Why would we need to pay FDIC premiums, and incur other costs, all of which would beed to be passed on to customers, if we didn't make any loans? If the bank was in Florida we would have been forced to make loans to earn enough income to cover the added costs. That's not what the bank's customers wanted. If they wanted FDIC insured accounts in Florida, there were plenty of banks in Florida to choose from.
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Euro Pacific bank is a scam
- Thread starter sonato
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Are we playing the blame game again? If we are then I don't believe it was appropriate for OCIF to block the re-capitalization or the sale or the liquidation by PS of the bank.
The only ones OCIF managed to punish was the customers who should not be blamed for a bank being under capitalized.
If every bank that has been under capitalized at any time would be liquidated then we would not have banks. So I don't agree with the idea that liquidation was the only or the correct course of action.
Well things were not done right which is why competent management is important.
If people want to use banks that are under capitalized that is on them. There are two sides to any story and we have heard only PS side on here. Keep that in mind.
Most of the stuff was done right. My guess is that my bank got a lot more right than most other offshore banks in Puerto Rico that were not shut down. Had OCIF audited us two years earlier as we requested, we would have raised the extra capital much sooner, prior to the bad publicity coming out.
Also, the bank complied with everything OCIF asked us to do. The OCIF Commissioner had already decided to approve the sale to Qenta and told me that no additional capital was necessary prior to the completion of the sale. Yet I added $2 million anyway. But for the interference of the IRS the sale would have gone through, and not a single customer would have been inconvenienced. Don't you get that yet. The bank was not shut down because it did something wrong. It was shut down purely as a PR stunt for the J5. The Commissioner had to make up an excuse to justify helping the IRS. But even the bank needed to be shut down, there was no reason to do it using a receiver. There are many examples of insolvent banks being allowed to self-liquidate. My bank was not even insolvent. There were no loans to work out. All the deposits were just sitting in cash. Had the Commissioner just rejected the sale in private on June 30th, and allowed me to liquidate the bank myself, everyone would have received all their money in July of 2022.
This press conference is the reason the bank is in receivership. it was all part of a publicity stunt to frame the bank for tax evasion and money laundering to validate the J5 investigation and allow the J5 to take credit for getting the bank shut down.
why are you repeating your same story again and again here PS? Isn't it fair to at least try to answer honestly the questions posted here and reflect on what you did wrong in the past??
What's the point of reflecting on what he MAYBE did wrong in the past? Why are we asking the same things again and again, instead of thinking about a class action and get our funds back? WAKE UP!
But the most important core one related to capitalization was not done right. You were Chairman of the bank and chaired the general meetings of the bank did you not? Does the bank accept some responsibility for the situation in not getting stuff done right? You cannot blame being under-capitalized and not meeting regulatory requirements on other parties. This was a bank management competence issue.
P.S In any case I cant see the liquidation going beyond this year and people who opted-out should be able to get their money back and learn from this saga.
Because people are accusing PS of the same nonsense over and over again and suggesting a class action lawsuit against him despite him loosing tens of millions of dollars. Maybe that is why.
In a fractional reserve system a bank that is not under capitalized is a fairy tale. Choice is an illusion. Everything is based on semantics and ad hoc definitions.
The other side has spoken by doing the actions they have taken and then abandoning and ignoring everyone when things turned from bad to worst. When the IRS had a beef with EPB they orchestrated one of the largest international mass media campaigns against EPB they have ever been involved with. When that media smear campaign gave Novo banco the excuse to freeze EPB's assets did the IRS do anything to help the people they unfairly attacked? Did they put pressure on Novo? No. But if they find a single tax dodger in all of America who had an account at EPB they publish that immediately. Success, success they found one person in five years who might have done somethings shady. Yaay. Jolly well done,
They are not accountable to anyone and care for no one. Not for the businesses they have destroyed nor the lives they have ruined. No excuse will bring the dead back to life.
I didn't do anything wrong. That's the point. Also my personal role at the bank was a director. That's it. I was on the board. I was neither an employee nor an officer. I did not draw any salary. But as a shareholder I provided financial support to the bank when it started to lose money in 2020. I don't know why you can't accept the fact that it was the government officials that were the bad actors, not bank employees. Did OCIF find we did a few things wrong in our first audit? Yes, but so what. I owed a FINRA registered broker dealer for 25 years. We got audited about 10 times. There was not one of those audits where FIRNA did not find that we did something wrong. I'm pretty sure we were fined every time. But the BD was never shut down or even suspended. We just fixed whatever it was they said we did wrong. The same thing happens to every BD. No one can be perfect, especially with all the rules and the subjective way regulators enforce them. Plus they want to fine you as that's the source of their revenue. So its a conflict of interest.
bla bla bla.... everybody's complaining but nobody's taking real actions. Do you wanna try and solve this problem or is it better spending your time here without having your money back? Who's interested in filing a class action? 138 pages of almost useless posts and we still don't know what to do to get our money back. Are you gonna continue this way?
I have experience with owning regulated companies and how it's almost impossible to have an audit without getting written up or fined for something.
We don't. Every BD has the same issue. Open one yourself and let me know how you do on your first audit.
Ok. But why there are so many posts here then? How much money is still missing?
unanswered!
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