Our valued sponsor

Euro Pacific bank is a scam

#161
Register now
You must login or register to view hidden content on this page.
Martin Everson said:
Peter may indeed be just ranting but we know the bank is actually insolvent.

----- quote start

Zequeira Diaz confirmed the bank, headquartered in the Puerto Rican capital San Juan, was insolvent and that Schiff was the sole remaining shareholder. She said a trustee had been appointed to liquidate the bank’s assets and return all deposits.

----- quote end
Click to expand...
The one thing that gives me pause here, in terms of trusting the media narrative, is my distrust of government in general and the extremely high level of corruption and incompetence in Puerto Rico.

It will be interesting to see how the actual facts unfold.
 
#162
Golden Fleece said:
The one thing that gives me pause here, in terms of trusting the media narrative, is my distrust of government in general and the extremely high level of corruption and incompetence in Puerto Rico.
Click to expand...

That's why Peter Schiff chose to move there and set up a bank and an asset management company in Puerto Rico right? What does that say about him...lol?
 
#164
It's not. That's the point. It just doesn't have enough excess regulatory capital. But since the bank has no loans, it's not really needed. The rules were written for banks with risky loans on their balance sheets. My bank has none.
Click to expand...

Wow. This is why you hire bankers, not media talking heads, podcasts hosts, and whatever else it is Peter Schiff to run a bank. Hopefully he has someone actually qualified to run a bank on payroll to help him sort this out and make a clean shutdown.
 
#165
----- quote start

Last Thursday, the OCIF issued a cease-and-desist order and appointed certified public accountant Wigberto López Mender as IFI’s receiver, after concluding that EPB has been operating in insolvency for at least three years. This is the first time that OCIF has appointed a receiver for an IFI. If the OCIF so concludes, the receivership must end with the liquidation of the IFI.

In issuing the order, OCIF also imposed a fine of about $765,000 and ordered the delivery of the reserve certificate required to these entities, which totals another $300,000.

---- quote end

https://www.elnuevodia.com/english/...raws-the-line-with-ocif-and-j5-investigation/
 
#167
nobel said:
EPB: As usual, Euro Pacific Bank maintains a full-reserve ratio, meaning we make no loans and keep all client deposits on-demand eek¤%&
Click to expand...

"on-demand"? Well thats a lie by the bank. You can't demand and get your money back today 08 July 2022 can you? smi(&%.

---- quote start

The Puerto Rico financial regulator recently requested that Euro Pacific Bank pause its operations. In response, we are complying by pausing all transactions and reviewing the details of their request.

---- quote end
 
#169
Hi,
I'm new here: I have an account Euro Pacific and card top-up and transfers are frozen.
Internet banking shows a notice about an incoming hearing on July 14th, does anybody know what's next ?
July 09 around 1900 UTC.webp
 
#170
I'd say there are three possible outcomes.
  1. The bank resumes operations like before. This is the least likely scenario. The news coming out about the bank are not good.
  2. The bank is sold to a new owner and after a many months (maybe years) of due diligence and audits, the new owners open the bank again.
  3. The bank is dissolved. A process that will take years begin, whereby creditors and depositors are slowly and gradually repaid from what's left in the company.
 
  • Sad
Reactions: nobel
#171
Sols said:
I'd say there are three possible outcomes.
  1. The bank resumes operations like before. This is the least likely scenario. The news coming out about the bank are not good.
  2. The bank is sold to a new owner and after a many months (maybe years) of due diligence and audits, the new owners open the bank again.
  3. The bank is dissolved. A process that will take years begin, whereby creditors and depositors are slowly and gradually repaid from what's left in the company.
Click to expand...
What about the customers who switched to Interactive Brokers US? EPB offered this last weeks. Is the money safe with Interactive Brokers US?
 
#176
JackAlabama said:
To which he said yes, he would ;)
But who would want to buy such a bank anyway. Would probably be the last thing right now.
Click to expand...

Exactly. His bank is gone but he will spin the narrative that it was governments fault. When in fact it is his fault alone for being insolvent. He cannot simply make up his own rules.

P.S I would really want to know too what any alleged buyer would be paying for here ca#"!.
 
  • Like
Reactions: JackAlabama
#178
Stephen2030 said:
Incoming transfer? ...

What happens to the transfers received on the account since the suspension? Will they be returned to sender?
Click to expand...

The bank is halted meaning no operations permitted. Funds sent to any account in bank now may just sit on the banks correspondence account. However if that correspondence account is blocked it may bounce back to sender.
 
  • Like
Reactions: Marie Manila
#180
Stephen2030 said:
Incoming transfer? ...

What happens to the transfers received on the account since the suspension? Will they be returned to sender?
Click to expand...
It can also be that the bank happily pocket all incoming wires but you can just watch but not touch it.
 
  • Like
Reactions: bastard
Register now
You must login or register to view hidden content on this page.
You must log in or register to reply here.

Forum Announcement

Latest Threads

Offshore Bank Accounts
Top Bottom
Back