Well, to be fair EPB had a good reputation for years. The only issue people raised was actually a "pain in the a*s" KYC and AML procedures.
True, thats why I said "for years" not recently. And yeah if those press stories would have reached me before the bank suspension I would have probably run too.It didn't after press story. That's when a lot of clients withdrew their money as PS said. Basically a bank run happened. Those clients would be celebrating they got out early and are not in this circus.
Sorry but I don't care who the bank is whether its Credit Suisse, SVB, Satabank etc when the negative press or rumors hit (and you have money there you care about) you take your money and run and ask questions later.
What's the point. The bank is no longer operating. The receiver and OCIF independently verified that as of fall of 2022 the bank had $2-$3 million in excess cash then what was owed to depositors. That Consent Order is a pubic document.It's great you have them but im talking about publishing the financials so clients could see them and make an informed decision.
Why would this not be fair for you? Customers have lost access to their lifesavings and are unable to pay for daily necessities. You on the other hand is living well, taking multiple expensive vacations every year, buying expensive properties and yachts. And as you say, funds at Qenta and under receiver are safe, so under my proposal, the customers get their money back soon / immediately, and you just have to wait a little bit longer to get yours back.That is certainly not fair to me. I already lost over $10 million in cash that I put into the bank. I never took one penny out. I also didn't do anything wrong, and neither did any employee of the bank. So I'm not coming out of pocket another $65 million or so. OCFI, the IRS, the other J5 tax Chiefs, and a few "journalists" are 100% responsible for this situation. So either you guys sue them, or wait for your money. My lawyer is looking into possibly organizing a class action lawsuit on behalf of customers. I also want to get greater clarity into the Qenta situation. I am still waiting to hear from them and the receiver on that. If there is a problem there, than a lawsuit for damages is more viable.
The vast majority of customers do not have their life savings in the bank. That may be true for some, but I'd say maybe 1%. For most people the accounts represent a small part of their net worths. I lost $10 million cash that I put into the bank as capital. Far more than any customer, and I will never get that money back. That $10 million was a larger part of my net worth than al EPB account is for the typical customer. Losing another $65 million would be an even larger percentage. Plus, I don't keep $65 million in cash. I only keep a few million. I invest my money. I'm not gong to hold cash and allow inflation to destroy its value. So I would have to sell a lot of investments to raise the $65 million. What happens if by the time I get the money from the bank the investments i sold double in price? Than I'm out $130 million. Customers will just have to wait. That is unfortunate, but I don't see any other alternative. You guys can complain, hire a lawyer, do other things to speed up the process, but expecting me to personally send out thousands of wires is not a viable solution.Why would this not be fair for you? Customers have lost access to their lifesavings and are unable to pay for daily necessities. You on the other hand is living well, taking multiple expensive vacations every year, buying expensive properties and yachts. And as you say, funds at Qenta and under receiver are safe, so under my proposal, the customers get their money back soon / immediately, and you just have to wait a little bit longer to get yours back.
Point taken. Understood.The vast majority of customers do not have their life savings in the bank. That may be true for some, but I'd say maybe 1%. For most people the accounts represent a small part of their net worths. I lost $10 million cash that I put into the bank as capital. Far more than any customer, and I will never get that money back. That $10 million was a larger part of my net worth than al EPB account is for the typical customer. Losing another $65 million would be an even larger percentage. Plus, I don't keep $65 million in cash. I only keep a few million. I invest my money. I'm not gong to hold cash and allow inflation to destroy its value. So I would have to sell a lot of investments to raise the $65 million. What happens if by the time I get the money from the bank the investments i sold double in price? Than I'm out $130 million. Customers will just have to wait. That is unfortunate, but I don't see any other alternative. You guys can complain, hire a lawyer, do other things to speed up the process, but expecting me to personally send out thousands of wires is not a viable solution.
The vast majority of customers do not have their life savings in the bank.
What's the point. The bank is no longer operating. The receiver and OCIF independently verified that as of fall of 2022 the bank had $2-$3 million in excess cash then what was owed to depositors. That Consent Order is a pubic document.
I wish I could believe, but I cannot .Good news. I heard back from the COE of Qenta. He assures me the rumors are not true. All customer funds are with Qenta now, and should all be allocated to customers beginning within 30 days of getting the green light from the receiver. The process could take a few weeks to compete, but all customers will have the option of leaving funds in their accounts, or withdrawing them to the financial institution of their choice.
That’s what I did with the money now stuck at Qenta, I had it invested in gold and silver at EPB and ordered it to sell this once the liquidation started so I could opt-out and collect the cash. But later I learned that I was an opt-in client, how can? And now I lost almost 3 years of profit in nominal terms and a big part of purchasing power stored in it.I invest my money. I'm not gong to hold cash and allow inflation to destroy its value.
That's unfortunate to hear. I hope you get that money back soon. If possible, try to find a way to put some pressure on OCIF and the receiver.I have 99% of my life savings in the bank.
In 2022 I was semi-retired and my wife wasn't working. Now I'm working 12 hours a day, and my wife is working 2 jobs, also 12 hours a day.
I thought depositing all my savings in a full reserve bank was a safe bet.
If I don't get that money I will be working until the day that I die.
Total nonsense from Schiff (and he knows it, as Peter is a smart guy): There wasn’t a single customer who didn’t have 'other accounts they could send the money to.' Does he really think there was even a single EPB customer who only had an account with EPB in PR when all of them were non-PR domiciled?The opt in option was for people who had no other accounts they could send the money to, and to make sure the Puerto Rican government did not take it. Their proposal was that any money that was not withdraw within 90 days would go to the Puerto Rico government. I did not want that to happen.
That is incorrect (and Peter knows it too!): The purchase and assumption agreement dated September 30, 2022, between EPB (seller) and Qenta (buyer) states that Qenta took over opt-in customers (and schiff was paid USD 1.25mll), with no guarantee of protection for them. Section 7.1(b) clearly states that "purchasers shall indemnify and hold harmless seller and sole shareholder from and against any and all losses which such person may suffer… relating in any such case to the assets or the liabilities assumed by purchasers at closing."You need to remember that according to the deal all OPt in funds were to transfer immediately to segragated individual accounts of customers. But since Novo held up the money, the funds that Qetna ended up getting were held by Qetna until all funds where recovered, so that Opt in customers were not put above Opt Outs. They wanted to treat everyone equally. So it was never the plan that customer funds be commingled with Qenta funds. This was all the fault of the IRS/J5 media campaign to falsely take credit for closing the bank for money laundering and tax evasion.
Alpinist: Schiff is very active in this forum and will just avoid responding to your requests for documentation regarding the sudden "Brent de Jong, CEO of Qenta email telling me everything is fine".I wish I could believe, but I cannot .
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