One friend told me that he tried to opt-out after the deadline and was told that it is not currently possible. I think that Opt-in is also not possible for now.
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Thanks Peter for keeping us informed on this platform.
I have a question about EPB customers holding shares in one of the mutual funds.
I requested to liquidate my holding in the Gold and Precious Metals fund so I could make the one last outgoing wire to opt out (it had to be done this way).
This request was not granted because it was “a management decision” to wait with selling the customers positions in these funds. As a result I could not make the final outgoing wire.
The questions:
1. Why was my request to sell not honoured?
2. Can I still opt-out so I will receive all my funds hopefully by oktober?
3. Who is handling the selling of my shares in the fund?
4. When can I expect the selling of my shares?
5. Can I still make the last outgoing wire after this so I can opt out or am I forced to do it after migration to Quenta?
I have asked the EPB several times about this matter but the only answer I get is that it is a management decision and “we will escalate” with no further follow-up.
If there are more customers on this platform with the same experience please also reply just to know I am not the only one.
I have a question about EPB customers holding shares in one of the mutual funds.
I requested to liquidate my holding in the Gold and Precious Metals fund so I could make the one last outgoing wire to opt out (it had to be done this way).
This request was not granted because it was “a management decision” to wait with selling the customers positions in these funds. As a result I could not make the final outgoing wire.
The questions:
1. Why was my request to sell not honoured?
2. Can I still opt-out so I will receive all my funds hopefully by oktober?
3. Who is handling the selling of my shares in the fund?
4. When can I expect the selling of my shares?
5. Can I still make the last outgoing wire after this so I can opt out or am I forced to do it after migration to Quenta?
I have asked the EPB several times about this matter but the only answer I get is that it is a management decision and “we will escalate” with no further follow-up.
If there are more customers on this platform with the same experience please also reply just to know I am not the only one.
I have money invested in three funds, plus Gold & Silver. As you know the funds stopped trading last year, and some weeks ago the Gold & Silver also stopped trading, so I have quite a bit of money sitting in the funds and in precious metals that I'm waiting to know what's going to happen with all that.
I'm opting-in, so I guess and I hope the funds and the precious metals will get liquidated and the proceeds will be transferred to Qenta, as soon as Qenta let's me access my money I will leave for good and I will close my Qenta account.
I think most of it was the receiver, who basically stopped most of what Qenta and I wanted to be done early on. I don't known what all the hold ups are now as I'm largely in the dark. It's mainly the Receiver and Qenta that are working on it.
It is only Receiver, whose name was mentioned at the bottom of letter and Qenta, who are running the show. There is no reason to contact to EPB anymore. I do have also questions to ask as the letter itself did not tell much.
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I wrote to the Puerto Rican lawyer about the Receiver's Report and particularly on the length of the refunding of opt-out customers.
They urged all customers to write directly to the OCIF Commissioner's office about the lengthy repayment period outlining your predicament and distress so that the Commissioner is aware of customers feelings. The only email address I have for the Commissioner is
[email protected]
If I hear of a better email address then I will post it here.
They urged all customers to write directly to the OCIF Commissioner's office about the lengthy repayment period outlining your predicament and distress so that the Commissioner is aware of customers feelings. The only email address I have for the Commissioner is
[email protected]
If I hear of a better email address then I will post it here.
By the end of July, beginning of August opting-out customers will be able to review and object to the liquidation report, that will give you the opportunity to complain to the Receiver.
Right now everything is subject to the recovery of the funds from the Correspondent bank.
As of now the Receiver's plan is to have Novo send all the money for the opt-out customers to a small online bank in California. The bank only has a U.S. dollar account, so all the currencies will be converted to U.S. dollars by that bank's correspondent bank, which is also in California. I can't imagine the FX rates will be good. Then the receiver plans on mailing U.S. dollar denominated checks to the physical address of record of each customer. I have tried my best to change his mind, but it appears to be made up, and there is really nothing I can do about it. Personally I think the opt-in customers will get access to their money much sooner. I have asked that all opt-out customers be offered a second chance to opt-in, but I have not idea if my recommendation will be followed.
Hi Peter . This is really messy :
1) there are opt out clients , including us , that are waiting for a payment into their broker account. Several Major global Non USA Brokers won’t accept cheques from a USA bank (only cheques from a bank in their own country). This is a major problem as then how can the money be returned ?
2) a client of us paid us after 30/6 2022 and the transfer has been stuck with novo bank since , and 1 month ago novo confirmed it was still blocked. Will this money be sent back to sender or sent to the us bank (we are opt out) ? I can only assume novo bank won’t just keep the money
Would REALLY appreciate your help as the update says nothing about this
Thanks
1) there are opt out clients , including us , that are waiting for a payment into their broker account. Several Major global Non USA Brokers won’t accept cheques from a USA bank (only cheques from a bank in their own country). This is a major problem as then how can the money be returned ?
2) a client of us paid us after 30/6 2022 and the transfer has been stuck with novo bank since , and 1 month ago novo confirmed it was still blocked. Will this money be sent back to sender or sent to the us bank (we are opt out) ? I can only assume novo bank won’t just keep the money
Would REALLY appreciate your help as the update says nothing about this
Thanks
@Pschiff I don't don't see why Novo Bank can't just send the money to where customers originally wanted it to go to? I don't see why it has to go to a Californian bank?
