And then they gave EPB to a liquidator with no banking experience. OCIF must have had a lot of reservations about that...
Our valued sponsor
Euro Pacific bank is a scam
- Thread starter sonato
- Start date
-
- Tags
- euro pacific bank
The entire thing is a BIG scam and fraud, there is nothing real here other than lawyers making tons of money out of it.
Well, one thing real is the money some people don't have anymore for now. It seems for some this had a 'real' impact on personal lives and families, so something is real.
Probably the best approach is to pragmatically try to get back as much as possible, before the lawyers consume it all.
That's very worrying. I only talked about those companies in this thread back in Mar 2023 below and warned people then to be extremely cautious of Qenta.
https://www.offshorecorptalk.com/threads/euro-pacific-bank-is-a-scam.30470/post-250297
Out of interest those who opted in to Qenta have they seen any financials of Qenta itself or can they direct me to them?
Maybe @Pschiff can explain some of the due diligence he did on Qenta's financial capacity when engaging them about the bank.
I did a lot of due diligence on Qenta. They were also preparing for an IPO through a SPAC. They had a deal which I think would have given them 3$00 million in cash. But it ended up falling through. But they would have added the $7 million in capital, and been able to restore the bank to profitability.
The fact that the receiver by default made everyone who didn't opt out a customer of Quenta makes all of these arguments a bit shallow. It is the receiver and OCIF who needed to background check Quenta and the clearly stated by their actions that the company was trustworthy and reliable.
Back when it seemed that we could get our money back Quenta stated that after the liqudation is complete we could immediately withdraw everything, which I am sure most of us will do if given the oppurtunity.
This whole debacle will be another loss for Quenta I'm pretty sure.
Back when it seemed that we could get our money back Quenta stated that after the liqudation is complete we could immediately withdraw everything, which I am sure most of us will do if given the oppurtunity.
This whole debacle will be another loss for Quenta I'm pretty sure.
Yes, first Qenta lost the opportunity to own the bank. The bank did have a lot of value to unlock, once it was rebranded under new ownership. The false allegations made by the media made it impossible for me to own it or for it to operated under a tarnished brand name. Then they lost the opportunity to gain the loyalty of the customer accounts they purchased. Qenta was to pay the bank $1.25 million for the opt in customers. The hope was that most would stay on as customers of Qenta. But based on this long delay I'm sure most will just withdraw their money as soon as they are able. In truth I don't blame them. That's not really Qenta's fault, but that's just the way it is.
This article is OK, but could have been so much better at exposing the fraud of the J5 and what they did to EPB and its customers. Maybe some of you can leave comments in Dutch.
https://www.ftm.nl/artikelen/zwakte...2a/Z/rTkCYH3PcUC+UnYzKccrq+tXim57JOuIAHfmtA==
This article is OK, but could have been so much better at exposing the fraud of the J5 and what they did to EPB and its customers. Maybe some of you can leave comments in Dutch.
https://www.ftm.nl/artikelen/zwakte...2a/Z/rTkCYH3PcUC+UnYzKccrq+tXim57JOuIAHfmtA==
Would be nice to see the financials. But then I have no skin in the game just an an abundance of caution for people entrusting the transfer of their assets to a company they know nothing financially about. But then again there is a pattern emerging for those people taking such actions.
Is this the same Qenta CEO that was involved with this company going public below? I am just asking.
https://kalera.com/2022/01/31/kaler...-through-merger-with-agrico-acquisition-corp/
It didn't go well it seems if that's the case....
https://www.producebluebook.com/2023/04/04/kalera-files-for-chapter-11-protection-parts-with-ceo/
No, that the same CEO but a completely different business. Here is one article announcing the Qenta SPAC. If you Google you will fnd others Fintech Firm Qenta to Go Public Through SPAC MergerWould be nice to see the financials. But then I have no skin in the game just an an abundance of caution for people entrusting the transfer of their assets to a company they know nothing financially about. But then again there is a pattern emerging for those people taking such actions.
Is this the same Qenta CEO that was involved with this company going public below? I am just asking.
https://kalera.com/2022/01/31/kaler...-through-merger-with-agrico-acquisition-corp/
It didn't go well it seems if that's the case....
https://www.producebluebook.com/2023/04/04/kalera-files-for-chapter-11-protection-parts-with-ceo/
Here is an article announcing the termination of the deal Blockchain Coinvestors Acquisition I Terminates Qenta Deal | DealFlow's SPAC News
Yes.....does not look good does it?
"The SPAC aaid the decision was based “primarily based on Qenta’s failure to (i) deliver the Closing Company Financial Statements (as defined in the merger agreement) by the applicable deadline and (ii) comply with the Financial Information Obligations.”
It backs the point I made when I asked it would be nice to see Qenta's financials?
I am not saying there is anything amiss but would be nice to see.P.S The SEC filing below from Blockchain Coininvestors Acquisition Corp I read through also to verify the termination.
https://www.sec.gov/ix?doc=/Archives/edgar/data/1873441/000121390024043595/ea0205819-10q_block1.htm
--- quote start
"As a result of The Qenta Termination, the Sponsor of the Company received 50 Shares of Qenta Common Stock (“Qenta Shares”) to reimburse the Sponsor and the Company for costs, expenses and other liabilities incurred in connection with the Business Combination Agreement. The Company has recorded the Fair Value of the Qenta Shares as an investment on its Balance Sheet and a termination fee on its Statement of Operations as of and for the year ended December 31, 2023 in the amount of $4,070,807. There was no change in the fair value of the Investment in Qenta during the quarter ended March 31, 2024."
--- quote end
I was to receive 130 Shares of Qenta for the bank, plus about $5 million payable in cash and G-coin. So I lost all of that when OCIF rejected the sale, so she could help the J5 pretend that its failed investigation was a success. The customers also lost access to their deposits for the same reason.Yes.....does not look good does it?
"The SPAC aaid the decision was based “primarily based on Qenta’s failure to (i) deliver the Closing Company Financial Statements (as defined in the merger agreement) by the applicable deadline and (ii) comply with the Financial Information Obligations.”
It backs the point I made when I asked it would be nice to see Qenta's financials?
P.S The SEC filing below from Blockchain Coininvestors Acquisition Corp I read through also to verify the termination.
https://www.sec.gov/ix?doc=/Archives/edgar/data/1873441/000121390024043595/ea0205819-10q_block1.htm
--- quote start
"As a result of The Qenta Termination, the Sponsor of the Company received 50 Shares of Qenta Common Stock (“Qenta Shares”) to reimburse the Sponsor and the Company for costs, expenses and other liabilities incurred in connection with the Business Combination Agreement. The Company has recorded the Fair Value of the Qenta Shares as an investment on its Balance Sheet and a termination fee on its Statement of Operations as of and for the year ended December 31, 2023 in the amount of $4,070,807. There was no change in the fair value of the Investment in Qenta during the quarter ended March 31, 2024."
--- quote end
I am not interested in the shares or g-coin as values cannot be determined without proper audited financials. But was the cash part ($5m) to be paid before or after the assets were transferred to Qenta?
As soon as OCIF approved the sale of the bank, Qenta was required to deposit $7 million in cash into the bank. That would have rasied total capital to about $10 million. That was millions more than the bank needed to be fully compliant with OCIF's rules. Also, I was to receive 130 shares of Qenta stock, three million in cash and two million worth of G-coin. The G-coin quantity was fixed at $1,800 gold. So those G-coin would be worth about $2.7 million today.
They are ALL hoping you do this. Then they earn 50% off everything you pay the lawyers. That's going to drag on for decades!
in which jurisdictions is Qenta regulated? Since when is a SPAC giving credibility? Aren't SPACS used for companies otherwise not fit and proper to list regularly on a stock exchange? I personally can understand why OCIF deemed Qenta not fit and proper to own EPB. Did you have any other reputable interested parties to buy it? I believe not because a Puerto Rico IFE without Fedwire membership is pretty uselss I think...
https://www.ftm.nl/artikelen/zwakte...2a/Z/rTkCYH3PcUC+UnYzKccrq+tXim57JOuIAHfmtA==
The article clearly says that there are PENDING investigations open against a couple of clients, now you know why the Novo funds are NOT released until now
https://www.ftm.nl/artikelen/zwakte...2a/Z/rTkCYH3PcUC+UnYzKccrq+tXim57JOuIAHfmtA==
The article clearly says that there are PENDING investigations open against a couple of clients, now you know why the Novo funds are NOT released until now
Last edited:
Its a tiny number. They would likely have better luck just randomly auditing people on the street. They are under a lot of pressure to find something. So they keeping on grasping for straws. So they do find a few. But these few investigations are in no way holding up the return of customer funds.
How do you know its a "tiny" number? These are only the public known cases? The figure is for sure much higher as there are also pending investigations in other EU countries. For months you claimed there are no investigations and now you say its just a "tiny" number. It was one of the selling points of your "introducers" to advertise EPB as a bank in a non-CRS country, who do you think you would attract with such advertisement?
I said there were no criminal convictions, or even charges filed. The bank had thousands of customers. My guess is those who are being investigated don't even have accounts at the bank anymore. The bank closed thousands of accounts over the years for compliance red flags. So most of the people being investigated likely had their accounts closed long before the bank went into receivership. I think the bank has received record subpoenas for one, maybe two customers since it was shut down. I'm sure just about any random bank has more customers being investigated over taxes than Euro Pacific Bank. Our KYC and AML programs were far stricter than most bank. So more of the bad actors were weeded out.
If that is the case, why not release the funds of all other hostages?
surely no other bank in world with clients under investigation will freeze all accounts in a bank because a couple of accounts are investigated ?
Latest Threads
-
Georgia - possibility of putting crypto gains and foreign capital gains on tax return
- Started by JohnDebo
- Replies: 0
-
Crypto Card (Vendor Payments 10,000Euro a month) - Provider- Started by wellington
- Replies: 2
-
Friend money transfer via company
- Started by kristiencrimson
- Replies: 8
-
-
Recommendations for EMI or UK Bank, as a non-resident UK company- Started by TitanSan
- Replies: 4
