Euro Pacific bank is a scam

[Radko]

I will read for sure in the next days...
If i follow what you say : epb, receiver and novo bank has nothing to win by returning the funds then it means all 3 are guilty so we have focus on the original one in mean EPB. From what i understood the advocate in portugal lead to nothing but we didn't try in puerto rico (if i'm not wrong). honestly puerto rico is only 8h planes from france so it's not a pb to go there, but they won't receive/answer me so i don't want to go there for nothing... I ve called them several times and always times and always the same answer... But how long will they still answer the phone . At some point the guys on the phone won't even get paid to answer so we will be able to talk to nobody... We have to do sometging quickly if not, yes : goodbye money. I've sweated to have it s**t, and I'm sure I'm not the only one.
Are we going to let them take our money without having trying everything?

If you don't think the Receiver will see you in person then you only have two options, keep on waiting until EPB says something, or get a lawyer in Puerto Rico to represent you to try to get some answers from the Receiver, but most likely they (the Receiver) will end up telling your lawyer that Portugal/Novo bank isn't releasing the funds because of A, B, and C, so the question is "how long can they hold on to the funds by alleging A, B, and C?" I don't know, I don't know much about International Banking Laws.

I wish EPB would have told its customers that they were going to use a correspondent bank in the European Union, I wish they would have disclosed that their funds were going to be transferred to Portugal, a Socialist/Communist country that strongly dislikes all offshore jurisdictions, had customers known this information no one would have transferred their funds to EPB in the first place, now who is going to get the meat from the lion's mouth? Good luck with that one!

Right now just wait to see if there is an update this week, maybe there is still the possibility of a miracle.

 

[spartan7510]

I will read for sure in the next days...
If i follow what you say : epb, receiver and novo bank has nothing to win by returning the funds then it means all 3 are guilty so we have focus on the original one in mean EPB. From what i understood the advocate in portugal lead to nothing but we didn't try in puerto rico (if i'm not wrong). honestly puerto rico is only 8h planes from france so it's not a pb to go there, but they won't receive/answer me so i don't want to go there for nothing... I ve called them several times and always times and always the same answer... But how long will they still answer the phone . At some point the guys on the phone won't even get paid to answer so we will be able to talk to nobody... We have to do sometging quickly if not, yes : goodbye money. I've sweated to have it s**t, and I'm sure I'm not the only one.
Are we going to let them take our money without having trying everything?

I dont believe anything can be done against EPB at this point since it is in liquidation, you would be wasting your time and money. Option for legal recourse then would be OCIF and reciever since they agreed to return customer funds as part of the settlement to close EPB. They would be in breach of this settlement and should be providing updates and putting pressure on NOVO BANK to release customer funds.

 

[Kruger]

On a slightly different note, I was wondering if the debacle with the Al Jazeerah documentary (Gold Mafia) will add another dimension to the delays in the process, in particular for those opting in.

 

[orion7352]

I see EPB wrote an email to all customers just saying all the usual old lines and a set of Frequently Asked Questions.

But they didn't answer the most frequently asked question - will we ever get our money back !!

It's such a long time with no news, no progress and poor communication.

 

[seize]

it seems that the 'miracle' will not be for this week unfortunately...
This game can lasts a lot of time...

 

[seize]

Unfortunately everyone involved in this situation is happy with things as they are.
Peter Schiff has sold the bank and has moved on abandoning all the customers.
EPB is happy to keep charging fees and negative rates on Euro deposits without having to give customers any type of services, imagine having a business that collects money in exchange for nothing.
The Receiver makes more money the longer this situation drags on, it's a law firm, we all know what lawyer are about.
Qenta doesn't have anything ready, when they took over the bank they were not able to accommodate any other currency except for USD. They are not able to hold silver deposit, only Gold. They are not able to offer Mutual Funds so those have been discontinued, they are not able to offer a debit or a pre-paid card, so the longer this situation lasts the better for Qenta.
By the way, if or when this situation is resolved and customers hopefully will be able to access their funds, let me remind you that Qenta will be based in Dubai, and as some of you may know if Qenta goes bust, just as EPB has, there is zero protection, in other words in Dubai there is no regulator that will guarantee anything, so if anyone wants to bank in Dubai you better find a strong financial institutions where you know that your money is safe, Qenta is not a bank, Qenta is not even a proper EMI, it's a digital company trying to popularize their proprietary Gcoin, a token that it supposedly valued on your Gold deposits, unfortunately Peter Schiff sold the bank to a pretty useless company.
And this is the sad truth about this whole situation, I guess costumes may find more news whenever Qenta holds another virtual town meeting, although most likely they will tell customers the same old useless excuse "we are waiting for the Receiver and the Correspondent bank to solve the situation"

Is NBD safe ?

 

[Radko]

Is NBD safe ?

They are all safe until something happens and you realize you are on your own and there's nothing you can do, so stay away from jurisdictions with weak regulations, at the end of the day you have no way of knowing if your bank is protecting the deposits or not, look at EPB, they weren't even complying with the regulator's demands, ignoring every single warning, until the Regulator had enough and closed the bank, now all customers are paying the consequences of Peter Schiff's mismanagement of EPB.

 

[seize]

read the 28 pages...
i m even more lost than yesterday lol...
this is all a mess... to me we can't trust nobody... What could have happened that Schiff is not allowed to say ? this is really weird

 

[Radko]

read the 28 pages...
i m even more lost than yesterday lol...
this is all a mess... to me we can't trust nobody... What could have happened that Schiff is not allowed to say ? this is really weird

Whether it's Peter Schiff, or the OCIF, or the Receiver, someone should tell the customers why after more than 9 months of waiting their funds have not been returned, and when exactly will they get their money back, so far everything they've been told has not come true.

 

[regi]

Whether it's Peter Schiff, or the OCIF, or the Receiver, someone should tell the customers why after more than 9 months of waiting their funds have not been returned, and when exactly will they get their money back, so far everything they've been told has not come true.

I think it is not bad idea to figure out together, what can we do or how can we make pressure on those sitting and waiting for endlessly. I had the misfortune of reading the entire thread. Not so long ago I wrote that if you don't know what it's about, it's about money. Now look, we have a negative interest thread. So we have reasonable grounds to think that someone wants the money not to be touched. How much longer will we accept that someone is making his life using our funds for free. I have really enough.

 

[seize]

That’s what I m saying, there is something really opaque and manifestly all 3 are hiding themselves behind a poor communication.
There is as well a 4th party ( in my case) that is guilty as well: the company who set my company to create my business. Because obviously they proposed me to work with a questionable bank… if had known this before I would certainly not have placed my money there…

I think it is not bad idea to figure out together, what can we do or how can we make pressure on those sitting and waiting for endlessly. I had the misfortune of reading the entire thread. Not so long ago I wrote that if you don't know what it's about, it's about money. Now look, we have a negative interest thread. So we have reasonable grounds to think that someone wants the money not to be touched. How much longer will we accept that someone is making his life using our funds for free. I have really enough.

 

[Radko]

That’s what I m saying, there is something really opaque and manifestly all 3 are hiding themselves behind a poor communication.
There is as well a 4th party ( in my case) that is guilty as well: the company who set my company to create my business. Because obviously they proposed me to work with a questionable bank… if had known this before I would certainly not have placed my money there…

In hindsight no one would have chosen Euro Pacific as their bank, had customers known that the bank wasn't 100% compliant, and had customers known that their funds were going to be transferred to another bank in Portugal, no one in their right mind would have chosen to work with EPB, this has been a disaster that has ruined the lives of many people and many families, and the lack of everything else, no information, no nothing is just insulting, but no one cares!

 

[regi]

There is as well a 4th party

Most of such a 4th parties offered the same. EPB was a kind of solution at the time. If we all would know the future at that time, there would be no such a topic today. Anyway we are sitting in this s**t together.

By the way is there any reasonable jurisdiction for now for EU residents ? I am still suspended between opt-in and opt-out. There is even no sense for me to apply for new bank acc. The reason is more clear with every next week. <PM me if you did any research>

 

[seize]

Most of such a 4th parties offered the same. EPB was a kind of solution at the time. If we all would know the future at that time, there would be no such a topic today. Anyway we are sitting in this s**t together.

By the way is there any reasonable jurisdiction for now for EU residents ? I am still suspended between opt-in and opt-out. There is even no sense for me to apply for new bank acc. The reason is more clear with every next week. <PM me if you did any research>

i opened the account in 2021 so, from what i ve understood reading this thread, there was already stuffs happening with the capital of the bank and regulator etc if i m not wrong... so SFM should have told me before application...

 

[regi]

i opened the account in 2021

Yes, first problems appeared in 2020, They might not know about the EPB struggles, anyway it is weird considering their profession, they should.

 

[Radko]

Well, the Easter Bunny isn't coming this year

 

[regi]

Well, the Easter Bunny isn't coming this year

They could wait one more day wit that pointless update. In fact tomorrow we have April Fool's Day. Great moment for joking.

 

[seize]

Why don' t we hire an advocate in portugal, if this is really where the pb lies ?
Cause no news from Schiff since 2 weeks, and his last message is to say that he is no longer involved. So even he really has hired someone and is sincere, can we really trust him ?
Maybe we should have ours and start a process in portugal ?

 

[ATNTESTING]

Latest update Migration & Liquidation Update: March 31, 2023 - Euro Pacific Bank

 

[regi]

Maybe we should have ours and start a process in portugal ?

Good point. I am wondering how many people observing this thread are ready to take the things into their own hands. We are the victims. This financial roller coaster must be stopped. Regardless to the adversity we should find the way to let the others know about this topic. The issue for now is that I have no idea how to do it.