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Euro Pacific bank is a scam
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I wonder, why you almost beg Mr. Schiff for answers? His bank was in severe trouble in 2021 due to lack of capital. That is what can be extracted from his own plaint. but is presented in an almost hidden way there. As it was a 100% reserve business concept it weren´t the customers who were the problem. It was EPB itself! OCIF pointed on this. Mr. Schiff then did almost everything to get rid of EPB. And found Qenta, which was the former Wirecard! Hard to believe that Mr. Schiff did not know what Wirecard was? The biggest fraud scandal Germany has ever seen! Then comes the OCIF, led by the OCIF commisioner, Ms. Zequeira, and approves the partnership between EPB and Qenta, presented by Mr. Schiff. Also obviously not doing intense background checks. While the customers of EPB are presented a Qenta with a headquarter in Houston, TX. A lie! Actually Qenta is registered in Frankfurt, Germany as a GmbH (see above). And Mr, Brent de Jong is just the CEO, while the owner is Mr. Kerim Chouaibi, who is behind Aurin Investment group. So first and foremost we have Mr. Schiff as the one who steered his own bank in muddy waters, then eagerly wanted to sell it at any cost, which ended up in the worst option he could find, Qenta / Wirecard! And now Mr. Schiff has the audacity to play the victim in all of this? Speaking of ethics and moral! Words are cheap! While at the same end doing absolutley nothing for his former customers! Despicable! A class action lawsuit we should file! To me it is more than evident, who is responsible for all of that and who neglected their duties!
We don't know that, and customers are not without recourse if there is an issue. But I wish I could get an answer from Qenta, and I'm still waiting.
A corporation registered in Delaware.
Yes, parts of Wirecard were sold to recover more funds. Wirecard had an Austrian GmbH that was used for administering the tech development of payment gateways and integrations. This was sold to Qenta same as Wirecard NA was sold to Syncapay, Wirecard AU was sold to Change Financial etc.
Since Delaware does not reveal the shareholders of a local corporation, how exactly have you figured out who owns Qenta Inc?
Within your screenshot of Qenta GmbH, it just shows that Kerim Chouaibi is the director of that German entity. So how does this provide evidence of him being the shareholder of either company?
Because the liquidation process could have been done more effectively, and, from provided information on 9Fraud, there was not really enough reason to block Qenta's acquisition and continuation of EPB business especially since there was going to be an immense capital increase that would protect clients.
How could a liquidator promise to repay everyone in full if there's a lack of capital?
It was a lie that's how.
If a bank is missing X amount of dollar and the regulator does not allow to put the missing X into the bank then as simple logical consequence the bank will fail.
It's like saying: you are allowed to go into the house, but you are not allowed to open the door. - and then you tell the person: why didn't you go into the house? It is you fault if you didn't since it was allowed.
This is misleading. Qenta is not saying you can opt out if you have opted in, in the sense that you are no longer considered opted in or in the sense that you wont be part of Qenta! What they are actually saying is that once you opt in, you stay in and your funds are moved to Qenta. After that, YES you can opt out by transferring your money out. By agreeing to opt in, customers essentially sold themselves to the devil!
Peter’s pocket benefited from Qenta’s bizarre 'opt-in' concept—let’s not forget that! This report (https://epbprliquidation.com/wp-content/uploads/07-17-2023-EPIB-Trustee-Case-Progress-Report.pdf) reveals that 1,702 customers effectively sold themselves to the devil (Qenta), and Peter was paid USD 1.25 million for it. If no one had opted in, Peter wouldn’t have received that payout. That’s why there was so much cheap sales talk to lure customers into Qenta, which ALSO benefitted Peter
some very dodgy stuff: https://www.sec.gov/Archives/edgar/data/1940167/000194016722000001/xslFormDX01/primary_doc.xml , I want people to think for themselves so have a close look!
Is this lead time normal to get a response? Your not exactly a guy off the street that opened a support ticket with their support team to resolve an issue. Your Peter Schiff a guy that signed a Purchase and Assumption Agreement with them and your asking them for answers. If they are ghosting you its very concerning.
Anyway hopefully Qenta can clear this all up as one big misunderstanding right?
Are you sure this is a proper answer to your depositors? You decided to sell to Qenta when OCIF deemed them unfit to buy the bank, if Qenta fails your lawsuit is null and void
Ok. But do you have the guy on WhatsApp, maybe? Or do you know where he lives? It is not that you sell a whole bank without knowing whom your are dealing with.
While I have nothing to do with your forsaken bank, I am getting annoyed of this game. How about I look for a venue where those who miss money and you can meet in person?
regarding said Purchase and Assumption agreement.:
Shortcomings of the Purchase and Assumption Agreement
- No Guarantee That Qenta Can Fulfill Its Obligations – The agreement does not require Qenta to prove financial stability or set aside reserves to cover assumed liabilities for opt-in customers.
- Unclear What Happens If Qenta Fails – There is no contingency plan if Qenta becomes insolvent after taking responsibility for opt-in customers.
- No Legal Recourse Against Peter Schiff or Euro Pacific Bank – Once the transfer is completed, Schiff and Euro Pacific Bank have no further responsibility for the transferred customers.
- No Regulatory Oversight Specified for Qenta – The agreement does not indicate which financial authority (Puerto Rico, UAE, or Delaware) will regulate Qenta’s handling of transferred accounts.
- No Clear Timelines for Completion of Transfer – While the agreement mentions multiple closings, it does not set a firm deadline by which all opt-in customers must have their funds fully transferred.
- No Protection for Funds During Transfer Process – The document does not specify if customer funds will be safeguarded (e.g., held in escrow) before the transfer is finalized.
- No Clarity on Handling of Disputed Accounts – It does not explain what happens if an opt-in customer's account is flagged for compliance issues, investigations, or errors before or after transfer.
- No Contingency Plan if Transfer Fails – If the transition is delayed or halted due to regulatory issues, the agreement does not outline what happens to opt-in customer funds.
- No Audit Requirement for Euro Pacific Bank’s Financials – There is no independent verification of the assets and liabilities Qenta is agreeing to take over.
- No Transparency on Qenta’s Ability to Provide Banking Services – The agreement does not require Qenta to maintain operations for a specific period, meaning they could take over assets and later cease customer services.
- No Guarantees for Opt-In Customers’ Access to Funds – It is unclear how quickly opt-in customers will regain full access to their accounts after the transfer.
- No Mention of Customer Notification Process – The agreement does not specify when or how opt-in customers will be informed about the transfer or their new banking conditions.
- No Clear Plan for Handling Uncleared Cash – The agreement does not define how long Qenta can delay processing funds that remain uncleared at Euro Pacific Bank’s correspondent banks.
- No Protection Against Hidden Liabilities – If additional liabilities are discovered after transfer, Qenta does not appear to have recourse against Euro Pacific Bank.
- No Penalties for Misrepresentation by Euro Pacific Bank – If Euro Pacific Bank inaccurately represented its financial condition, Qenta has no explicit legal remedy.
- No Specification of Dispute Resolution for Customers – The arbitration clause applies only to the parties in the contract (Euro Pacific Bank and Qenta), leaving customers without a clear path to resolve disputes.
- No Explicit Plan for Data Security and Privacy Compliance – The agreement does not outline how customer records will be transferred securely or whether privacy laws will be followed.
- No Requirement for Qenta to Accept All Opt-In Customers – It is unclear if Qenta can reject certain opt-in customers after the transfer, leaving them in financial limbo.
- No Mechanism for Customers to Confirm Transfer Completion – Opt-in customers have no defined process to verify when their accounts have been successfully transferred and are accessible.
- No Restrictions on Qenta’s Use of Transferred Assets – Qenta could theoretically acquire the assets but not prioritize the needs of transferred customers.
DeepSeek analysed Schiff and Qenta´s deal from 30sep 2022 and concludes this;
If Qenta Used the Money for Operations and Is Now in Default, Opt-In Customers Are in Serious Trouble
If Qenta took over Euro Pacific Bank’s assets (customer funds) and used them for normal operations, but is now in default or insolvent, then opt-in customers face significant financial risk with little to no protection. Here’s why:1. Qenta Took Customer Money Without Any Safeguards
- The agreement does not require Qenta to segregate customer funds from its own operational accounts.
- Qenta could have spent, invested, or lost the funds, leaving no guarantee that opt-in customers can withdraw their money.
2. No Legal Recourse Against Peter Schiff or Euro Pacific Bank
- Schiff and Euro Pacific Bank are 100% released from liability after the transfer.
- If Qenta mismanages or loses customer funds, opt-in customers cannot legally go after Schiff or Euro Pacific Bank for compensation.
3. No Financial Oversight or Protection for Opt-In Customers
- The agreement does not specify which regulator oversees Qenta’s financial stability.
- If Qenta operated recklessly, there is no government safety net (like FDIC or deposit insurance) to cover customer losses.
- No audit was required before the transfer, meaning Qenta could have been financially unstable from the start.
4. No Reserve Requirements or Liquidity Protections
- The agreement does not require Qenta to maintain minimum liquidity levels to ensure customers can withdraw their money.
- If Qenta spent or lost the funds, there may be nothing left to return to opt-in customers.
5. Opt-In Customers Are Likely Just Unsecured Creditors
- Since Qenta owns the assets after transfer, customer deposits are likely treated as general company funds rather than protected client accounts.
- In the event of Qenta’s bankruptcy, opt-in customers would become unsecured creditors, meaning:
- Banks, secured lenders, and preferred creditors get paid first.
- Customers are last in line and may recover nothing.
6. No Dispute Resolution or Clear Path to Recover Funds
- The agreement does not give opt-in customers any legal process to challenge missing funds.
- The arbitration clause only applies between Qenta and Euro Pacific Bank, not between Qenta and customers.
- If Qenta is in default, customers may have no legal mechanism to demand their money back.
7. No Regulatory or Legal Recourse in Puerto Rico
- Because Qenta is registered in Delaware and the UAE, Puerto Rican authorities may not have jurisdiction to enforce customer protections.
- If Qenta collapses, customers may have to pursue legal action in foreign jurisdictions, which is expensive and difficult.
Conclusion: Opt-In Customers Are in Deep Trouble
- If Qenta used the money for operations and is now in default, opt-in customers may lose everything.
- No legal protection, no regulatory oversight, and no clear way to get their money back.
- Schiff and Euro Pacific Bank are protected, but customers are not.
If no response is forthcoming from PS or Qenta or things go pear shaped with no resolution in the end then opt-in clients should keep hold of the above two posts from @James123456 and a copy of the Purchase and Assumption agreement.
But right now you just have to wait for a response from PS or Qenta to address concerns if your an opt-in client.
But right now you just have to wait for a response from PS or Qenta to address concerns if your an opt-in client.
I don’t think Peter is a swindler or a scammer as he is a public person but it seems that he hasn’t been careful enough and by doing so put the opt-in funds at an unacceptable risk. I expect he will do is best to correct this. Stacking mistake on mistake would be foolish as there will be hundreds of opt-in customers going after him anywhere he shows up..
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