Gold bug Peter Schiff has settled with Puerto Rico’s financial regulator and agreed to liquidate his Euro Pacific Bank. Schiff emphasized that he did not admit to any legal wrongdoing.
Peter Schiff to Liquidate Euro Pacific Bank
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Goldbug and notorious Bitcoin skeptic Peter Schiff has agreed to settle with Puerto Rico’s Office of the Secretary of Financial Institutions, also known as the Oficina del Comisionado de known as Instituciones Financieras (OCIF), has agreed to settle and liquidate his Euro Pacific Bank. He tweeted Wednesday.
I have agreed to a settlement with Puerto Rico’s banking regulator and tasked me with orchestrating an orderly liquidation of Euro Pacific Bank.
He indicated that the liquidation of Euro Pacific Bank was based on insufficient regulatory capital.
The bank did not comply with Puerto Rico’s minimum capital requirements. Schiff previously explained. ‘My team didn’t understand the regulations. We were new to Puerto Rico. We needed to maintain more capital than we thought.”
Schiff further detailed that the settlement agreement required him 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 Puerto Rico.”
He emphasized that according to the trustee’s calculations as of June 30, when his bank went into receivership, Euro Pacific Bank had “an excess cash position that could cover all deposits.” Schiff further noted that.
I am not admitting any legal wrongdoing on the part of the bank or myself personally.
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