Dear Customers,

Qenta has once again circulated the same misleading email. Please ignore it. Their intention is to exploit the Receiver’s refusal to act on behalf of the bank and my lack of authority to do so as a third party. Qenta’s offer amounts to less than 35 cents on the dollar. Qenta has no legal right to hold your assets hostage and force you to accept a steep discount just to recover a portion of what is rightfully yours.

I have not yet taken any action with respect to the customer lawsuit, as I waited this past week to see if the Receiver would follow through on his indication to my lawyer that he planned to pursue an action on behalf of the bank. Despite repeated requests for an update, we have received no response.

The easiest and least costly path forward is a bank-led action, like the one I already won, but which Qenta had vacated solely because the Receiver did not bring the action himself. However, based on the email he recently sent to customers dated Aug. 26, I am losing hope that he will actually follow through. I will address his latest misrepresentations in a follow-up email.

Based on his latest email, I will likely have to move forward with the Litigation Recovery Trust for customers to collectively pursue their claims against Qenta and Brent De Jong, as well as any Qenta employees who knowingly helped or received proceeds derived from the misappropriation of customer-owned assets, or who were unjustly enriched at your expense — including clawing back any assets that may be transferred to Brent De Jong’s soon-to-be ex-wife, as they are now going through a divorce.

Our claims are strong, and two judges have already ruled that we would prevail in a lawsuit if the right party filed it. There are only two parties that can file an action against Qenta: the Receiver and the customers. So if the Receiver refuses to do the job he was appointed to do, then I am committed to doing it for him by creating the Litigation Recovery Trust, to pursue all customer claims, including potential claims against the Receiver personally.

The good news is that customer claims are not limited by the arbitration agreement in the Purchase and Assumption Agreement, so we can bring our case directly in federal court.

I will continue pressing for accountability and will update you promptly on the next steps.

Sincerely,
Peter Schiff, Sole Shareholder Euro Pacific Bank