Euro Pacific Bank - Peter Schiff Banked Known Criminals, Tax Probe Claims

[Martin Everson]

https://www.nytimes.com/2022/08/09/business/euro-pacific-peter-schiff.html
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In that settlement, Mr. Schiff agreed to return $66.7 million in deposits, using several million in gold to cover any cash shortfalls. He has also agreed to pay $300,000 in fines, according to a copy of the settlement.

He acknowledged that two years ago the bank was about $4 million short, because it had, he said, inadvertently been using clients’ deposits toward operating expenses. He said he had remedied the problem by pouring his own money into the bank.


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Exactly as I thought. 100% reserve banking...lol. He admitted he was dipping into client funds to fund the banks operations. And people wondered why EPB was finding excuses to delay out-going payments etc. Well I say no more folks. At least he is covering any shortfall.

I said back in 2019 there is a reason they do no publish audited financials.

 

[TheCryptoAnt]

how can you be a bank and not be profitable, its beyond me

 

[boomy]

how can you be a bank and not be profitable, its beyond me

Do like Euro Pacific Bank and you will have the answer.

 

[Martin Everson]

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Brokerage Migration Update: August 18, 2022​

Summary​

As you may recall, if you currently have a Euro Pacific Trader brokerage account at Interactive Brokers (IBKR), IBKR requested that all clients either open new (retail) Interactive Brokers accounts to continue trading.

This is the result of IBKR ending their Non-Disclosed Broker program last year, which Euro Pacific Securities was a part of.

As of June 28, 2022, IBKR has set all existing brokerage accounts to “liquidation only”, which means you’re able to place sell orders and close positions, but you won’t be able to place any buy orders.

Next Steps​

1. If you are still completing your new IBKR account application, please continue with that process until the account is activated.

2. If your new IBKR account is already activated, we are currently waiting for guidance from the Puerto Rico regulator (OCIF) on when we can allow IBKR to transfer assets (cash and stock positions) from your existing account to the newly activated account.

Unfortunately we don’t know when OCIF will let us proceed, but there has been some progress on the bank suspension, which is the source of this delay.

3. If you opted out of the migration and therefore are not opening a new Interactive Brokers account and are waiting to transfer your brokerage cash balances back to your EPB bank account, you will be able to do that as soon as EPB receives approval from OCIF to continue processing transactions.

4. If you were not provided a new IBKR account username and password, you likely did not qualify to migrate with Euro Pacific Securities to our new “Fully-Disclosed Broker” relationship, and need to open a regular IBKR retail account, as described here.

If you are uncertain if you fall into this category or have any general inquiries, please contact Trading Support at [email protected].

Thanks for your continued patience as always through this regulatory process.

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