Euro Pacific bank is a scam

[Pschiff]

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.

The alarm Marin sounded was false. Nothing bad was happening at the bank. It was going well, and would have gotten even better had the IRS/J5 not destroyed it. The bank did not need FDIC insurance. When the bad press came out about 200 million was withdrawn in under a year. That was 75% of the bank's deposits. NO FDIC insured bank could have survived a run like that. But my bank did. When will you understand it was all a frame up by the IRS/J5 with OCIF's help. They needed to pretend the bank was facilitating money laundering and tax evasion so they could take credit for shutting it down.

 

[Pschiff]

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.

I have no idea what you are talking about. I can't possibly incriminate myself as I did nothing wrong. The criminals work for the government.

 

[spiderman]

They agreed to pay 1.25 million for the assets of the bank. They paid $500K up front. I have been informed by Qenta that they will not pay the balance, as they claim the delay in the liquidation cost them more than that in extra expenses.

How is that possible? They earn interest by just sitting on the funds.

 

[Vqn]

They agreed to pay 1.25 million for the assets of the bank. They paid $500K up front. I have been informed by Qenta that they will not pay the balance, as they claim the delay in the liquidation cost them more than that in extra expenses.

Tha reciever told us early october 2024 that the liquidation would begin within coming weeks. It’s now almost 4 months ago and nothing has happened.
Could this dispute be the reason for the delay and the recent rumors?

 

[EPBVictim01]

The reason that I am suing personally is that the bank released OCIF from liability. So the bank can't sue. Only I am allowed to sue, and only for my personal losses. OCIF is trying to use that release to have my lawsuit dismissed. I am not really suing over the money. I am suing to get the truth to come out. I think customers have an excellent lawsuit. I really wish they would file one.

The problem is most of the customers are completely broke and don’t have even money for a lawsuit, if you offer to support us financially I’m sure many would be part of the lawsuit.

 

[EPBVictim01]

I have no idea what you are talking about. I can't possibly incriminate myself as I did nothing wrong. The criminals work for the government.

That’s why I said „if“ because everybody is saying something else admin really got confused and frustrated…. Some are blaming you, some are blaming Quenta, some are blaming the OCIF and receiver….

It’s just frustratin that nobody talks to us…

 

[against the wind]

I have not been on the site in a few weeks, so I missed all of the new post. I have sent a few emails to Qetna to try to look into these rumors. So far I have not received an answer, which is concerning.

@PS sorry but it is difficult to believe that suddenly you do not have contact anymore with Qenta,
or even doesn't now if they are still operating, doing biz. Are they a scam and took the money and run?

 

[Martin Everson]

Qenta got all the gold that was stored in Silver Bullion (We had to move it from Perth) plus all the U.S. dollars that were in the bank's IB account. We moved them there when the bank lost its Fed account. That was the result of the bad publicity following the illegal leak of the Atlantis Investigation, that ultimately exonerated the bank.

So has Qenta returned the opt-out portion of funds to the receiver yet or is what you said [see below] true on that front also?

Do you also know how much of the opt-out client assets were sent to Qenta?

I get very little irnformation for either the receiver or Qenta. I have tried, but to no success. That in and of itself is disturbing.

 

[Pschiff]

@PS sorry but it is difficult to believe that suddenly you do not have contact anymore with Qenta,
or even doesn't now if they are still operating, doing biz. Are they a scam and took the money and run?

No I still have contact in that I can email them. That's the only contact I've had. It just that they have not answered my questions related to the concerns that have been expressed on this board.

 

[Radko]

No I still have contact in that I can email them. That's the only contact I've had. It just that they have not answered my questions related to the concerns that have been expressed on this board.

Hi Peter,

Is there a chance that Qenta won't return opt-in customer's funds?

I assume the funds must be segregated and therefore protected?

 

[Pschiff]

Hi Peter,

Is there a chance that Qenta won't return opt-in customer's funds?

I assume the funds must be segregated and therefore protected?

I don't know if they are segregated. When I agreed to the sale of the asset to Qenta, the funds were going to go directly into customer's accounts, which would have been segregated. But the transfers got held up, first by Novo Bank (due to 8-month Portugese Govt. freeze), then by the receiver. So in the interim I think Qenta just held the funds in its own account, waiting for al the funds to be released so as not to favor Opt in over Opt out customers. The rumors seem to be that Qenta used some of those funds to finance it own operating losses, and may not now be in a position to return those funds to former bank customers. I have no idea if that is true, and I have been trying to find out. Thus far I have no information to confirm or deny this. As of now, I am as much in the dark as any of you.

 

[Wotduaino]

https://www.fondsprofessionell.at/n...-geht-an-frankfurter-investment-firma-201015/
Translation:
Wirecard CEE goes to Frankfurt investment firm
Wirecard CEE, the Austrian subsidiary of the insolvent payment processor Wirecard, is likely to be sold to the private equity house Aurin Investment Group GmbH based in Frankfurt/Main. Creditors are likely to receive back claims amounting to around five million euros.

A best bidder has been found for the insolvent Austrian payment processor Wirecard CEE. The insolvency administrator Ulla Reisch has submitted a purchase agreement negotiated with Aurin Investment Group GmbH (Frankfurt/Main) for approval. Aurin intends to rename the company Qenta, according to the insolvency administrator.
Presumably five million euros in recognized liabilities
A positive aspect from the creditors' point of view is that it should be possible to cover most of the liabilities with the help of the purchase price achieved and the credit balances available when the insolvency proceedings were opened, report the experts from the Alpine Creditors' Association AKV. The creditors have so far registered around six million euros in insolvency claims. For the time being, claims amounting to around 3.6 million euros have been recognized, whereby the expected amount of liabilities to be recognized is likely to be around five million euros.
According to AKV, Wirecard CEE will continue to operate to a limited extent, with only 22 of the former 157 employees still employed. The Austrian part of the business will be sold in agreement with the German insolvency administrator.
One hundred percent subsidiary
Bankruptcy proceedings were opened for Wirecard Central Eastern Europe GmbH, based in 8020 Graz, on July 3, 2020. It is a wholly owned subsidiary of the German Wirecard Sales International Holding GmbH, which also went bankrupt in the summer following a multi-billion euro accounting fraud. (eml)

 

[Radko]

The rumors seem to be that Qenta used some of those funds to finance it own operating losses

If Qenta used some of the funds to finance its own operating losses, wouldn't that be illegal?

 

[Pschiff]

If Qenta used some of the funds to finance its own operating losses, wouldn't that be illegal?

I don't know. But it would not have been ethical and I certainly would not have approved of that. But it never would have happened but for the illegal deal made between the IRS and the OCIF Commissioner. A lawsuit against those guilty parties is your best recourse.

 

[Radko]

But it would not have been ethical and I certainly would not have approved of that

It would be criminal if Qenta spent customer's funds, that's called stealing!

 

[Pschiff]

It would be criminal if Qenta spent customer's funds, that's called stealing!

Not sure of the law, but if the funds are not there, customers are creditors and can demand repayment. If Qenta doesn't have the money, then it can be forced into bankruptcy, with its assets liquidated to repay creditors. I think bank customers would be unsecured creditors though. Again, I'm not sure. I have not researched it. But again, I have no information either way. Hopefully all the money is there, and these rumors have no basis in fact.

 

[Martin Everson]

If Qenta used some of the funds to finance its own operating losses, wouldn't that be illegal?

Read what I wrote below on Jan 22.

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.

If the below is true and it was just sent to their business account it confirms my hunch above. It is unlikely anything illegal was done by Qenta. The money was sent to them to do as they wish. Is it unethical whats happened well maybe if rumors are true. Hope for the best.

So in the interim I think Qenta just held the funds in its own account, waiting for al the funds to be released so as not to favor Opt in over Opt out customers.

P.S Qenta can easily clear this all up by giving a response to Peter or putting out a statement. Then peoples fears will be calmed. Them not communicating is of concern.

 

[Wotduaino]

I don't know. But it would not have been ethical and I certainly would not have approved of that. But it never would have happened but for the illegal deal made between the IRS and the OCIF Commissioner. A lawsuit against those guilty parties is your best reco

https://www.fondsprofessionell.at/n...-geht-an-frankfurter-investment-firma-201015/
Translation:
Wirecard CEE goes to Frankfurt investment firm
Wirecard CEE, the Austrian subsidiary of the insolvent payment processor Wirecard, is likely to be sold to the private equity house Aurin Investment Group GmbH based in Frankfurt/Main. Creditors are likely to receive back claims amounting to around five million euros.

A best bidder has been found for the insolvent Austrian payment processor Wirecard CEE. The insolvency administrator Ulla Reisch has submitted a purchase agreement negotiated with Aurin Investment Group GmbH (Frankfurt/Main) for approval. Aurin intends to rename the company Qenta, according to the insolvency administrator.
Presumably five million euros in recognized liabilities
A positive aspect from the creditors' point of view is that it should be possible to cover most of the liabilities with the help of the purchase price achieved and the credit balances available when the insolvency proceedings were opened, report the experts from the Alpine Creditors' Association AKV. The creditors have so far registered around six million euros in insolvency claims. For the time being, claims amounting to around 3.6 million euros have been recognized, whereby the expected amount of liabilities to be recognized is likely to be around five million euros.
According to AKV, Wirecard CEE will continue to operate to a limited extent, with only 22 of the former 157 employees still employed. The Austrian part of the business will be sold in agreement with the German insolvency administrator.
One hundred percent subsidiary
Bankruptcy proceedings were opened for Wirecard Central Eastern Europe GmbH, based in 8020 Graz, on July 3, 2020. It is a wholly owned subsidiary of the German Wirecard Sales International Holding GmbH, which also went bankrupt in the summer following a multi-billion euro accounting fraud. (eml)

So we have a spinoff of bancrupt Wirecard, being renamed Qenta. Its adress in the same road in Graz as Wirecard before! And we have Mr. Schiff agreeing to a deal with this remnant of an insolvency deal, while EPB having severe financial difficulties in 2021 already. Those difficulties were exposed by the OCIF and adressed. Mr. Schiff then makes various attempts to sell EPB which would make him profit most. They do not work! OCIF sticks to its position and calls for liquidation. Apart from many other things I wonder about: Why did OCIF agree to a deal with this company Qenta? Weren´t they as professionals aware were Qenta originally was coming from? While EPB had the audacity to portray Qenta as a solid enterprise, based in Houston,TX, for its opt-in customers!

 

[Radko]

Not sure of the law, but if the funds are not there, customers are creditors and can demand repayment. If Qenta doesn't have the money, then it can be forced into bankruptcy, with its assets liquidated to repay creditors. I think bank customers would be unsecured creditors though. Again, I'm not sure. I have not researched it. But again, I have no information either way. Hopefully all the money is there, and these rumors have no basis in fact.

Maybe you can try to contact some of the former employees of EPB that went to work for Qenta, see if they have any information that can clarify these rumors.

 

[Radko]

If the below is true and it was just sent to their business account it confirms my hunch above. It is unlikely anything illegal was done by Qenta. The money was sent to them to do as they wish. Is it unethical whats happened well maybe if rumors are true. Hope for the best.

Qenta told opt-in customers the following:

"If you want to become a Qenta customer, you have to download the Qenta App and register. If you don't want to become a Qenta customer, don't download the app, don't register."

I'm pretty sure that the majority of opt-in customers have not registered with Qenta, so their funds don't technically belong to Qenta.

Those that have downloaded the Qenta App, and have registered, agreed to have their funds converted to Gold.

Anything different than this, would be considered illegal.