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.