went down and not Quenta? Would we blame the opt outs for making a bad decision? What if both Quenta and the opt out bank went down? Then we all made bad decisions. Not the liquidator mind you, for loosing the money, but the opt ins for choosing opt in and the opt outs for choosing opt out...

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.

 

[danielboros]

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?

 

[Martin Everson]

I guess the client book?

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.

 

[danielboros]

https://europacbank.com/support/commencement-of-liquidation-20220829/

Once your funds are transferred, they will be immediately available to spend or withdraw. If the acquiring financial institution does not meet your needs, you can transfer your balance to an alternative financial institution.

Migration Opt Out​

If you prefer, you may have your deposits wired to an alternative financial institution of your choosing. To initiate this process, you must log into eBanking and request an outgoing wire transfer to an account with the same beneficial ownership as your Euro Pacific account.

You have thirty (30) days from the date of this notice to complete the outgoing wire request for processing.

https://europacbank.com/support/qenta-welcome-letter/

If Qenta is not meeting your needs, you can transfer your funds to another organization at any time and through the usual means.

 

[MikeDem]

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

 

[ATNTESTING]

One thing is not clear to me, for Opt-ins, it was mentioned here some weeks ago that Quenta was sending out letters to start the process, is it true/still going on? I have received nothing so far.

tks

Same here. They chose OPT IN for me although I wanted OPT OUT and they've never contacted me.

 

[Sardinha]

There were no terms. If you didn't make a transaction to your local bank of everything you owned you became an opt in.

Opt in was the default. They said if you opt in you can take everything out on day one; so assuming everything went according to plan there was no point to an opt out and have you risk your money be stuck in transaction limbo.

If I opted out I would have lost thousands of dollars, because everything I had was in gold.
That's assuming we haven't lost everything already.

I'm on the same situation as you.
All my assets on EPB was in Gold and they said Opt-In would be able to access their assets on day one. It made me believe the opt-in was the safer option.