Peter Schiff to liquidate his Euro Pacific Bank in Puerto Rico

Peter Schiff, One of the biggest crypto/bitcoin critics will return $66.7m to depositors and also pay 300,000 in penalties.
Regulators suspended the boutique online bank in question whether it was harboring tax evasion and money laundering.

A report given by New York Times states that American Stockbroker and economist, Peter Schiff reached an agreement with Puerto Rican authorities to liquidate his bank, Euro Pacific International Bank stationed in San Juan. Peter Schiff is supposed to return $66.7m to depositors and pay 300,000 in penalties. Additionally, Peter Schiff agreed to use Gold to fill in for any cash shortages.

The United States followed by four other countries is leading an operation ‘Operation Atlantis’ where some depositors are said to be involved in money laundering and tax evasion. The bank currently had 8,000 depositors and 140 million.

Back in June, Bank regulators based in Puerto Rico suspended the bank due to what they termed as serious insolvency’ issues. Later on, On Tuesday the regulators noticed that the bank had cash in hand and so Peter Schiffs agreed to liquidate his bank.

According to Peter Schiff’s statement, he stated that neither his bank nor him were involved in any lawlessness;

I am not admitting to any legal wrongdoing, either on the part of the bank or me personally.

According to his statement, Peter Schiffs was unable to sell his bank leaving him with the option of owning and operating the bank. Finally,

since I have been prohibited from selling the bank to any one of a number of interested and qualified buyers,

But when asked he stated that if allowed by the regulators, he would trade it for Bitcoin

Actually yes, I would sell the bank for anything if regulators let me sell it. My main goal is protecting customers.

— Peter Schiff (@PeterSchiff) July 8, 2022

Peter denied allegations that the bank was put into receivership for being insolvent by stating “It was put there for being undercapitalized, not having no capital,” he further explained “My bank has about $2 million in capital, no debt, no loans, and enough cash to repay all depositors in full. The buyer was to add $7 million in capital.”

The capitalist claims to have lost $7M which he personally deposited in the bank but due to the allegations of tax evasion and money laundering the money was lost “I personally contributed over $10 million of my own money into the bank, over $7 million since Oct. of 2020”