Famous crypto critic, gold promoter, and fund manager Peter Schiff has reached a deal with officials to liquidate his Euro Pacific bank in Puerto Rico.
Euro Pacific Bank, an online banking boutique operating in Puerto Rico, was the subject of an international investigation into its account holders in 2020.
At the time, the bank had $140 million with 8,000 depositors. Some depositors have been suspected of tax evasion and money laundering using bank accounts. The investigation, known as Operation Atlantis, and led by the United States and four other countries, examined the bank’s involvement and awareness of these activities.
In June, Euro Pacific Bank’s operations were suspended by authorities, citing “serious insolvency” cases. Following this decision, the Commissioner of Financial Institutions (OCIF) of Puerto Rico held a press conference, stating that the conclusion [of whether Euro Pacific Bank assisted in their clients committing money laundering and tax evasion] “was not done.”
According Schiff’s statementit “admits no wrongdoing, either on the part of the bank or me personally,” according to the official statement.
The Bitcoin skeptic must now liquidate the bank’s access and return 100% – $66.7 million – of deposits to their customers. Schiff will also have to pay a $300,000 fine, according to the New York Times. cited the official settlement papers.
The fund manager admitted he was not free to sell the bank, leaving liquidation ‘the only feasible option available’ since ‘continuing to own and operate the bank’ was no longer ‘a financially viable option’ .
Schiff also claimed that as a result of this dispute, his reputation in the banking industry had been “tarnished”.
It has already been reported that the gold promoter is ready to accept Bitcoin in case the bank sale has been approved by the authorities.
Schiff has been a prominent crypto critic, often engaging in public feuds online over the years. He continues to insist that Bitcoin “is not a store of value”.
“It has no value to store, just a market price. You cannot store the prize. Before anything can become money, it must first have underlying value,” he said in one of the conversations on Twitter.
Ironically, Schiff’s son is enthusiastic about the crypto industry. Peter shared that Spencer sold all of his “silver stocks” and “bet it all on Bitcoin”, calling his son “brainwashed”.
All information contained on our website is published in good faith and for general information purposes only. Any action the reader takes on the information found on our website is strictly at their own risk.