Euro Pacific bank is a scam

[milhous]

https://europacbank.com/support/migration-liquidation-update-20230331/update
no news

 

[Radko]

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

This time they're not even bothering to give customers another fake deadline, so I guess we should now aim for the end of June as it will be our 1 year Anniversary of losing all our savings, and if nothing happens then, I guess we should hope for Santa Claus to come in December.
But they are very nice telling customers that Qenta is preparing a bunch of goodies for the day of our arrival, what bunch of scammers they are!

 

[seize]

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.

not sure either bro. i wish someone who has a bit of banking law aknowledgement have read this thread and guide us through the process... or maybe a portuguese customer/victim could reach a trustful advocate in lisbon or something, at least to explain and have an idea if it's doable or not... anyone on the place ?

 

[Radko]

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 ?

You don't have a claim against anyone in Portugal, forget Portugal, but you and all customers are entitled to ask the OCIF what's going on? The OCIF is legally responsible for everything that has happened, and for everything that is yet to come, so go ahead and contact Natalia, she is the commissioner of the OCIF in Puerto Rico, she is the one that closed the bank and appointed the useless Receiver.

By the way, I remember someone in this thread managed to talk to the secretary of the Receiver if I'm not mistaken, so maybe it would be a good idea to call the Receiver again and see if they are willing to at least give you an update as to what is really going on, and how much longer is this going to last.
Or alternatively, contact Natalia at the OCIF.

 

[seize]

You don't have a claim against anyone in Portugal, forget Portugal, but you and all customers are entitled to ask the OCIF what's going on? The OCIF is legally responsible for everything that has happened, and for everything that is yet to come, so go ahead and contact Natalia, she is the commissioner of the OCIF in Puerto Rico, she is the one that closed the bank and appointed the useless Receiver.

By the way, I remember someone in this thread managed to talk to the secretary of the Receiver if I'm not mistaken, so maybe it would be a good idea to call the Receiver again and see if they are willing to at least give you an update as to what is really going on, and how much longer is this going to last.
Or alternatively, contact Natalia at the OCIF.

why schiff appointed an advocate in portugal then if ocif is responsible for all this s**t ? either he says bulls**t either he is crazy... i have no idea who we should claim for this because we don't know all the story... and everybody carrefully makes sure that customers are unable to know whos is responsible... as long as we won't have every elements it will be difficult to know what to do precisely... Can't we hire someone who will sue all of them lol ??

 

[orion7352]

Perhaps we need to start approaching Portuguese lawyers who are prepared to act for depositors in a class action lawsuit.

I have no experience of Portuguese law and lawyers . Maybe others know a suitable law firm ?

How we select the lawyer and apportion costs to each of us for his time is more difficult .

Also there are many more victims of EPB than what appear here on this forum. How can we or any lawyer hired reach out to them ? Perhaps EPB customer services could help in emailing all customers about a proposed customer class action lawsuit - but somehow I doubt their cooperation given that it's run by the Receiver .

It would be interesting to hear what other people think about the way forward.

You don't have a claim against anyone in Portugal, forget Portugal, but you and all customers are entitled to ask the OCIF what's going on? The OCIF is legally responsible for everything that has happened, and for everything that is yet to come, so go ahead and contact Natalia, she is the commissioner of the OCIF in Puerto Rico, she is the one that closed the bank and appointed the useless Receiver.

By the way, I remember someone in this thread managed to talk to the secretary of the Receiver if I'm not mistaken, so maybe it would be a good idea to call the Receiver again and see if they are willing to at least give you an update as to what is really going on, and how much longer is this going to last.
Or alternatively, contact Natalia at the OCIF

You don't have a claim against anyone in Portugal, forget Portugal, but you and all customers are entitled to ask the OCIF what's going on? The OCIF is legally responsible for everything that has happened, and for everything that is yet to come, so go ahead and contact Natalia, she is the commissioner of the OCIF in Puerto Rico, she is the one that closed the bank and appointed the useless Receiver.

By the way, I remember someone in this thread managed to talk to the secretary of the Receiver if I'm not mistaken, so maybe it would be a good idea to call the Receiver again and see if they are willing to at least give you an update as to what is really going on, and how much longer is this going to last.
Or alternatively, contact Natalia at the OCIF.

You do have a claim against some entity in Portugal if they are stopping you from receiving your money.

The money, as I understand it, left Puerto Rico and is stuck in Portugal.

Yes you could make a claim against OCIF but that would be on the grounds of illegally closing the bank. I don’t know how easy that would be to prove.
That would be effectively suing the Puerto Rico government for $66m.

I wrote a few emails to OCIF Head Natalia - if she ever read them personally - she never wrote back.

No point in suing Receiver. He won't have $66m .

So I think the focus right now should be Portugal. That's where EPB has already hired a lawyer. But we have yet to hear of any progress from this lawyer.

why schiff appointed an advocate in portugal then if ocif is responsible for all this s**t ? either he says bulls**t either he is crazy... i have no idea who we should claim for this because we don't know all the story... and everybody carrefully makes sure that customers are unable to know whos is responsible... as long as we won't have every elements it will be difficult to know what to do precisely... Can't we hire someone who will sue all of them lol ??

Yes you are right that customers are being kept in the dark so it's difficult to know who to target , because we don't know the full story.

 

[Sols]

Account holders and depositors of EPB have no relationship with Novo Banco in Portugal. You are probably just wasting time and energy bothering that bank or its regulator. The money in Novo Banco is not your money. As far Novo Banco is concerned, it's EPB's money. However, the same money when reported on EPB's balance is your money. So it's understandable you want to go after Novo Banco.

What I can say is that in every comparable situation I've seen over the years (where third parties have gone after a financial institution's financial institution), the third parties have been unsuccessful.

But if you want to band together and try to create legal case in Portugal, go for it. Maybe this case will be one that goes against the well established norm and juris prudence.

Most likely, you will get what money is left in the bank after anywhere from a few months to a few years. For example, the liquidation of Loyal Bank began in 2018 and as far as I know, it's still not finished.

 

[Radko]

Perhaps we need to start approaching Portuguese lawyers who are prepared to act for depositors in a class action lawsuit.

I have no experience of Portuguese law and lawyers . Maybe others know a suitable law firm ?

How we select the lawyer and apportion costs to each of us for his time is more difficult .

Also there are many more victims of EPB than what appear here on this forum. How can we or any lawyer hired reach out to them ? Perhaps EPB customer services could help in emailing all customers about a proposed customer class action lawsuit - but somehow I doubt their cooperation given that it's run by the Receiver .

It would be interesting to hear what other people think about the way forward.






You do have a claim against some entity in Portugal if they are stopping you from receiving your money.

The money, as I understand it, left Puerto Rico and is stuck in Portugal.

Yes you could make a claim against OCIF but that would be on the grounds of illegally closing the bank. I don’t know how easy that would be to prove.
That would be effectively suing the Puerto Rico government for $66m.

I wrote a few emails to OCIF Head Natalia - if she ever read them personally - she never wrote back.

No point in suing Receiver. He won't have $66m .

So I think the focus right now should be Portugal. That's where EPB has already hired a lawyer. But we have yet to hear of any progress from this lawyer.

Once again, customers don't have an account with any Portuguese bank, the account in Portugal belongs to EPB, customers opened an account in EPB, so customers can only legally go after whoever is responsible for EPB at this moment, and that is the OCIF and the appointed Receiver, they are the ones that have to give you answers, so contact them, don't waste your time or your money with Portugal.

 

[orion7352]

Once again, customers don't have an account with any Portuguese bank, the account in Portugal belongs to EPB, customers opened an account in EPB, so customers can only legally go after whoever is responsible for EPB at this moment, and that is the OCIF and the appointed Receiver, they are the ones that have to give you answers, so contact them, don't waste your time or your money with Portugal.

Well some of us have attempted to contact OCIF/The Receiver.

I suspect that if they did reply to any customers they would say it's not their fault you don't have your money. It's left Puerto Rico, it's stuck in Portugal.

Yes we as individuals may not have accounts in Portugal. But collectively as EPB we do have our money in Portugal.

The lawyer hired by EPB in Portugal is I presume acting on behalf of depositors to unfreeze the wire transfers.

 

[Radko]

Well some of us have attempted to contact OCIF/The Receiver.

I suspect that if they did reply to any customers they would say it's not their fault you don't have your money. It's left Puerto Rico, it's stuck in Portugal.

Yes we as individuals may not have accounts in Portugal. But collectively as EPB we do have our money in Portugal.

The lawyer hired by EPB in Portugal is I presume acting on behalf of depositors to unfreeze the wire transfers.

I don't know anything about a lawyer hired by EPB in Portugal.

The place to start is Puerto Rico, talk to the Receicer and the OCIF, it's their responsibility to return whatever money is left at the end of this process, they are the ones that should inform you, supposedly the Receiver is on your side, they are there to 1) Return the funds to the customers that are opting out, 2) Liquidate the bank and transfer the remaining funds to Qenta for those customers that are opting in.

The Receiver and the OCIF is the place to start, forget Portugal, that would imply getting a lawyer there and spending a few years in the Portuguese courts to eventually ending up with nothing, the Portuguese court system is extremely slow, much better to contact those that are responsible for EPB at this moment, the Receiver/OCIF.

 

[orion7352]

I don't know anything about a lawyer hired by EPB in Portugal.

The place to start is Puerto Rico, talk to the Receicer and the OCIF, it's their responsibility to return whatever money is left at the end of this process, they are the ones that should inform you, supposedly the Receiver is on your side, they are there to 1) Return the funds to the customers that are opting out, 2) Liquidate the bank and transfer the remaining funds to Qenta for those customers that are opting in.

The Receiver and the OCIF is the place to start, forget Portugal, that would imply getting a lawyer there and spending a few years in the Portuguese courts to eventually ending up with nothing, the Portuguese court system is extremely slow, much better to contact those that are responsible for EPB at this moment, the Receiver/OCIF.

Unfortunately the money is frozen in Portugal is my understanding. OCIF/Receiver can't get the money back from there for depositors.

I have asked about alternative ways that EPB could possibly reimburse customers other than through using the Portuguese correspondent bank.

 

[Radko]

Unfortunately the money is frozen in Portugal is my understanding. OCIF/Receiver can't get the money back from there for depositors.

I have asked about alternative ways that EPB could possibly reimburse customers other than through using the Portuguese correspondent bank.

Well, that's a great idea, why doesn't Peter Schiff return the funds to the customers and later on when the funds are released from Portugal he can keep all that money, after all the only Person responsible for this situation is Peter Schiff, he didn't listen to the Regulator, he ignored them for months while he went about trying to sell the bank so he could profit from it, nothing wrong with that by the way, but it was extremely irresponsible to ignore the Regulator, eventually they got tired and closed the bank, now here we are, all the customers are literally ruined and f**ked!

So Peter Schiff, please take responsibility for the mismanagement of your bank EuroPacific and customers having lost all their savings, could you please give customers their money back and you can wait until they release the funds from Novo Bank?

 

[Kruger]

This sounds like a cork bobbing around on the waves. Perhaps an alternative approach could be a co-ordinated and on-going social media campaign placing the the parties involved (OCIF/Regulator/Novo Bank, etc) in an embarrassing limelight (assuming that they have a conscience). I haven't thought this through thorougly, just throwing the idea out there. No harm in trying some brainstorming/out of the box thinking amongst us to get us out of the current hole that's been dug for us.

 

[orion7352]

Hi Kruger

I understand the sentiment. We are all suffering and pulling our hair out as to know what the right thing to do is.

At least we have this forum that brings us together. We may all have different ideas as to what the right course of action should be.

But by throwing ideas around might start to form a consensus.

Unfortunately I don't think many of these parties have much feeling for EPB depositors. They think we are all South American drug barons. Whereas the truth is that most of us are probably retired people of modest means who were looking for a safe bank (full reserve) . Unfortunately it proved not to be a safe bank.

Now we are left to fight for our funds and not many institutions are going to help us.

 

[Radko]

Hi Kruger

I understand the sentiment. We are all suffering and pulling our hair out as to know what the right thing to do is.

At least we have this forum that brings us together. We may all have different ideas as to what the right course of action should be.

But by throwing ideas around might start to form a consensus.

Unfortunately I don't think many of these parties have much feeling for EPB depositors. They think we are all South American drug barons. Whereas the truth is that most of us are probably retired people of modest means who were looking for a safe bank (full reserve) . Unfortunately it proved not to be a safe bank.

Now we are left to fight for our funds and not many institutions are going to help us.

Personally I appreciate customers wanting to find a solution, in my humble opinion the first option is to talk to the Receiver, I know someone has the phone number, so calling the Receiver one more time won't hurt, what we need to find out is if this is going to end in just a few more months, 2 or 3 more months, or if this is going to go on for years and year, 3 or 5 more years, after that we can consider other options.

 

[orion7352]

Personally I appreciate customers wanting to find a solution, in my humble opinion the first option is to talk to the Receiver, I know someone has the phone number, so calling the Receiver one more time won't hurt, what we need to find out is if this is going to end in just a few more months, 2 or 3 more months, or if this is going to go on for years and year, 3 or 5 more years, after that we can consider other options.

Hi

I called the Receiver countless times.

It's Wigberto Lugo Mender

001 787 707 0404

I was always told he "wasn't in the office". Which I read to mean , "he's not talking to EPB customers".

It would be great if you had better luck or the guy had a change of heart in speaking to customers.

I hope you have success and can report back to us.

 

[Radko]

Hi

I called the Receiver countless times.

It's Wigberto Lugo Mender

001 787 707 0404

I was always told he "wasn't in the office". Which I read to mean , "he's not talking to EPB customers".

It would be great if you had better luck or the guy had a change of heart in speaking to customers.

I hope you have success and can report back to us.

Thank you, I will call.

Here is the phone number of the commissioner for the OCIF, she is the one that closed the bank and spoke the day of the press conference.

Natalia I. Zequeira Diaz

1 787 723-3131 Ext. 2204

Here is the subcommissioner, same number, same extension.

Monica Rodríguez Villa

1 787 723-3131 Ext. 2204

Best of luck

 

[Sols]

The lawyer hired by EPB in Portugal is I presume acting on behalf of depositors to unfreeze the wire transfers.

If EPB has hired a lawyer in Portugal it's on EPB's behalf. Novo Banco does not have your money. Novo Banco has money that belongs to EPB. EPB has money in Novo Banco which belongs to you. The legal distinction is why it's probably pointless to pursue legal action in Portugal as a depositor of EPB.

If Novo Banco reasonably suspects fraud, money laundering, sanctions evasion, or other crimes, they may be required by law to hold the money until a Portuguese court tells them what to do.

 

[orion7352]

Thank you, I will call.

Here is the phone number of the commissioner for the OCIF, she is the one that closed the bank and spoke the day of the press conference.

Natalia I. Zequeira Diaz

1 787 723-3131 Ext. 2204

Here is the subcommissioner, same number, same extension.

Monica Rodríguez Villa

1 787 723-3131 Ext. 2204

Best of luck

Hi

Thanks for the telephone numbers for OCIF. I did email her a few times but no reply.

[email protected]

Did you ever get to speak to OCIF or did you hit a brick wall?

I suspect they don't want to hear about the suffering they have caused customers. They just want to keep believing in their righteousness.

They said all the "right words " in closing down the bank - protecting customers etc. But they don't appear to have done anything practical to help customers since closing down the bank.

Same for the Receiver. He used all the right words too when he took over the running of the bank - to return depositors money quickly etc. But he doesn't respond to customers in any way either.

His email is

[email protected]

If EPB has hired a lawyer in Portugal it's on EPB's behalf. Novo Banco does not have your money. Novo Banco has money that belongs to EPB. EPB has money in Novo Banco which belongs to you. The legal distinction is why it's probably pointless to pursue legal action in Portugal as a depositor of EPB.

If Novo Banco reasonably suspects fraud, money laundering, sanctions evasion, or other crimes, they may be required by law to hold the money until a Portuguese court tells them what to do.

Yes thanks for this clarification.

Given your statement what do you suggest customers of EPB do to speed up the process, if anything?

 

[Radko]

Hi

Thanks for the telephone numbers for OCIF. I did email her a few times but no reply.

[email protected]

Did you ever get to speak to OCIF or did you hit a brick wall?

I suspect they don't want to hear about the suffering they have caused customers. They just want to keep believing in their righteousness.

They said all the "right words " in closing down the bank - protecting customers etc. But they don't appear to have done anything practical to help customers since closing down the bank.

Same for the Receiver. He used all the right words too when he took over the running of the bank - to return depositors money quickly etc. But he doesn't respond to customers in any way either.

His email is

[email protected]

The OCIF told me to contact the Receiver as he is in charge of the bank, and I guess since the Receiver isn't talking to anyone, it's a dead end.
The only option left would be going in person, I know there's nothing that can't be done in Portugal (Sols comment is correct.)

At least I would like to know if those deadlines that were given to customers were fake, or if they were legitimate deadline and this process will end in a few months from now and not in a few years, I think we deserve to know at least that.