Euro Pacific bank is a scam

#2,501
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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 When the bad press came out about 200 million was withdrawn in under a year.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.
 
#2,504
Pschiff said:
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.
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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?
 
#2,505
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.
 
#2,506
Pschiff said:
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.
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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…
 
#2,507
Pschiff said:
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.
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@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?
 
#2,508

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?

Pschiff said:
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.
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#2,509
against the wind said:
@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?
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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.
 
#2,510
Pschiff said:
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.
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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?
 
#2,511
Radko said:
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?
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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.
 
Reactions: feelfunk
#2,512
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)
 
Reactions: Marie Manila
#2,514
Radko said:
If Qenta used some of the funds to finance its own operating losses, wouldn't that be illegal?
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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.
 
Reactions: Marie Manila
#2,516
Radko said:
It would be criminal if Qenta spent customer's funds, that's called stealing!
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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.
 
Reactions: Marie Manila
#2,517
Radko said:
If Qenta used some of the funds to finance its own operating losses, wouldn't that be illegal?
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Read what I wrote below on Jan 22.


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.

Pschiff said:
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.
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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.
 
Reactions: Marie Manila, feelfunk and binlorden
#2,518
 
Reactions: feelfunk and binlorden
#2,519

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.
 
#2,520

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.
 
Reactions: Vqn
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