Euro Pacific bank is a scam

[btc100k]

My father lived a simple life. He didn't make much money. You can't excluded annual distributions when calculating returns. The S&P in not the benchmark for my funds, which barely own any U.S. stocks. But my funds have beat the S&P in recent years, and by year end they my beat it over the past 10 years as well. Let's see what happens. Some reviews are from disgruntled clients. But they are few in numbers compared to over 10,000 clients who have had accounts with me over the years. Again some have blamed me for deciding to concentrate on only very high-risk investments, and then to have decided on their own to sell them at very low prices, only to watch from the sidelines as prices recovered. I'm not responsible for bad timing on the part of clients, especially when they trade against my advice.

The government said he made over 4 million dollars from scamming people. And that was during a time when 4 million was a lot.

Yesterday you said the reviews were bogus, today you are saying they are from disgruntled clients.

Back to the issue at hand, has anyone received their money? I will be shocked if any wires happen this week.

 

[Pschiff]

The government said he made over 4 million dollars from scamming people. And that was during a time when 4 million was a lot.

Yesterday you said the reviews were bogus, today you are saying they are from disgruntled clients.

Back to the issue at hand, has anyone received their money? I will be shocked if any wires happen this week.

The government lied about a lot of things related to my father. However, I have never seen an allegation by the government that he made anywhere near $4 million. Post your proof of this allegation. I said some of the complaints were from former clients. Some where completely made up by people who pretended to be clients. Look me up on FINRA broker check. I've been registered for 30 years. Not a single legitimate customers complaint.

No wires were sent out today. Novo Bank still refuses to honor any of the bank's requests. Novo was informed directly by a Portugese Court that the government freeze on EPB's accounts was lifted. Novo kept that knowledge secret from the bank for 6 weeks, and now that the bank finally found out that the freeze was lifted, Novo just ignores any requests to process outgoing wires. This is not about the bank, me, Qenta, OCIF, the Receiver, or the Portugese government anymore. This is all about Novo Bank.

I had read that Novo was in good shape, but I've always been concerned that Novo had some liquidity issues, which was why they were doing all they could to hold on to the EPB's deposits as long as they could. If so, it's very unethical behavior, and should be illegal as well.

 

[btc100k]

The government lied about a lot of things related to my father. However, I have never seen an allegation by the government that he made anywhere near $4 million. Post your proof of this allegation. I said some of the complaints were from former clients. Some where completely made up by people who pretended to be clients. Look me up on FINRA broker check. I've been registered for 30 years. Not a single legitimate customers complaint.

No matter what evidence is presented you are just gonna say that the government is lying. I will copy and paste in the next post what I read in one of the many indictments against your father.

The 11 month sentence is to be served consecutively to the 151 month sentence previously imposed for Schiff’s conspiracy and tax convictions.

In October 2005, Schiff was convicted of conspiring to defraud the United States, aiding and assisting in the preparation of false income tax returns, filing his own false tax returns, and evading the payment of millions of dollars in back taxes owed. Additionally, Judge Dawson convicted Schiff of 15 counts of criminal contempt relative to Schiff’s unruly behavior during the trial.

According to the indictment and the evidence introduced at trial, beginning in 1995, Schiff aided thousands of taxpayers in the filing of false federal income tax returns with the IRS that reported zero taxable income despite the taxpayers earning reportable income. Schiff owned and operated Freedom Books, a business that sold books, tapes and informational packages encouraging customers not to pay income tax. According to a government witness who testified at trial, between 1997 and 2002, Freedom Books sold more than $4.2 million of these products.

The evidence presented at trial also proved that Schiff evaded the payment of more than $2 million in taxes he owed the IRS between 1979 and 1985. Schiff concealed income he earned from Freedom Books, in part, by using offshore bank accounts and conducting financial transactions through secret "warehouse" banking services. The evidence also showed that Schiff used debit cards issued by offshore banks to obtain funds he transferred offshore, that he opened bank accounts using multiple tax identification numbers and that he concealed his wealth by hiding his assets through the use of nominees.

The October 2005 conviction marked the third time Schiff was convicted for committing federal tax offenses. Prior to this conviction, Schiff has spent more than four years in jail for his tax crimes

 

[Pschiff]

No matter what evidence is presented you are just gonna say that the government is lying. I will copy and paste in the next post what I read in one of the many indictments against your father.

The 11 month sentence is to be served consecutively to the 151 month sentence previously imposed for Schiff’s conspiracy and tax convictions.

In October 2005, Schiff was convicted of conspiring to defraud the United States, aiding and assisting in the preparation of false income tax returns, filing his own false tax returns, and evading the payment of millions of dollars in back taxes owed. Additionally, Judge Dawson convicted Schiff of 15 counts of criminal contempt relative to Schiff’s unruly behavior during the trial.

According to the indictment and the evidence introduced at trial, beginning in 1995, Schiff aided thousands of taxpayers in the filing of false federal income tax returns with the IRS that reported zero taxable income despite the taxpayers earning reportable income. Schiff owned and operated Freedom Books, a business that sold books, tapes and informational packages encouraging customers not to pay income tax. According to a government witness who testified at trial, between 1997 and 2002, Freedom Books sold more than $4.2 million of these products.

The evidence presented at trial also proved that Schiff evaded the payment of more than $2 million in taxes he owed the IRS between 1979 and 1985. Schiff concealed income he earned from Freedom Books, in part, by using offshore bank accounts and conducting financial transactions through secret "warehouse" banking services. The evidence also showed that Schiff used debit cards issued by offshore banks to obtain funds he transferred offshore, that he opened bank accounts using multiple tax identification numbers and that he concealed his wealth by hiding his assets through the use of nominees.

The October 2005 conviction marked the third time Schiff was convicted for committing federal tax offenses. Prior to this conviction, Schiff has spent more than four years in jail for his tax crimes

So it reads 2 million, not 4. Anyway the government lied, and never proved its case. The jury was deadlock, and originally came back without a verdict. The judge then instructed the jury that it could find my father guilty of tax evasion, even if the government didn't prove any affirmative act of evasion. The New England Journal of Tax Action commented on this, as it fllew in the face of all tax law. The journal wrote that this would not likely apply to other taxpayers, as my father was a tax protestor, and therefore the law was applied differently in his case. It wasn't applied at all, it was ignored. My father was never legitimately convicted of tax evasion. He was a political prisioners. Anyway ,I have personally paid tens of millions in Federal Taxes over my life, before moving to Puerto Rico in 2017. So I more than made up for taxes my father didn't pay. I'm sure my annual tax payments exceeded your entire lifetime earnings.

 

[JoeOhNo]

The government lied about a lot of things related to my father. However, I have never seen an allegation by the government that he made anywhere near $4 million. Post your proof of this allegation. I said some of the complaints were from former clients. Some where completely made up by people who pretended to be clients. Look me up on FINRA broker check. I've been registered for 30 years. Not a single legitimate customers complaint.

No wires were sent out today. Novo Bank still refuses to honor any of the bank's requests. Novo was informed directly by a Portugese Court that the government freeze on EPB's accounts was lifted. Novo kept that knowledge secret from the bank for 6 weeks, and now that the bank finally found out that the freeze was lifted, Novo just ignores any requests to process outgoing wires. This is not about the bank, me, Qenta, OCIF, the Receiver, or the Portugese government anymore. This is all about Novo Bank.

I had read that Novo was in good shape, but I've always been concerned that Novo had some liquidity issues, which was why they were doing all they could to hold on to the EPB's deposits as long as they could. If so, it's very unethical behavior, and should be illegal as well.

Mr. Schiff,

at this stage we would really like to see a proof of those statements regarding the court order. Please dont get me wrong but as stalin said "trust but verify". I assume Im not the only one that would get calmer with some form of supporting documentation presented.

 

[ATNTESTING]

No wires were sent out today. Novo Bank still refuses to honor any of the bank's requests. Novo was informed directly by a Portugese Court that the government freeze on EPB's accounts was lifted. Novo kept that knowledge secret from the bank for 6 weeks, and now that the bank finally found out that the freeze was lifted, Novo just ignores any requests to process outgoing wires. This is not about the bank, me, Qenta, OCIF, the Receiver, or the Portugese government anymore. This is all about Novo Bank.

So what can we do at this point? Just patiently wait for quarterly update from EPB saying we should wait again? Is the mission of your lawyer finished?

 

[orion7352]

So we have a Portuguese judge ruling that the funds be released immediately on Tuesday. Is that a fact ?

Or do we have a 22 Feb decision by the Portuguese government to lift the freeze on that date but EPB only found out about that ruling on Tuesday 11 April (through a posted letter sent by Novo to EPB)


Which one is true ? Or are both true?

Either way you have a Portuguese bank still holding our deposits and refusing to complete the wire transfers.

So is the EPB appointed Portuguese lawyer able to do anything about this? Go back to the court to enforce the rulings?

 

[Marie Manila]

No matter what evidence is presented you are just gonna say that the government is lying. I will copy and paste in the next post what I read in one of the many indictments against your father.
[...]
The October 2005 conviction marked the third time Schiff was convicted for committing federal tax offenses. Prior to this conviction, Schiff has spent more than four years in jail for his tax crimes

Hey @btc100k,

why are you attacking Peter all the time?
Don't you think it's rude and unnecessary to blame his father all the time? Peter has lost his father. That's hard enough for him. And it's going to be even harder if he has to defend his father from accusations all the time. And it makes absolutely no difference whether the accusations are true or not!

Have you ever lost a loved one? How would you feel if you were constantly harassed with accusations about your deceased loved one?

If you don't like Peter, then just stay away from him.
The rest of us are very happy that Peter is here to give us information about the trial.

So from my side, a big thank you, Peter, and also my condolences for the loss of your father (even if the death happened some time ago).

 

[orion7352]

If they don't start giving back the money that is rightfully ours , those of us in Europe could go to the Novo banco head office in Lisbon and start picketing with placards.

Another thing, perhaps Peter Schiff could call senior management at Novo Banco directly to sort out the problem.

 

[clemens]

Well, I agree, attacking his father it not how you want to do it. I also agree, the money owed to us needs to be paid out!

 

[orion7352]

If we are going to consider picketing the Bank as an option I think we do need to see some verification of the court order as @JoeOhNo has called for. Otherwise we are going to look foolish if there is no legal proof of an order to release the funds.

The Novo Banco head office is below:

Av. da Liberdade, 195, 1250-142, Lisboa
Phone	(351) 21 350 10 00
Fax	(351) 21 855 74 91
Official site	www.novobanco.pt

 

[Radko]

It's clear that Novo bank has liquidity problems, they would've returned the funds back in February 23th but they didn't, they have tried to get EPB convicted of money laundering so they could keep the deposits, it didn't work, so now they have a problem, they don't have the deposits liquid, if they bought a bunch of bonds with the deposits, those bonds have lost a lot of money, at some point Novo will have to say something.

Mr. Schiff,

at this stage we would really like to see a proof of those statements regarding the court order. Please dont get me wrong but as stalin said "trust but verify". I assume Im not the only one that would get calmer with some form of supporting documentation presented.

"Trust but verify" Dictator Stalin didn't say that sentence, it was Ronald Reagan who said it when he met Gorbachev.

No matter what evidence is presented you are just gonna say that the government is lying. I will copy and paste in the next post what I read in one of the many indictments against your father.

The 11 month sentence is to be served consecutively to the 151 month sentence previously imposed for Schiff’s conspiracy and tax convictions.

In October 2005, Schiff was convicted of conspiring to defraud the United States, aiding and assisting in the preparation of false income tax returns, filing his own false tax returns, and evading the payment of millions of dollars in back taxes owed. Additionally, Judge Dawson convicted Schiff of 15 counts of criminal contempt relative to Schiff’s unruly behavior during the trial.

According to the indictment and the evidence introduced at trial, beginning in 1995, Schiff aided thousands of taxpayers in the filing of false federal income tax returns with the IRS that reported zero taxable income despite the taxpayers earning reportable income. Schiff owned and operated Freedom Books, a business that sold books, tapes and informational packages encouraging customers not to pay income tax. According to a government witness who testified at trial, between 1997 and 2002, Freedom Books sold more than $4.2 million of these products.

The evidence presented at trial also proved that Schiff evaded the payment of more than $2 million in taxes he owed the IRS between 1979 and 1985. Schiff concealed income he earned from Freedom Books, in part, by using offshore bank accounts and conducting financial transactions through secret "warehouse" banking services. The evidence also showed that Schiff used debit cards issued by offshore banks to obtain funds he transferred offshore, that he opened bank accounts using multiple tax identification numbers and that he concealed his wealth by hiding his assets through the use of nominees.

The October 2005 conviction marked the third time Schiff was convicted for committing federal tax offenses. Prior to this conviction, Schiff has spent more than four years in jail for his tax crimes

Martin Everson, this thread is about EuroPacific Bank, its customers, and Novo bank, could you please do something about this hatefull TROLL, if he wants to spend his life criticizing Peter Schiff and his father he can create his own thread, not only he is full of hate but he is also not a customer of EPB, thanks.

 

[JoeOhNo]

It's clear that Novo bank has liquidity problems, they would've returned the funds back in February 23th but they didn't, they have tried to get EPB convicted of money laundering so they could keep the deposits, it didn't work, so now they have a problem, they don't have the deposits liquid, if they bought a bunch of bonds with the deposits, those bonds have lost a lot of money, at some point Novo will have to say something.


"Trust but verify" Dictator Stalin didn't say that sentence, it was Ronald Reagan who said it when he met Gorbachev.


Martin Everson, this thread is about EuroPacific Bank, its customers, and Novo bank, could you please do something about this hatefull TROLL, if he wants to spend his life criticizing Peter Schiff and his father he can create his own thread, not only he is full of hate but he is also not a customer of EPB, thanks.

Sorry but no, Regan just took it from Stalin, You can google it. But it doesnt matter. We have other issues now to focus on

 

[btc100k]

"trust, but verify"
Heavy emphasis on the verify. Extra heavy.

 

[orion7352]

It's clear that Novo bank has liquidity problems, they would've returned the funds back in February 23th but they didn't, they have tried to get EPB convicted of money laundering so they could keep the deposits, it didn't work, so now they have a problem, they don't have the deposits liquid, if they bought a bunch of bonds with the deposits, those bonds have lost a lot of money, at some point Novo will have to say something.


"Trust but verify" Dictator Stalin didn't say that sentence, it was Ronald Reagan who said it when he met Gorbachev.


Martin Everson, this thread is about EuroPacific Bank, its customers, and Novo bank, could you please do something about this hatefull TROLL, if he wants to spend his life criticizing Peter Schiff and his father he can create his own thread, not only he is full of hate but he is also not a customer of EPB, thanks.

I don't think it's clear that it is a liquidity problem at Novo banco.

Novo banco has vast deposits of €28bn. EPB is not even 1% of that amount. There will be regular bank payments by Novo Banco on a daily basis to it's customers, payments of transactions etc. vastly in excess of the EPB wire transfer deposits.

So I very much doubt it is a liquidity issue. Wire transfers held at the bank should be treated like any other deposit at the bank I would have thought.

 

[Radko]

Sorry but no, Regan just took it from Stalin, You can google it. But it doesnt matter. We have other issues now to focus on

The question here is, if Novo purchased Treasury bonds with the deposits and those bonds have lost some of their value then what happens?
This is what recently happened to SVB, but luckily for those customers the FDIC stepped in and no one lost money, is Novo bank insured, it's a big bank, but guaranteed they don't keep deposits liquid, they invest them to make money, it's obvious by now.

 

[JoeOhNo]

The question here is, if Novo purchased Treasury bonds with the deposits and those bonds have lost some of their value then what happens?
This is what recently happened to SVB, but luckily for those customers the FDIC stepped in and no one lost money, is Novo bank insured, it's a big bank, but guaranteed they don't keep deposits liquid, they invest them to make money, it's obvious by now.

Im sorry Radko but at this point You are just heavly speculating. We got absolutely no confirmed info about any of this and at this stage such speculations just spread panic. Im sorry for You that You happened to be in this situation that You are cut off from Your 2,5mln $ and You have to sell the house but please dont spread the panic. It will serve no good.

LETS KEEP CALM AND THINK RATIONALLY

 

[orion7352]

The question here is, if Novo purchased Treasury bonds with the deposits and those bonds have lost some of their value then what happens?
This is what recently happened to SVB, but luckily for those customers the FDIC stepped in and no one lost money, is Novo bank insured, it's a big bank, but guaranteed they don't keep deposits liquid, they invest them to make money, it's obvious by now.

If a little old lady deposits €10,000 in a bank then next week come back for her €10,000 the bank can't say, "oh with YOUR PARTICULAR deposit we gambled it on the horses and lost. Sorry you can't have your Money back."

So yes, Novo banco may have used our deposits in some way but they still have a liability for the full amount of the EPB deposit.
If banking worked according to the old lady example noone would ever dare use a bank.

So I don't think this has to do with bank liquidity at Novo Banco.

Either the story isn't true that the freeze has been lifted or they are defying the court and holding on to the money because they can get away with it and squeeze a bit more interest out of the money.

 

[Radko]

Im sorry Radko but at this point You are just heavly speculating. We got absolutely no confirmed info about any of this and at this stage such speculations just spread panic. Im sorry for You that You happened to be in this situation that You are cut off from Your 2,5mln $ and You have to sell the house but please dont spread the panic. It will serve no good.

Yes, I really hope I'm wrong, it's just that this is exactly what has recently happened to all those regional banks, including SVB.

I hope this delay is just a bureaucratic problem that will be solved in the next few days, I really want to be able to get back to my normal life and move on, just like everyone else, thanks for the sympathy.

Maybe Peter knows what exactly is a custodian bank allowed to do with the deposits of a foreign bank, there must be limitations to what they can do with that money.

If a little old lady deposits €10,000 in a bank then next week come back for her €10,000 the bank can't say, "oh with YOUR PARTICULAR deposit we gambled it on the horses and lost. Sorry you can't have your Money back."

So yes, Novo banco may have used our deposits in some way but they still have a liability for the full amount of the EPB deposit.
If banking worked according to the old lady example noone would ever dare use a bank.

So I don't think this has to do with bank liquidity at Novo Banco.

Either the story isn't true that the freeze has been lifted or they are defying the court and holding on to the money because they can get away with it and squeeze a bit more interest out of the money.

Just for the record, in the EU banks are only required to keep 1% of the deposits in cash, everything else can be use for lending, however in the case of EPB they wouldn't be allowed to lend that money, but they would be allowed to generate interest on that money, but I don't want to speculate about this, let's see what happens, and why is Novo not transfering the funds.

 

[JoeOhNo]

Just a sidenote - DBRS Morningstar Upgrades Novo Banco’s LT Issuer Rating to BB (low), Stable Trend - 2023-03-29T16:45:00.000Z | DBRS Morningstar

So just a few weeks ago the rating has been raised. Its still not very high but I assume these kind of rating increase doesnt come from nothing. Novo Banco 2022 net profit was 560mln eur. How much where all EPB deposits? Cant find it now but 60mln eur is a number that is in my mind if I remember corectly. So, even if they just took the money and threw it out of the window they would still be easly capable of covering it.


Mr. Schiff, this is really the best possible moment to step in and clear the air. Thank You in advance