Gold bug Peter Schiff has settled with Puerto Rico’s financial regulator and agreed to liquidate his Euro Pacific Bank. Schiff said that he will not confess to any illegal acts.
Peter Schiff Liquidating Euro Pacific Bank
Peter Schiff, a gold bug and renowned bitcoin skeptic has reached an agreement with the Office of the Commissioner of Financial Institutions of Puerto Rico (also known as Oficina del Comisionado de Instituciones Financieras or OCIF), to dissolve his Euro Pacific Bank. He tweeted Wednesday:
A settlement has been reached with Puerto Rican bank regulators. It assigns me the responsibility of overseeing the orderly liquidation and dissolution of Euro Pacific Bank.
He stated that Euro Pacific Bank was liquidated because it did not have sufficient regulatory capital.
Puerto Rican minimum capital requirements weren’t met by the bank. Schiff previously explained: “My team didn’t understand the rules. Puerto Rico was new for us. We were required to keep more capital than we thought.”
Schiff further detailed that the settlement agreement asks 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 of Puerto Rico.”
He emphasized that according to the trustee’s calculations as of June 30th, the date his bank was placed into receivership, Euro Pacific Bank held “an excess cash position to cover all deposits.” Schiff additionally noted:
I do not accept any illegal act on my part or that of the bank.
Do you have any thoughts about Peter Schiff selling his Euro Pacific Bank shares? Comment below.
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