Euro Pacific bank is a scam

[Pschiff]

Qenta setting up accounts for Opt-in customers" is meaningless—nowhere in the September 2022 agreements is fund segregation mentioned. This omission was convenient. Let’s be real: Qenta wouldn’t have paid $1.25M if Schiff/EPB had properly demanded segregation in writing.

Another likely lie: Section 2.1 of the September 30, 2022 agreement states that $1.25M was due as:

1. $500K paid immediately after G-Commerce’s Letter of Intent.
2. $750K payable within 15 business days after closing.

Does anyone actually believe that in 2025, the $750K—supposedly due in October 2022—is suddenly the real issue now for the liquidation?

At the time it was signed there was no reason to believe the funds would not go directly into individual accounts. The funds were going to be available for customers to withdraw on demand.

 

[Pschiff]

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.

Correct, about $200 million was withdrawn, about 70% of deposits. The bank had no problem with this "run" as it was a 100% reserve bank. But that meant fee based revenues went down,. but costs remained the same, mainly due to compliance costs. So the bank was losing a lot of money, which I was covering personally. So I had two options, sell the bank or close it down. I choose the former. The OCIF Commissioner originally supported that idea. But then the IRS interviewed on behalf of J5 and forced the latter.

 

[James123456]

Also borderline fraud The August 2022 welcome letter for Opt-in clients (1) never mentioned Qenta and (2) falsely claimed a "global financial services technology company headquartered in the U.S."—when in reality, G-Commerce, based in the Middle East, controlled the Opt-in clients - not a US entity! In best case very dishonest!

 

[James123456]

but of course opt-in clients were dumb as a rock accepting all this

 

[Vqn]

Schiff´s comment "Qenta was setting up accounts for each Opt in customer" is meaningless—nowhere in the September 2022 agreements is fund segregation mentioned. This omission was convenient. Let’s be real: Qenta wouldn’t have paid $1.25M if Schiff/EPB had properly demanded segregation in writing.

Another likely lie: Section 2.1 of the September 30, 2022 agreement states that $1.25M was due as:

1. $500K paid immediately after G-Commerce’s Letter of Intent.
2. $750K payable within 15 business days after closing.

Does anyone actually believe that in 2025, the $750K—supposedly due in October 2022—is suddenly the real issue now for the liquidation?

Is everything at this point not just guessing for on issues?

 

[Pschiff]

Is everything at this point not just guessing for on issues?

Qenta had already agreed to pay $17.5 million for the bank. So $1.25 million for all the bank's assets was not a good deal. The intent was not for Qenta to take ownership of the assets, but to allocate them to customers and hope they kept their accounts open. No on was forced to Opt in. That was the entire point of giving everyone 30 days to decided what they wanted to do. The default was opt in, as I wanted to close down the bank and did not want the unclaimed deposits being turned over to the Puerto Rican government, which was the option that OCIF initially proposed.

 

[Vqn]

Qenta had already agreed to pay $17.5 million for the bank. So $1.25 million for all the bank's assets was not a good deal. The intent was not for Qenta to take ownership of the assets, but to allocate them to customers and hope they kept their accounts open. No on was forced to Opt in. That was the entire point of giving everyone 30 days to decided what they wanted to do. The default was opt in, as I wanted to close down the bank and did not want the unclaimed deposits being turned over to the Puerto Rican government, which was the option that OCIF initially proposed.

So is the issue right now the dispute of 750.000 usd that Qenta has not paid to EPB?

 

[Pschiff]

So is the issue right now the dispute of 750.000 usd that Qenta has not paid to EPB?

No, that has nothing to do with returning customer funds. The issue will be dealt with later. The money is not even due until after the transaction closes, which won't happen until all customer funds are returned.

 

[danielboros]

@PS thanks for giving the information. If Qenta is in no trouble why do they not answer (our) email? Why do they not send out a general message?

Look at how people react to the messages of PS. At some point they will ignore you if everyone keeps bashing the person who is willing to respond.

but of course opt-in clients were dumb as a rock accepting all this

As of today I would have lost 45% of my deposit if I choose to opt out. Also as of today neither opt in nor opt outs have gotten anything so making any long term determination is pointless.

 

[Optout]

Look at how people react to the messages of PS. At some point they will ignore you if everyone keeps bashing the person who is willing to respond.


As of today I would have lost 45% of my deposit if I choose to opt out. Also as of today neither opt in nor opt outs have gotten anything so making any long term determination is pointless.

Help me to understand how opting out would result in you losing 45% of your deposit?

 

[ATNTESTING]

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.

"The opt in option was for people who had no other accounts they could send the money to" => I had a personal account (like most of OPT IN) and used to transfer money to myself multiple times for 2 years before the liquidation. My last transfer was obviously rejected when EBP started to stop its activity 3 years ago. To be honest, I still don't know who chose OPT IN for me!! It was clearly decided without my approval nor knowledge! Well, I accept to lose this money. I've been lucky these last 3 years and if everything okay, I'll be lucky again for 3 more years but please don't say OPT IN was for people who didn't have other account. THAT IS NOT TRUE. Of course, nobody at EPB was able to explain to me why I am OPT IN...

 

[Radko]

Of course, nobody at EPB was able to explain to me why I am OPT IN...

Are you sure you have become an opt-in customer?
The Receiver is aware of your intention to close the account.

 

[ATNTESTING]

Are you sure you have become an opt-in customer?
The Receiver is aware of your intention to close the account.

View attachment 8761

View attachment 8762

That's what EPB told me maybe 2 years ago... But who can 100% trust their communication??

 

[stalker]

That's what EPB told me maybe 2 years ago... But who can 100% trust their communication??

the same happened to me, the customer care 2 weeks ago told me that I should actually be considered an opt-out, and they don't know why my transfer wasn't processed. they told me to inform the liquidator of this fact, for now I haven't written to him yet. Furthermore, I have never signed anything with Qenta

 

[Mark2025]

So you've been talking about opt-in clients so far, but that about opt-out clients? When will they get their money back Peter?

 

[ATNTESTING]

So you've been talking about opt-in clients so far, but that about opt-out clients? When will they get their money back Pet

the same happened to me, the customer care 2 weeks ago told me that I should actually be considered an opt-out, and they don't know why my transfer wasn't processed. they told me to inform the liquidator of this fact, for now I haven't written to him yet. Furthermore, I have never signed anything with Qenta

Do you have the email of the customer care that you have contacted?

 

[stalker]

Do you have the email of the customer care that you have contacted?

indeed i have it.

 

[danielboros]

Help me to understand how opting out would result in you losing 45% of your deposit?

It was in gold. I suspected liquidation would take years given how hostile OCIF and the IRS was behaving towards us so even though I wanted to opt out I didn't want to risk keeping my money in dollars.

So is the issue right now the dispute of 750.000 usd that Qenta has not paid to EPB?

According to Lugo they want to change the agreement between them and Quenta, but Quenta is not willing to do that. My guess is that they want to move some people from being opt ins to opt outs as that seems to be a perfectly viable strategy to delay the process further. Just a guess really. Obviously Lugo did not say what they are doing or why, as usual.

 

[ATNTESTING]

Hello, this is an old email I have found. Not sure I understand. Am I OPT IN or OPT OUT?

 

[Pschiff]

So you've been talking about opt-in clients so far, but that about opt-out clients? When will they get their money back Peter?

I have no idea. I am not involved in the process. I've complained about it to the receiver and OCIF, but I can't really do anything about it. All I could do was file a lawsuit.