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

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

Published: August 2, 2025

Update from Peter Schiff

Dear Opt-in customers,

On Friday August 1, the Supreme Court of the State of N.Y., County of Westchester, granted my TRO request. Qenta is now restrained from selling, transferring, encumbering, dissipating, or disposing of any Euro Pacific Bank assets, including approximately $50 million in precious metals, $19 million in cash, and about $8 million in mutual funds.

On Wednesday, August 6th we have a hearing where Qenta will have to show cause why it should not be ordered to immediately return all transferred assets to the bank, under the administration of the Receiver, without any setoffs for alleged costs.

I will provide an update as soon as I know the results of the hearing.

Sincerely,

Peter Schiff
Sole shareholder, Euro Pacific Bank

Published: July 30, 2025

Update from Peter Schiff

Dear Opt-in Customers.

On July 12th Qenta informed you of its decided to terminated the purchase Agreement, which I subsequently consented to make mutual. However, when Qenta wrote on this website that it intended to return the “asset to the Receiver as they were originally received,” it actually meant liquidating those assets, but returning only the proceeds it would have received had it liquidated those assets when originally received on Sept. 30th 2022, depriving Opt-in customers of over $25 million in appreciated value.

But that is not all. Qenta also alleged about $5.5 million is unsubstantiated costs, mainly the result of delays that it blamed on OCIF, the Receiver, and other third parties, that it wanted to withhold from the amount returned to the Receiver. This would have exacerbated the losses it sought to impose on Opt-in customers.

Lastly, Qenta wanted to return the liquidated proceeds of the mutual funds directly to Opt-in customers, but only at their 2022 liquidation values, not their substantially appreciated current market values.

In total, Qenta listed having custody of approximately $80 million of the bank’s assets, but only offered to return about $38 million to the Receiver, 60 days following his written acceptance of their terms, retaining the balance for itself.

Qenta’s self-serving offer was completely unacceptable and rightly rejected by the Receiver, who reminded Qenta of its obligations to hold those assets as received for the benefit of Opt-in customers, and to coordinate the return of those assets directly with Opt-in customers. His subsequent reply to Opt-in customers themselves was to individually engage legal counsel to recover their assets directly from Qenta.

However, given the difficultly Opt-in customers would encounter pursuing such an approach, as a party to the terminated Asset Purchase and Assumption Agreement, yesterday I filed an action in New York court to compel Qenta to return the assets to the bank, under the administration of the Receiver, or at a minimum to freeze them in place until I can obtain a judgement in favor of the bank through arbitration, as mandated by the terminated Purchase and Assumption Agreement. This would allow the Receiver, with my help, to return all assets to Opt-in customers.

I am confident Qenta has no legal basis to unjustly enrich itself at Opt-in customer’s expense, and will pursue all legal means to prevent this injustice.

Unfortunately, this may further delay the return of customer funds, but Opt-in customers did not wait this long only to surrender half their assets to Qenta. To the extent that damages can be recovered from Qenta on behalf of all customers, they will be sought as well.

In the meantime, I expect the silver, which is currently still stored with Silver Bullion in Singapore, to soon be back under the Receiver’s control. I am working on a plan to quickly allocate that silver to its beneficial owners. I will post an update on this website with the next step as soon as I can confirm the silver is available for distribution.

Sincerely,

Peter Schiff
Sole shareholder, Euro Pacific Bank

We would like to provide an update on the progress of the EPB liquidation and the migration of opt-in customers to the Qenta platform.

Since our last update, we have continued to support and work alongside the Receiver to facilitate the commencement of the migration and liquidation processes, in connection with data migration and support, and account consolidation and reconciliation efforts. At this time, however, the migration of opt-in clients into the Qenta platform remains dependent on the Receiver finalizing, and obtaining OCIF’s approval with, his final liquidation plan.

We will continue to work diligently with the Receiver to ensure the smooth migration of opt-in customers at the earliest possible date. We will also continue to publish update notices for opt-in customers on the EPB homepage, as well as via email in some cases.

If you are an opt-out customer, please remember to visit the dedicated website setup by the Receiver for updates at https://epbprliquidation.com/.

Should you require special assistance, please feel free to contact the EPB Client Services team at any time at [email protected]. We appreciate your patience and understanding.

Sincerely,
Euro Pacific Bank.

We provide an update on the liquidation of Euro Pacific Intl. Bank, Inc. (the “Bank”) and Qenta’s migration process.

We have been advised that the Receiver has submitted a final version of the liquidation plan to Puerto Rico Office of the Commissioner of Financial Institutions (OCIF) and awaits formal feedback in order to initiate the process. The Receiver continues to work with all stakeholders to prepare for the liquidation of the Bank and for the eventual distribution of funds to opt-out clients.

Additionally, as stated in the Receiver’s update posted via the Bank’s website on July 17, 2023, we understand the Receiver has set up a separate communication website and customers portal. This portal should assist in providing accurate information on the process as well as allow for the exchange of documents and information related to the liquidation. Details of this portal should be available from the Receiver’s Office.

In parallel, Qenta continues with its own preparation for the migration of opt-in clients pending formal confirmation from the Receiver and OCIF that the liquidation and migration can commence. Further details on the final migration timeline and process will be shared by the Qenta Client Services team once confirmed.

The Bank’s core banking system and e-banking channel ceased to operate on August 23, 2023. As required by OCIF and applicable law, data extracts of all client records have been taken and securely stored. All information required by the Receiver’s Office to facilitate the liquidation and meet his legal obligations has been shared in a secure and structured manner. This comprised a large set of carefully structured data.

Qenta’s team remains excited to have the opportunity to welcome opt-in clients to its eco system and will share more about its services and offerings once we receive the go ahead to commence the migration.

Should you have any comments or questions, please feel free to reach out to our Client Services team at [email protected] and we will be very happy to provide assistance. We also recommend you reach out directly to the Receiver’s Office to utilise the customer communication portal established by that Office for the Bank liquidation.

Sincerely,
Euro Pacific Bank.