Published: August 14, 2025

Subject: Urgent Action Needed to Protect Your Assets from Qenta

Dear Opt-In Customers,

Despite my best efforts, I could not convince the OCIF-appointed Receiver to take legal action against Qenta to protect your assets.

Under the Purchase and Assumption Agreement — which Qenta terminated prior to an initial closing, before securing regulatory approvals, and without onboarding a single customer — Qenta was obligated to return all cash, gold, silver, mutual funds transferred into its custody back to the bank.

Instead, Qenta proposed to liquidate the assets and return only their values as of September 2022, keeping all appreciation — roughly $30 million — for itself. On top of that, it sought to deduct over $5 million in unsubstantiated “losses” it claimed to have incurred. Out of approximately $80 million in customer assets, Qenta offered to return just $38 million, keeping the rest.

The Receiver rightly rejected this obvious breach of contract and unjust enrichment. However, he failed to demand that Qenta return the assets in kind, without offsets. Instead, he instructed Qenta to return the assets directly to customers — without selling them — and to follow customer’s instructions.

Qenta has ignored this. From what I can tell, Qenta is offering customers essentially the same self-serving deal it offered the Receiver: keep all the appreciation for itself and force customers to accept September 2022 valuations. Brent De Jong even falsely claimed in his affidavit that the Receiver agreed to such an arrangement. The Receiver not only never agreed, but “categorically reject” that assertion. Qenta only paid $500,000 of the $1.25 million it had agreed to pay for the right to “custody” these assets for customers. Why would the Receiver agree that Qenta should pocket a $30 million windfall at their expense?

I tried to stop Qenta in court myself, even offering to personally cover all of the bank’s legal costs if the Receiver joined in. But the judge ruled that I had no standing to act for the bank without the Receiver on board. Had the Receiver been included, we would have won, and Qenta would have ultimately been forced to return all assets to the bank — with customers keeping every dollar of appreciation.

My advice now: Do not make any deal with Qenta to accept less than the full amount that you are owed. Instead, I believe customers should join together and file a class action lawsuit. Qenta has no valid defense. These assets belong to you — Qenta had custody, not title — and a federal court can order their full return, plus damages.

We must act quickly so we can seek another TRO to freeze the assets before Qenta can sell, move, or otherwise encumber them.

In the meantime, I strongly suggest that each customer email Qenta demanding the return of their assets. This is necessary for the lawsuit, as we must show that customers requested the return of their assets and that Qenta refused to comply. Qenta was instructed by the Receiver that you own the assets and that Qenta must follow your instructions with respect to those assets.

For cash, demand a wire transfer. For mutual funds, demand that Qenta sell the shares at their current market price and wire the proceeds. For the gold, either demand that Qenta sell it now at the current market price and wire the full proceeds, or have your gold transferred to Schiff Gold. I will be able to set up custodial accounts for each of you, so you can continue to hold your gold and benefit from any future appreciation. You can then liquidate later at your sole discretion and receive the full value from your sale. I recommend the latter. That way you retain your rights to all future appreciation of your gold, as I doubt Qenta will comply with your demands.

On your silver, the good news is that your silver is now under the control of the Receiver. I was able to prevent Qenta from accessing it. Send an email to the Receiver that you want your silver transferred to Schiff Gold. Schiff Gold will create an omnibus account with Silver Bullion in Singapore which currently has custody of your silver. Once your Schiff Gold account is set up, you can either sell your silver or continue to hold it and sell at your discretion in the future.

For the Receiver send emails to [email protected].

For Qenta, send emails to [email protected]. Include your bank’s wiring instructions. Remember Qenta holds U.S. dollars, so you need to include instructions to an account that accepts dollars. Also, include that you reserve your rights to file a lawsuit if your funds or assets are not returned immediately.

If you are an Opt-in customer and wish to participate in the class action lawsuit, or have a custodial account with Schiff Gold set up, for either silver or gold, please send an email to me at [email protected] with your contact details.

I am covering these legal costs myself, though any contributions from participating customers are appreciated. If you are in a position to help let me know.

Sincerely,

Peter Schiff
Sole shareholder, Euro Pacific Bank