Schiff, and attorney Lanny Davis, says the bank has enough cash on hand to return all funds to customers or to transfer their deposits to another financial institution outside of Puerto Rico

SAN JUAN, Puerto Rico, Aug. 15, 2022 /PRNewswire/ -- Peter Schiff, CEO and Chief Global Strategist at Euro Pacific Capital, Inc. and host of The Peter Schiff Show, has reached a deal with the Office of the Commissioner of Financial Institutions Compliance of Puerto Rico ("OCIF") to liquidate the Euro Pacific Bank after regulators suspended the bank for allegations proven to be false and misleading. OCIF authorities have confirmed that, taking into account the bank's precious metals, the bank had an excess cash position to cover all deposits.

"The bank always had enough cash or cash equivalents to return all funds to depositors. The bank never made any loans or took on any debt. But since the bank did not have enough excess regulatory capital, OCIF decided to place it in receiver and order its liquidation. I would have preferred the opportunity to add the needed capital myself, or sell the bank to one of several buyers who were committed to adding that capital, but unfortunately OCIF thought it best to liquidate the bank instead," said Peter Schiff.

In a press conference on June 30, the OCIF Commissioner explained that EPB had not been found to participate in money laundering or other financial crimes. An investigation by the international alliance known as the Joint Chiefs of Global Tax Enforcement ("J5"), which includes the Internal Revenue Service, also did not find any instances of tax evasion or money laundering at EPB.

Mr. Schiff has agreed to return $66.7 million in deposits and pay $300,000 in fines. He has consistently prioritized and protected his depositors and invested his own money into the bank.

"I am proud to announce that the settlement agreement asks me to submit a plan for the orderly liquidation of the bank, in order to prioritize the return of 100% of deposits to customers, or the transfer of those deposits to another financial institution outside of Puerto Rico," Mr. Schiff said in his statement. "I personally contributed over $10 million of my own money into the bank, over $7 million since Oct. of 2020, specifically to protect depositors from large operating losses."

Lanny Davis, Mr. Schiff's attorney, said, "Any allegations of money laundering and tax evasion are factually baseless innuendos. They completely contradict Euro Pacific Bank's compliant financial standings."

Schiff and Davis will hold a press conference on Monday, August 15 at 2 PM EST. Lanny Davis will also be available for questions after the press conference.

Media Contact: Gil Connolly 
[email protected] 
202-993-4304

SOURCE Lanny Davis