Peter Schiff refuses to apologize. He cares more about his image and brand than his honor. I recommend for everyone to explore their legal options if you are not made whole. And that includes suing Peter Schiff.
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Euro Pacific bank is a scam
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From what I've been told I think we will get good news next week. Nothing is certain, but it won't be long to know if what I heard was true, as next week starts tomorrow. fingers crossed.
I think you should apologize to me. By the way when OCIF unnecessarily blocked the sale of the bank to Qetna, which would have been seamless for all customers and employees, I lost about $25 million, which is more than 10% of my net worth. I doubt any customer lost that high a percentage of their net worth, let alone that dollar amount. I am just as innocent as any of the customers. We are all victims. I was a passive shareholder and unpaid director only. But none of the banks actual officers or employees were guilty of wrongdoing either. The problem was with the IRS and regulators, not the bank. Their two-year criminal investigation came up empty, so this was their way of punishing me for anyway for crimes no one associated with the bank committed. Welcome to America.
"I doubt any customer lost that high a percentage of their net worth"
Just a few posts ago Radko said he lost all of his life savings. Show some compassion.
And losing out on a business deal where you could have netted 25M is not the same thing as someone losing their life savings in a bank.
Just apologize for what happened and guarantee that everyone will be made whole no matter what happens. You can afford it. You can't make money off of the people that trusted you and then turn your back on them when things go south.
Does anyone else on this board agree with me? I know many of you are too scared to say anything in fear you won't get your money back. Don't be scared.
Just a few posts ago Radko said he lost all of his life savings. Show some compassion.
And losing out on a business deal where you could have netted 25M is not the same thing as someone losing their life savings in a bank.
Just apologize for what happened and guarantee that everyone will be made whole no matter what happens. You can afford it. You can't make money off of the people that trusted you and then turn your back on them when things go south.
Does anyone else on this board agree with me? I know many of you are too scared to say anything in fear you won't get your money back. Don't be scared.
I have lost a third there which my mother gave to me. I wanted to protect it the best and I believed that EPB was the best institution ever.
I also trusted you, Peter Schiff.
And even if everything you say is true : You should apologize.
I am just a simple teacher and too far from your net worth. But whenever I notice that something is wrong with my students, I apologize because I am still responsable for their mis-knowing of things.
I just hope that you really tell the truth.
I also invested over $10 million cash into the bank and lost every penny. I don't think I need to apologize for anything. Yes I feel bad that governments have so carelessly disregarded the bank's customers, and sacrificed them just to make me look bad, but I don't feel in anyway responsible for their actions. We are all innocent victims. Plus, I have done everything I can to protect customers. Even though I owned just 45% of the bank, I personally contributed 100% of the capital to protect depositors. I surrender my rights to sue OCIF for my personal damages as I was told it would expedite the return of customer funds, and minimize the chance that any customer would lose money. I was also the only shareholder who was not also an officer, so I was the only one not involved with the operation of the bank, and the only shareholder never to have been paid a salary.
What is more likely?
A) the bank did something wrong
B) EPB is the first bank in history to fail without doing anything wrong
A) the bank did something wrong
B) EPB is the first bank in history to fail without doing anything wrong
The bank did not fail. Regulators forced me to close it on the pretense of it not having enough capital, even though the OCIF commissioner herself told me and several others that no additional capital was necessary, the bank had no debt, made no loans, had no past due bills, held millions in cash above what was owed to customers, and had multiple highly qualified third-parties offering to buy the bank, add millions in excess capital, and assume all liabilities. Yes this is the first time in history, to my knowledge, that this has happened.
Also I didn't make any money off the customers of EPB. I was a shareholder, but the bank never paid a dividend. I also never worked for the bank, so never earned a salary. I put over $10 million into the bank and never took a penny out. But I have done everything that I can to make sure customers eventually get all of their money back. If they end up losing any money at all, it will likely be a very small amount, maybe 1-2 cents on the dollar tops. But it will only be due to losses incurred as a result of the receivership. On the day the bank was placed into receivership, against my objection, it had more than enough cash on hand to make all creditors, including every depositor whole, with 1-2 million left over for me.
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You're wrong many of us have lost a substantial part of our net worth .
Hi Peter, if everything that you have explained is the truth, then at some point you should consider giving a Press Conference in Puerto Rico in front of the same reporters that were present the day the OCIF gave their Press Conference so everyone in the world will know the kind of conduct the OCIF embarked themselves on, hopefully by doing that you will help present and future customers avoid banking in the Puerto Rico jurisdiction.
It would be extremely unfair if customers end up losing 1-2% of their deposits after everything that's happened, we the customers have no quarrels on this ordeal, we are just average people that were looking for a very safe bank to park our retirement money, I hope after all this we the customers don't end up losing that 1-2%.
Maybe I am an orphan in this fairytale. My loss = 91,6%. Maybe I was naive. Maybe I should carry my money in suitcases. At a time when I can't even trust the banks anymore, all I have to do is move to a deserted island far from the declining civilization and enjoy what nature gives me.
The situation is not hopeless, as with Radko, but it is bad. About 2 months ago I freaked out. My 4 year old son asked me why I was sad. I looked into his eyes, looked into his future, and I cried. All I could get out was "I'm sorry." Losing 10% is nothing compared to the vision of turbulence in your children's lives. I still don't know who's to blame here. The only person out of 3 that should explain themselves here is you. The others obviously don't give a s**t. The worst thing is that the death of my business did not come from the market but from a bank I trusted. With it, the uncertain future of my children. I don't know if I can give them the home they deserve. The easiest thing would be to run away, take my life. Just what will it change in the lives of my children and wife. For the person responsible for all this, I would bring justice without hesitation, without judgment, and I would not care about the presence of cameras. Someone came into my life with shoes and is making sand cakes in my children's sandbox. Is it my fault that I trusted the bank? Logic would say no, but life has shown me how wrong I was.
All I expect for now is my money. Time will tell later who should apologize. The only thing that seriously pisses me off is the idleness and quiet days of the shitty process and the constant useless duplicate updates written poetically and fucking gracefully. I think that we should be informed what exactly the lawyer hired by Peter is doing in this case. I don't give a s**t about the conventions and investigations of shabby idols. I'm the goddamn side of this brothel and I want to know where this bus is going.
If you're sure of yourself, and it looks like you are, I don't know what you were thinking. We're stuck in this mess like flies in tar. The tar hardens. You should have sued all the donkeys, once you've secured your clients' interests by pumping your money in, what was there to lose. We've already lost enough time. Some lose their homes, others look at their children and wonder what will happen tomorrow. How much longer will we deceive ourselves saying let's see what next week will bring ?
I believe that it should be something completely natural and on the level to pay back the lost interest for all those months of not having an impact on anything related to our funds. I don't believe that money is lying around untouched.
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Regi
You speak so well on behalf of customers and their suffering.
We now hear that not only have we lived with this massive uncertainty , loss of incomes and businesses, but we are also expected to lose capital because we have to pay for the running costs of the bank for the last few months. Paying for staff who never replied to our emails or gave us misleading information.
I guess this situation only gets worse and worse, now according to Peter we, the customers, may end up having to pay the Receiver for the work that he was assigned to do by the OCIF, so basically we have to pay the Receiver for liquidating EuroPacific Bank, as if we were the owners of the Bank.
Yes I may do that, but I need to be careful as OCIF forced me to sign a mutual non-disparagement clause. The key is will simply telling the truth be considered disparagement, when the truth itself is so disparaging. Also, the PR press is very bad, and very pro government, as the government is the biggest advertiser. So they may have no interest in any press conference I might call. None of the local press was interested in my side of the story. By the way, I have just been informed by a Portugese lawyer that we will have to wait until after the Easter break to receive the good news I thought we might get this week. It's always something.
It really is unbelievable that the OCIF didn't let you sell the bank in order to stave off insolvency, for example in 2008 Bear Stearns was bought by J.P. Morgan, and in many other cases the firm was allowed to self-liquidate, as did Drexel Burnham Lambert in 1990, a Regulator is supposed to do whatever it takes to save the firm in order to protect the interest of the customers, it seems that in the case of EPB the Regulator did the complete opposite, the press should know all this, Natalia Zequeira should explain why did she do all this, it was completely unnecessary, now here we are having to pay the price.
I said that would be a worse case scenario. It's not what I expect to happen. But if the process continues, and 100% of the bank's capital is exhausted, then depositor's money would be the only source of funds. That would mean that there would be no money left over for me. When the bank initially went into receivership there was enough cash on hand to pay all creditors in full, including all depositors, with $1 - $2 million left over for me as the sole remaining shareholder of the bank. That is one reason that I argued against receivership, and offered to liquidate the bank myself. But OCIF refused and insisted on putting a solvent bank into Receivership. My guess is that putting the bank into receivership was the headline they or someone else wanted.
I am sorry this happend to you, but I can't apologize for something that is not my fault. I appreciate that you have a lot of money tied up in what was once my bank, but at least you will eventually get your money back. I won't be getting any of my money back (I may end up getting some trivial amount). You temporarily lost access to a third of your inheritance, and I feel bad about that. But you will get it back. But your net worth includes other assets you own, like your house, etc. So maybe the money stuck in the bank is less than 10% of your total net worth. My personal loss exceeds that percentage. Hopefully I will recover some of my loss in my defamation lawsuit. But so far my legal costs have actually added to that loss.
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It's worse than that, as the bank was never insolvent, so there was nothing to stave off. I even offered to put in millions of additional dollars myself to raise the bank's level of capital to whatever level OCIF deemed appropriate, but the Commissioner refused. The seven million that Qenta had committed to adding would have brought the bank's total capital to about $10 million. That was about double what was legally required. Plus, the bank had no loans, and could have returned 100% of deposits at any time. EPB was likely the most solvent bank on the planet. The Commissioner just did't want the bank to exist. She even refused to allow the deposits to move to another Puerto Rican bank. There were banks that wanted to take them, but the Commissioner refused to allow it. She said the deposits needed to be returned to customers or transferred to a financial institution outside of Puerto Rico. I think she was worried about the reputation of the bank's customers as being criminals or tax evaders, even though she knew those media allegations were false.
I didn't sell the bank. I tried, but OCIF refused to allow the sale. So all deposits must be returned. All the asset sale did, from which I personally received nothing, was give customers the option of having their deposits transferred to Qenta if they did not want them returned. That was important as OCIF had intended to confiscate any deposits that were not returned by a specific date. I did not want that to happend, so I created a solution were deposits that were not returned would be sent to Qenta, so that customers could access them later if they missed the deadline to get them directly from the bank. Also, it was important to move all un-returned deposits quickly, to protect them from future losses, as the bank has to stay in business until the last deposit is returned. Staying in business generates losses, that ultimately would be paid by the remaining depositors once the bank ran out of its own capital.
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Thanks Peter, I did wonder about the possibility of transferring customer's deposits to another Puerto Rican bank, so not even that!
If she was worried about the reputation of the bank's customers as being criminals or tax evaders, then by that same rule she should worry about every single customer in every Puerto Rican bank, so absurd!
Well I was falsely accused of using EPB to help criminals launder money and evade taxes. In fact, 60 Minutes claims the sole purpose the bank was created was to cater to criminals. Those accusations were not made against other PR banks. But 60 Minutes did claim that Puerto Rico had lax regulations, which enable the bank to work with criminals. So that did tarnish the entire jurisdiction. The Commissioner missed an opportunity to stand up for the bank and to take a stand against the media and its false accusations, but she refused. In stead she enable the false narrative to continue, which I think backfired and harmed Puerto Rico's banking industry even further.
I truly believe that's the end result, the Commissioner harmed Puerto Rico's banking industry by the actions that she took, personally I will never transfer a single penny to Puerto Rico again, and I know of at least 3 people that had accounts at another bank in Puerto Rico, Ocean Blue, who have since closed their accounts and have gone to Dubai, maybe opening a new EuroPacific Bank in Dubai for international investors would be a great idea, given everything that's been happening, people are more than ever in need of a full reserve bank such as EPB.
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