Peter Schiff’s Bank Shuts Down in Puerto Rico
Cryptocurrency critic Peter Schiff has said Puerto Rican regulators shut down his Euro Pacific bank “despite no evidence of crime.”
He has said that the problems are related to the net capital of the financial institution and has added that accounts are frozen and customers could lose funds.
After the sale, I will own 4% of the company buying the bank. The regulators have said that because of the bad news about me, they don’t want me to own 4% of the bank, although they know firsthand that the accusations in the media are false.
Schiff has said regulators never objected to him, otherwise he would have restructured the deal.
He has written:
“I just wanted to get out. Over the past two years, I’ve invested $7 million to cover operating losses due to bad news. Running a small bank costs a fortune. That’s why I never actually made money. Compliance costs are outrageous.”
