Published: August 6, 2025

Update from Peter Schiff on my legal action against Qenta,

Qenta has filed a motion to vacate the TRO currently in place that prevents them from selling the bank’s assets in their custody. Qenta does not even legally own these assets and should have no legal right to sell them—even in the absence of a TRO. The assets belong to the bank and its customers, who are the beneficial owners.

Most shockingly, Qenta claims that Opt-in customers should only be entitled to recover the value of the assets as of Sept. 30, 2022, and that Qenta should be allowed to retain for itself the approximately $30 million in appreciated value. Even more outrageous, Qenta misrepresented to the court that the Receiver agrees Qenta should be allowed to keep this windfall — and that the bank’s customers are not entitled to any part of it. Yet despite this, Qenta actually had the nerve to tell the court that it is trying to “marshal assets for the benefit of customers” and that my TRO is getting in their way.

Of course, I am doing everything I can to prevent Qenta from stealing what rightfully belongs to customers. It would be much easier if I had the active support of the Receiver, as Qenta’s main argument is that I lack standing, since the Receiver is the only one who can act on behalf of the bank. While the Receiver does not oppose my action, he has not yet joined in my effort. Qenta is trying to exploit this technicality, as it’s the only chance it has of getting away with this theft.

 

Sincerely,

Peter Schiff
Sole shareholder, Euro Pacific Bank