Euro Pacific bank is a scam

[Radko]

Unless you know exactly the reasons and who is at fault, if anyone, there's no way of doing anything that would result in a positive outcome.
It is an assumption at the moment that Novo Bank is the problem.
I would wait until the facts come out, eventually the facts always come out, always, in the meantime just pray that all deposits are somewhere safe.

 

[ATNTESTING]

Hello guys, just a short update on my case. I was pissed because they asked me to make another transfer. I assumed it was because of my negative balance. And they replied this to me:

The notice below are for clients who have a remaining (positive) balance on their cash account which should be included into their wire transfer request to fully opt out or in.
You do not have a (positive) balance on your cash account at this time and nothing further is required. Your wire transfer request will be processed as soon as we are able to proceed with executing the transfers

Well, finger crossed and hopefully see this issue fixed for all of us soon!

 

[OffshoreMonero]

Isn't this what happens to all of these liberal/freedom-oriented banks?

They work for a while and then get slammed down by one or more governments, and then the cycle begins anew.

A game of musical chairs.

 

[spartan7510]

Unless you know exactly the reasons and who is at fault, if anyone, there's no way of doing anything that would result in a positive outcome.
It is an assumption at the moment that Novo Bank is the problem.
I would wait until the facts come out, eventually the facts always come out, always, in the meantime just pray that all deposits are somewhere safe.

Which is exactly why you a lodge a complaint to relevant regularity and government bodies to shine a light on the matter in order to get transparency. Keeping quiet is going to help nothing… and things will continue as is with no end in sight.

If everyone started complaining to the OCIF about their appointed receiver, draws attention to the matter. No one likes to be in the spotlight...

 

[Radko]

Which is exactly why you a lodge a complaint to relevant regularity and government bodies to shine a light on the matter in order to get transparency. Keeping quiet is going to help nothing… and things will continue as is with no end in sight.

If everyone started complaining to the OCIF about their appointed receiver, draws attention to the matter. No one likes to be in the spotlight...

I understand the idea...

The fact is that you deposited your money at Europacific Bank, owned by Peter Schiff, so it's Peter Schiff the one that you have to complain to, legally he is responsible for returning the funds to the customers.
Peter Schiff and Europacific Bank can blame it on the appointed Receiver, they can blame it on the OCIF, blame it on the Custodian bank, blame it on the IRS having a personal vendetta against him, but legally you can only go after Peter Schiff and Europacific, all other Parties involved is just noise and excuses, same goes for Qenta, they are irrelevant, you deposited your money with Euro Pacific Bank, so Peter Schiff is legally responsible for EVERYTHING, so don't let them confuse you by blaming others (I used to blame my sisters for everything when I was a kid so my dad wouldn't punish me, but my dad wasn't easily fooled.)

 

[spartan7510]

I understand the idea...

The fact is that you deposited your money at Europacific Bank, owned by Peter Schiff, so it's Peter Schiff the one that you have to complain to, legally he is responsible for returning the funds to the customers.
Peter Schiff and Europacific Bank can blame it on the appointed Receiver, they can blame it on the OCIF, blame it on the Custodian bank, blame it on the IRS having a personal vendetta against him, but legally you can only go after Peter Schiff and Europacific, all other Parties involved is just noise and excuses, same goes for Qenta, they are irrelevant, you deposited your money with Euro Pacific Bank, so Peter Schiff is legally responsible for EVERYTHING, so don't let them confuse you by blaming others (I used to blame my sisters for everything when I was a kid so my dad wouldn't punish me, but my dad wasn't easily fooled.)

In the current procedure, He is no longer responsible if the bank is in liquidation as part of the settlement, the agreement was to close the bank and return customer deposits. Technically the bank no longer exists (liquidation) and all deposits are with OCIF and reciever. The liquidation and winding down of operations is owned and managed by the OCIF and their receiver.

What Peter Schiff is responsible for is to explain how they got into the position that the bank became so undercapitalized that the OCIF managed to hold the bank to this and close it. Peter Schiff lives in Puerto Rico, so should have had line of sight on ground view into daily operations rather than remote view. Also the financials published in the court document shows gross negligence in Bank management with under capitalization at 60% in 2021. How did it get to that? On banks landing page it states: A pioneer in bank safety. We are a full-reserve Bank. 100% Liquidity, 100% Deposit Ratio, Zero Loans

I have followed Peter Schiff since pre-2008 crash where he predicted the housing crash, he was spot on many times and had a lot of credibility which is why I used his bank. I do believe the IRS went after him and pressured the OCIF. Peters dad was really outspoken against the IRS and was imprisoned unjustly for this and actually died in prison, quite a tragic story if you followed this. I do hope Peter Schiff steps in to help resolve this, he mentioned in an earlier post he was going to get his lawyer involved to deal with the correspondent bank NOVO BANK in Portugal withholding the funds. That would certainly help install some trust back and credibility in Peter Schiff.

 

[Radko]

In the current procedure, He is no longer responsible if the bank is in liquidation as part of the settlement, the agreement was to close the bank and return customer deposits. Technically the bank no longer exists (liquidation) and all deposits are with OCIF and reciever. The liquidation and winding down of operations is owned and managed by the OCIF and their receiver.

What Peter Schiff is responsible for is to explain how they got into the position that the bank became so undercapitalized that the OCIF managed to hold the bank to this and close it. Peter Schiff lives in Puerto Rico, so should have had line of sight on ground view into daily operations rather than remote view. Also the financials published in the court document shows gross negligence in Bank management with under capitalization at 60% in 2021. How did it get to that? On banks landing page it states: A pioneer in bank safety. We are a full-reserve Bank. 100% Liquidity, 100% Deposit Ratio, Zero Loans

I have followed Peter Schiff since pre-2008 crash where he predicted the housing crash, he was spot on many times and had a lot of credibility which is why I used his bank. I do believe the IRS went after him and pressured the OCIF. Peters dad was really outspoken against the IRS and was imprisoned unjustly for this and actually died in prison, quite a tragic story if you followed this. I do hope Peter Schiff steps in to help resolve this, he mentioned in an earlier post he was going to get his lawyer involved to deal with the correspondent bank NOVO BANK in Portugal withholding the funds. That would certainly help install some trust back and credibility in Peter Schiff.

Thank you, I am aware of all that and that is exactly the truth.
But even if the OCIF has taken control of EPB, it's Peter Schiff the one that took customers money and the one responsible for everything that has happened, you don't leave your front door wide open when you go to buy groceries and then complain that someone has burglarized your home.
Peter Schiff completely ignored the regulator's requirements, he was told several times to get the bank in compliance, but he didn't, he ignored them for many, many months, eventually the Regulator got tired and closed the bank, now innocent customers are paying the price for Peter's negligence.

OCIF Commissioner Natalia Zequeria-Diaz said regarding Europacific Bank "no one is above the law" she definitely expressed feeling disrespected when she gave the press conference and spoke about closing EPB.

Peter Schiff is the only one responsible for all this, his reputation is on the line, and he has abandoned the problem and gone on holidays to Dubai, adding insults to injury.
"100% Liquidity, 100% Deposit Ratio, Full-Reserve Bank" almost 5 months with no end in sight and customers don't have access to their funds.

 

[spartan7510]

Thank you, I am aware of all that and that is exactly the truth.
But even if the OCIF has taken control of EPB, it's Peter Schiff the one that took customers money and the one responsible for everything that has happened, you don't leave your front door wide open when you go to buy groceries and then complain that someone has burglarized your home.
Peter Schiff completely ignored the regulator's requirements, he was told several times to get the bank in compliance, but he didn't, he ignored them for many, many months, eventually the Regulator got tired and closed the bank, now innocent customers are paying the price for Peter's negligence.

OCIF Commissioner Natalia Zequeria-Diaz said regarding Europacific Bank "no one is above the law" she definitely expressed feeling disrespected when she gave the press conference and spoke about closing EPB.

Peter Schiff is the only one responsible for all this, his reputation is on the line, and he has abandoned the problem and gone on holidays to Dubai, adding insults to injury.
"100% Liquidity, 100% Deposit Ratio, Full-Reserve Bank" almost 5 months with no end in sight and customers don't have access to their funds.

So again, the complaints for the management of process to return customers deposits need to be directed at the OCIF and thier appointed receiver. Holding Peter Schiff accountable and complaining to to him is going to achieve nothing..... He may and I sincerely hope he does, get his lawyer involved to deal with the mess at the correspondant bank - NOVO BANK.

 

[Radko]

So again, the complaints for the management of process to return customers deposits need to be directed at the OCIF and thier appointed receiver. Holding Peter Schiff accountable and complaining to to him is going to achieve nothing..... He may and I sincerely hope he does, get his lawyer involved to deal with the mess at the correspondant bank - NOVO BANK.

I see clients joining forces and filing a law suit against Peter Schiff for mismanaging the Bank and putting customer's deposits at risk by ignoring the Regulator's demands if he doesn't make the effort to solve the mess he has created.
Going after the OCIF, the Receiver, or the Custodian bank is Peter's responsibility.

 

[milhous]

does anybody know how many customers are involved en what the totaal amount is whick Euro Pacific has to pay to their customers?
If this information is known we, as customers, might join forces and create some power towards any party involved (we have to sort that out).

 

[Marie Manila]

Maybe a stupid question, but are JPY transfers are going through?
The correspondence bank for JPY is not Novo Banko. It is Mizuho Bank in Japan.

 

[Radko]

Maybe a stupid question, but are JPY transfers are going through?
The correspondence bank for JPY is not Novo Banko. It is Mizuho Bank in Japan.

That's not a stupid question, if anyone has been able to transfer funds in any currency, let us know so we can all exchange our money into that particular currency and get the heck out of there.
Qenta is literally useless, they have terminated the Mutual Funds, Company accounts are not welcome, and they can't even offer customers a stupid prepayed card, they don't offer any kind of investments other than buying useless Gold, I couldn't think of anything more terrible to put your money in than Gold, it doesn't even keep up with inflation, the opportunity cost of holding Gold is massive, if you want to have a bit of money in Gold as opposed to have it in Cash, then buy a few Gold coins and keep them well hidden at home, if you need emergency cash, you will always be able to sell that Gold, do not buy Gold in a Bank and leave it there stored as EPB and Qenta do, I guarantee you that you will not be able to touch that Gold whenever you need it..as it's happening right now!
Why is Qenta not allowing customers to sell and get their money from the Gold and Silver they have? Those Metals, supposedly, are no longer stored in Singapore, they are now stored in Dubai, but they don't let you touch it, it's all a scam, no wonder people have such a strong dislike for Bankers...
Of all the financial institutions Peter Schiff could have sold his failed Bank to, he chose Qenta, arguably the most useless EMI that I can think of, once again, they don't even have the ability to let customers have a stupid prepaid card. I presume no one else wanted to buy the bank.
If anyone has been able to transfer their funds in a particular currency, please let us know, I know of at least one customer that has already filed for bankruptcy and is facing lawsuits from his employees after not having been able to pay them for several months.

does anybody know how many customers are involved en what the totaal amount is whick Euro Pacific has to pay to their customers?
If this information is known we, as customers, might join forces and create some power towards any party involved (we have to sort that out).

I would happily join forces with other customers to go after Peter Schiff, he is the only one responsible for all this, he could've easily complied with the Regulator, or he could've closed the bank himself, but he ignored the Regulator, putting the customers at risk, he carried on charging fees, and went about trying to sell his failed Bank, in other words, he thought of himself and himself only, pure greediness!

And what I find most disgusting is that he hasn't even said "I'm sorry for my shameful conduct, I'm sorry for the stress and the pain I've caused to my customers." All that he has done is blame others, blame it on 60' Australia, blame it on the IRS, even his wife wrote in a tweet the other day "I can't believe the government can do this to the customers of EPB" the Government??? What a bunch of horseshit! It's your husband and no one else that is responsible for all this mess! Had he respected the Regulator, or had he just close the bank himself, as opposed to profiting from it while risking the customers funds, none of this would have ever happened.
And instead of getting on a plane and travel across the world to have some fun with his family in Dubai, he should have stopped in Portugal and gone directly to Novo Bank and find out what's going on!

I don't know who would ever trust Peter Schiff with their money, I'll make sure the New York Times and the L.A. Times find out exactly what he had done so every single person in the U.S. knows about Peter Schiff greediness and total disregard for his customers.

If anyone wants to complain to Peter Schiff, go to Twitter, he is always tweeting, so just send him a tweet every single day to remind him of the pain and misery he has caused to his customers.

 

[Martin Everson]

That's not a stupid question, if anyone has been able to transfer funds in any currency, let us know so we can all exchange our money into that particular currency and get the heck out of there.
Qenta is literally useless, they have terminated the Mutual Funds, Company accounts are not welcome, and they can't even offer customers a stupid prepayed card, they don't offer any kind of investments other than buying useless Gold, I couldn't think of anything more terrible to put your money in than Gold, it doesn't even keep up with inflation, the opportunity cost of holding Gold is massive, if you want to have a bit of money in Gold as opposed to have it in Cash, then buy a few Gold coins and keep them well hidden at home, if you need emergency cash, you will always be able to sell that Gold, do not buy Gold in a Bank and leave it there stored as EPB and Qenta do, I guarantee you that you will not be able to touch that Gold whenever you need it..as it's happening right now!
Why is Qenta not allowing customers to sell and get their money from the Gold and Silver they have? Those Metals, supposedly, are no longer stored in Singapore, they are now stored in Dubai, but they don't let you touch it, it's all a scam, no wonder people have such a strong dislike for Bankers...
Of all the financial institutions Peter Schiff could have sold his failed Bank to, he chose Qenta, arguably the most useless EMI that I can think of, once again, they don't even have the ability to let customers have a stupid prepaid card. I presume no one else wanted to buy the bank.
If anyone has been able to transfer their funds in a particular currency, please let us know, I know of at least one customer that has already filed for bankruptcy and is facing lawsuits from his employees after not having been able to pay them for several months.


I would happily join forces with other customers to go after Peter Schiff, he is the only one responsible for all this, he could've easily complied with the Regulator, or he could've closed the bank himself, but he ignored the Regulator, putting the customers at risk, he carried on charging fees, and went about trying to sell his failed Bank, in other words, he thought of himself and himself only, pure greediness!

And what I find most disgusting is that he hasn't even said "I'm sorry for my shameful conduct, I'm sorry for the stress and the pain I've caused to my customers." All that he has done is blame others, blame it on 60' Australia, blame it on the IRS, even his wife wrote in a tweet the other day "I can't believe the government can do this to the customers of EPB" the Government??? What a bunch of horseshit! It's your husband and no one else that is responsible for all this mess! Had he respected the Regulator, or had he just close the bank himself, as opposed to profiting from it while risking the customers funds, none of this would have ever happened.
And instead of getting on a plane and travel across the world to have some fun with his family in Dubai, he should have stopped in Portugal and gone directly to Novo Bank and find out what's going on!

I don't know who would ever trust Peter Schiff with their money, I'll make sure the New York Times and the L.A. Times find out exactly what he had done so every single person in the U.S. knows about Peter Schiff greediness and total disregard for his customers.

If anyone wants to complain to Peter Schiff, go to Twitter, he is always tweeting, so just send him a tweet every single day to remind him of the pain and misery he has caused to his customers.

I totally agree with everything you said here

Maybe a stupid question, but are JPY transfers are going through?
The correspondence bank for JPY is not Novo Banko. It is Mizuho Bank in Japan.

Unless you hold JPY already in EPB's JPY correspondence account at bank Mizuho its a no go . And also no other currency can be converted to JPY due to Novo/Liquidator/Schiff issue.

 

[Radko]

I totally agree with everything you said here




Unless you hold JPY already in EPB's JPY correspondence account at bank Mizuho its a no go . And also no other currency can be converted to JPY due to Novo/Liquidator/Schiff issue.

Should have listened to you a lot sooner.
Red flags were there all along the way.
Next time make sure you slap me harder!

 

[ATNTESTING]

Hello guys, in case you haven't seen it, they have updated us with the following message Migration & Liquidation Update: Dec 5, 2022 - Euro Pacific Bank
Still better than nothing.

 

[Spinat]

Not bad, it means you will still not get any money regardless how many forms you complete, but good luck with that.

 

[Radko]

Hello guys, in case you haven't seen it, they have updated us with the following message Migration & Liquidation Update: Dec 5, 2022 - Euro Pacific Bank
Still better than nothing.

As if we didn't know, there isn't much to expect from these people, and Peter Schiff has cashed out and completely abandoned the customers who trusted him with their savings, just like the most senior employees of EPB have resigned and there are only a couple of ladies left to answer a few of your emails with the same old message, they wash their hands and blame the Receiver and the Correspondent bank while they keep holding you hostage and charging you fees.
Happy Holidays everybody, hope the new year brings the money back to the rightful owners so you can move on and never ever bank again with Peter Schiff.

 

[ATNTESTING]

How about Peter? Is he back from vacation yet? His wife said he's going to update us.

 

[Martin Everson]

Welcome to 2023 EPB customers.

Anyone got their money yet?

 

[regi]

Only stupid notification about partial wire transfer. They say I can still arrange opt out and send full wire transfer. What the hell should I open new bank account for if I am not sure will this wire transfer ever come true. The shitty thing is that they do not say when. Looks like wicked game to be played. I will pay for maintenance probably and wait forever.