Euro Pacific bank is a scam

[Pschiff]

The Portuguese lawyer's name is on the legal document if I am not mistaken as it was sent to him:

Dr. Carlos Canelo Gomes. PMCG law firm?

I have no authority what-so-ever to act on behalf of the bank. The Receiver is in complete control. I couldn't even get him to send out an email that would have saved the bank about $500,000. So don't blame me for anything that is happening. I am by far the biggest victim (other than Mark Anderson who lost his life). I lost 100% of the $10 million I invested in the bank. Worse, I lost the $25 million in cash and stock I would have received had OCIF approved the sale to Qenta, which was in the best interest of all parties. I have also incurred well over $1 million in legal fees since this ordeal began with the false allegations made by 60 Minutes Australia in Oct. of 2020.

Nothing that you said in this comment can be denied without providing valid evidence to the contrary. The behavior to date clearly underlines what you said.

The bank is not receiving any interest on its euro deposits. Novo is keep that money for itself. But the bank still has expenses, the largest one likely the Receiver. But the bank needs to stay somewhat operational to eventually return customer deposits. Since its not providing any other banking services, it has no revenue to cover these operating expenses. So the small monthly charges are necessary.

@Pschiff Can you kinldy divulge a bit more on next steps? Given the absense of backend software, how are outgoings wires now been managed? Who is now repsonsible for this? Has Novo Bank now confirmed they will be processing the wires (no more nonsense from them)?

The Qetna team, which includes many former EPB employees and the Receiver are working on it. I am just a bystander. I have no role in the process, other than trying to help as an outsider. I am just another creditor, who will only receive money if all customers and other creditors are made whole. Otherwise I receive nothing.

 

[Radko]

I have no authority what-so-ever to act on behalf of the bank. The Receiver is in complete control. I couldn't even get him to send out an email that would have saved the bank about $500,000. So don't blame me for anything that is happening. I am by far the biggest victim (other than Mark Anderson who lost his life). I lost 100% of the $10 million I invested in the bank. Worse, I lost the $25 million in cash and stock I would have received had OCIF approved the sale to Qenta, which was in the best interest of all parties. I have also incurred well over $1 million in legal fees since this ordeal began with the false allegations made by 60 Minutes Australia in Oct. of 2020.


The bank is not receiving any interest on its euro deposits. Novo is keep that money for itself. But the bank still has expenses, the largest one likely the Receiver. But the bank needs to stay somewhat operational to eventually return customer deposits. Since its not providing any other banking services, it has no revenue to cover these operating expenses. So the small monthly charges are necessary.


The Qetna team, which includes many former EPB employees and the Receiver are working on it. I am just a bystander. I have no role in the process, other than trying to help as an outsider. I am just another creditor, who will only receive money if all customers and other creditors are made whole. Otherwise I receive nothing.

Peter, I find it incredible that the OCIF has had no regard for your interest as the owner of the bank, the fees of the appointed Receiver which was completely unnecessary are coming out of your pocket, and now it seems that his lack of action has caused the bank to lose an extra $500K. At some point you should consider the possibility of taking legal action, even if you waived that right, there comes a point when someone has to say enough is enough.

Sorry, I'm no one to tell you what to do but there are obviously too many unnecessary events happening to ignore the fact that you are directly paying the consequences of all the misconduct, and I would find it surprising if a Judge didn't sympathize with you. Or at least try to appear on Fox News so everybody knows about this ordeal and the unnecessary cost of it.

I would like to believe there is a rainbow for you and for all the customers after all this is over.

 

[Kruger]

Take a listen to this. Although focused on the US, it is spreading like a virus. Interesting reference about "Bail-in" mentioned here too. Sounds very close to what's happening with EPB/Novo/Qenta/Regulator.......

 

[christo14]

@Pschiff Hi Peter. Do you know the extent of the information tax authorities gathered from the data leak. Did they just get a list of names and addresses or do they have wire transfer information, account balances etc?

 

[JoeOhNo]

@Pschiff Hi Peter. Do you know the extent of the information tax authorities gathered from the data leak. Did they just get a list of names and addresses or do they have wire transfer information, account balances etc?

May I ask what leak are You refering to?

 

[christo14]

May I ask what leak are You refering to?

The J5 tax authorities (HMRC, IRS, Aussie equivalent etc) have data on account holders information. They are now pursuing these individuals for unpaid/undeclared tax (I'm one of them). The authorities have not disclosed what information they have and are sending letters out to account holders asking for them to declare their involvement with EPB and produce statements etc. This makes it a tricky situation as if like me you held an account many years ago you won't have the info to show or prove if you do or don't owe tax.

 

[Pschiff]

Peter, I find it incredible that the OCIF has had no regard for your interest as the owner of the bank, the fees of the appointed Receiver which was completely unnecessary are coming out of your pocket, and now it seems that his lack of action has caused the bank to lose an extra $500K. At some point you should consider the possibility of taking legal action, even if you waived that right, there comes a point when someone has to say enough is enough.

Sorry, I'm no one to tell you what to do but there are obviously too many unnecessary events happening to ignore the fact that you are directly paying the consequences of all the misconduct, and I would find it surprising if a Judge didn't sympathize with you. Or at least try to appear on Fox News so everybody knows about this ordeal and the unnecessary cost of it.

I would like to believe there is a rainbow for you and for all the customers after all this is over.

No, I can't sue. I was advised to give up the right to sue to get a quick settlement, and have the clients made whole before their money was spent in receivership. So I didn't even get what I bargained for. Plus, its hard to sue governments in government courts. The entire system is corrupt. I just wanted to move on. I'm out of banking for good, and want nothing to do with the Puerto Rican government. I don't even contribute to charities here anymore. I also no longer encourage people to move here. When I first came here I really wanted to help Puerto Rico's succeed. I don't care about that anymore.

May I ask what leak are You refering to?

They have lots of information on transactions, as the bank complied with a grand jury subpoena. The leak I'm referring to is the IRS or ATO leaking the existence of that secret investigation to the 60 Minutes/Age reporters.

The J5 tax authorities (HMRC, IRS, Aussie equivalent etc) have data on account holders information. They are now pursuing these individuals for unpaid/undeclared tax (I'm one of them). The authorities have not disclosed what information they have and are sending letters out to account holders asking for them to declare their involvement with EPB and produce statements etc. This makes it a tricky situation as if like me you held an account many years ago you won't have the info to show or prove if you do or don't owe tax.

The authorities found no evidence that the bank helped any customers evade taxes. So they have no reason to believe any customers did. I believe these investigations were started just to salvage J5 credibility, and to make me and the bank look bad. Customers of EPB are no more likely to have evaded taxes than customers of any bank. In fact, due to how rigorous our compliance was, they are probably less likely. So these investigations will turn out to be a waste of time and taxpayer money. But Nine Entertainment is using these investigations as evidence that the bank did something wrong, and that I was personally responsible. So far the judge is not buying it.

 

[Tulliola92]

What will your lawyer do about Novo Bank?

No, I can't sue. I was advised to give up the right to sue to get a quick settlement, and have the clients made whole before their money was spent in receivership. So I didn't even get what I bargained for. Plus, its hard to sue governments in government courts. The entire system is corrupt. I just wanted to move on. I'm out of banking for good, and want nothing to do with the Puerto Rican government. I don't even contribute to charities here anymore. I also no longer encourage people to move here. When I first came here I really wanted to help Puerto Rico's succeed. I don't care about that anymore.

 

[christo14]

No, I can't sue. I was advised to give up the right to sue to get a quick settlement, and have the clients made whole before their money was spent in receivership. So I didn't even get what I bargained for. Plus, its hard to sue governments in government courts. The entire system is corrupt. I just wanted to move on. I'm out of banking for good, and want nothing to do with the Puerto Rican government. I don't even contribute to charities here anymore. I also no longer encourage people to move here. When I first came here I really wanted to help Puerto Rico's succeed. I don't care about that anymore.


They have lots of information on transactions, as the bank complied with a grand jury subpoena. The leak I'm referring to is the IRS or ATO leaking the existence of that secret investigation to the 60 Minutes/Age reporters.


The authorities found no evidence that the bank helped any customers evade taxes. So they have no reason to believe any customers did. I believe these investigations were started just to salvage J5 credibility, and to make me and the bank look bad. Customers of EPB are no more likely to have evaded taxes than customers of any bank. In fact, due to how rigorous our compliance was, they are probably less likely. So these investigations will turn out to be a waste of time and taxpayer money. But Nine Entertainment is using these investigations as evidence that the bank did something wrong, and that I was personally responsible. So far the judge is not buying it.

Hi Peter,

Can you elaborate on what information the authorities have. Do they have all account holder details including balances, transactions and full statements? If so what years do they have? All account history dating back to what year?

Hi Peter,

Can you elaborate on what information the authorities have. Do they have all account holder details including balances, transactions and full statements? If so what years do they have? All account history dating back to what year?

Was this information given to the authorities by the bank or was it a hack?

 

[Pschiff]

Hi Peter,

Can you elaborate on what information the authorities have. Do they have all account holder details including balances, transactions and full statements? If so what years do they have? All account history dating back to what year?


Was this information given to the authorities by the bank or was it a hack?

I don't know exactly what they have. I was not involved. But i do know that the bank turned over hundreds of thousands of pages of documents. But not on every client. I also don't know what percentage of the accounts they looked at.

 

[christo14]

I don't know exactly what they have. I was not involved. But i do know that the bank turned over hundreds of thousands of pages of documents. But not on every client. I also don't know what percentage of the accounts they looked at.

Ok, thank you for replying Peter. I guess it is prudent to assume they have everything dating back to 2015 (this is what HMRC have told me).

 

[Radko]

Ok, thank you for replying Peter. I guess it is prudent to assume they have everything dating back to 2015 (this is what HMRC have told me).

In 2015 the bank was based in St. Vincent, so maybe HMRC doesn't have information going back that far.
Maybe you should wait for them to tell you what they have.

I wonder if the J5 has investigated other banks in Puerto Rico, or if they only targeted EuroPacific Bank.

 

[christo14]

In 2015 the bank was based in St. Vincent, so maybe HMRC doesn't have information going back that far.
Maybe you should wait for them to tell you what they have.

I wonder if the J5 has investigated other banks in Puerto Rico, or if they only targeted EuroPacific Bank.

From HMRC:

"I have evidence to suggest you hold at least one account with Euro Pacific International Bank (EPIB). I have reason to believe that large sums of money have passed through your account(s) with this bank, dating back to at least 06 March 2015. My evidence suggests that you have made use of a prepaid card linked to an EPIB account, as well as directly depositing and withdrawing funds from at least one EPIB account."

Maybe they have the info, maybe they are just fishing. Who knows?

 

[Radko]

From HMRC:

"I have evidence to suggest you hold at least one account with Euro Pacific International Bank (EPIB). I have reason to believe that large sums of money have passed through your account(s) with this bank, dating back to at least 06 March 2015. My evidence suggests that you have made use of a prepaid card linked to an EPIB account, as well as directly depositing and withdrawing funds from at least one EPIB account."

Maybe they have the info, maybe they are just fishing. Who knows?

If they have something they will tell you, if they don't have anything significant they will fish around.
Wait for them to tell you, it's up to them to prove that you have done something wrong, and you may or may not owe taxes. Best of luck

 

[christo14]

If they have something they will tell you, if they don't have anything significant they will fish around.
Wait for them to tell you, it's up to them to prove that you have done something wrong, and may or may not owe taxes. Best of luck

Thanks Radko. I'm meeting with a lawyer this week to take advice. I won't rush anything in this situation

 

[spartan7510]

Thanks Radko. I'm meeting with a lawyer this week to take advice. I won't rush anything in this situation

Interesting that HMRC quite specific in your case with dates. In the letter sent to me, just looks like a standard template letter (fishing letter)
My account was purely used for physical GLD investment. I never used it for daily, weekly, monthly transactions (other than account fees debited), my funds origonated from a legal dispute settlement payment. So I replied by post to HMRC with signed for letter September 2022, sent all details for my account and 5 years worth of statements as EPB changed the banking software around 2017/2018, I cant access anything beyond that. I have never recieved a reply, not even a follow-up letter or acknowledgment. When and if our money ever gets returned, based on discussion with financial advisor no CGT would be owed at this stage. Im curious whether HMRC take into account the tax free allowance on CGT at point the assett was liquidated in 2022, or the new CGT tax rules with reduced allowance compliments of Jeremy *unt for 2023? Or perhaps HMRC should go investigate Sunaks billionare hieress wife for tax evasion...

 

[Marketint]

Hi Peter,

Can you elaborate on what information the authorities have. Do they have all account holder details including balances, transactions and full statements? If so what years do they have? All account history dating back to what year?


Was this information given to the authorities by the bank or was it a hack?

They have everything. Opening documents + all transactions + all cards transactions + communication.

 

[christo14]

They have everything. Opening documents + all transactions + all cards transactions + communication.

Can I ask how you know that for sure Marketint? As even the detail on my letter isn't fully accurate.

Interesting that HMRC quite specific in your case with dates. In the letter sent to me, just looks like a standard template letter (fishing letter)
My account was purely used for physical GLD investment. I never used it for daily, weekly, monthly transactions (other than account fees debited), my funds origonated from a legal dispute settlement payment. So I replied by post to HMRC with signed for letter September 2022, sent all details for my account and 5 years worth of statements as EPB changed the banking software around 2017/2018, I cant access anything beyond that. I have never recieved a reply, not even a follow-up letter or acknowledgment. When and if our money ever gets returned, based on discussion with financial advisor no CGT would be owed at this stage. Im curious whether HMRC take into account the tax free allowance on CGT at point the assett was liquidated in 2022, or the new CGT tax rules with reduced allowance compliments of Jeremy *unt for 2023? Or perhaps HMRC should go investigate Sunaks billionare hieress wife for tax evasion...

Yes, yours looks very 'boiler plate'. Mine is a second communication where HMRC first said "We have reason to believe you have received foreign income". The details aren't quite correct, although, close enough to say they have significant info, some of which I didn't declare as it was almost 5 years ago and I was young/dumb. I'm hoping a lawyer will help me avoid prosecution and reach a settlement with HMRC (It's going to be expensive that is for certain).

So much for "Privacy assured". One has to guess senior bank management gave over the banks client info in exchange for immunity.

 

[Marketint]

Can I ask how you know that for sure Marketint? As even the detail on my letter isn't fully accurate.



Yes, yours looks very 'boiler plate'. Mine is a second communication where HMRC first said "We have reason to believe you have received foreign income". The details aren't quite correct, although, close enough to say they have significant info, some of which I didn't declare as it was almost 5 years ago and I was young/dumb. I'm hoping a lawyer will help me avoid prosecution and reach a settlement with HMRC (It's going to be expensive that is for certain).

So much for "Privacy assured". One has to guess senior bank management gave over the banks client info in exchange for immunity.

I am not from uk and received my first letter more then 2 year ago. Same as uk customers from project Atlantis. I already got a copy of everything that they have from me.

 

[christo14]

I am not from uk and received my first letter more then 2 year ago. Same as uk customers from project Atlantis. I already got a copy of everything that they have from me.

Thank you for the swift reply Marketint. Firstly I should ask if you are ok? Did you have anything to worry about?
I think the Dutch and Aussies were the first receivers of the info. Are you from one of those nations? Have you settled with your tax authority or is it still ongoing? Did they pursue you civilly or criminally?