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Strategies & Market Trends : Technology Stocks & Market Talk With Don Wolanchuk
SOXL 64.98+7.1%Jan 27 4:00 PM EST
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To: Bonefish who wrote (208098)1/27/2026 4:00:31 PM
From: #Breeze  Read Replies (1) of 208109
 
"In 2022, Peter Schiff’s Puerto Rico-based offshore bank, Euro Pacific International Bank, was suspended and forced into liquidation following an investigation into tax evasion and money laundering.

Here are the key details regarding the case:
  • Investigation and Suspension: In 2020, the Joint Chiefs of Global Tax Enforcement (J5)—a task force including the U.S. and Australia—investigated Euro Pacific Bank as part of "Operation Atlantis". In June 2022, the Office of the Commissioner of Financial Institutions (OCIF) of Puerto Rico suspended the bank for failure to maintain adequate capital, noting a history of noncompliance.
  • Settlement: To resolve the issues, Peter Schiff reached a settlement to liquidate the bank, agreeing to pay $300,000 in fines and facilitate the return of $66.7 million in deposits.
  • Schiff’s Position: Schiff denied wrongdoing, claiming the bank was adequately compliant and that the investigation was based on false allegations from a 60 Minutes Australia report. He argued that news of the investigation destroyed the bank's reputation.
  • Subsequent Legal Action: In 2022, a defamation suit was filed by Schiff regarding the news reports, which was settled in 2023 with a $360,000 payment to Schiff and the removal of the broadcast. "
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