Fun

Peter Schiff’s Euro Pacific Bank Under Investigation by Tax Authorities in 5 Countries

News Feed - 2020-10-19 10:10:21

Peter Schiff"s Euro Pacific Bank Under Investigation by Tax Authorities in 5 Countries


Euro Pacific Bank, founded by gold bug and bitcoin skeptic Peter Schiff, is reportedly under investigation by the tax authorities of five countries. The bank’s customers allegedly include several tax fraud masterminds and a Russian syndicate described by the FBI as the world’s worst cybercrime group. Peter Schiff’s Euro Pacific Bank Probed by Tax Authorities


Euro Pacific Bank, a Puerto Rico-licensed bank founded by gold bug and bitcoin skeptic Peter Schiff, is reportedly under investigation by the tax authorities of Australia, the Netherlands, the U.S., Canada, and the U.K. Several media outlets — The Age, the Sydney Morning Herald, 60 Minutes, and the New York Times — jointly investigated the story.


The large-scale probe, dubbed “Operation Atlantis,” was launched simultaneously by the five tax authorities in January, according to an article published Sunday by The Age. Australia’s deputy tax commissioner, Will Day, says this operation targets international money laundering and tax evasion, calling the inquiry into Euro Pacific Bank “unprecedented.”


British tax authorities arrested a Euro Pacific client and the U.S. Internal Revenue Service (IRS) intercepted Schiff and his partner Mark Anderson for questioning, the publication noted. The financial transactions of Euro Pacific Bank’s clients were examined, and hundreds of bank customers are suspected of tax evasion, the article details, adding that the authorities are also hunting the lawyers, accountants and financial institutions linking taxpayers to Peter Schiff’s bank.


Euro Pacific’s correspondent banks allegedly include Westpac, Western Australian government-backed Perth Mint, the New York Federal Reserve, and Canada’s Bank of Montreal.


Customers of Euro Pacific Bank allegedly include Sydney businessman Simon Anquetil who was behind the Plutus Payroll fraud scheme that stole more than $105 million. Other clients include Hollywood film financier Darby Angel, who has a drug trafficking conviction, and Canadian national Gunnar Helgason, who was arrested in 2013 as the mastermind of “an international boiler-room scam.” The FBI also linked an account at Euro Pacific to a Russian syndicate it describes as the world’s worst cybercrime group. At least 400 customers of the bank are from Australia, about 100 of whom are considered “high risk.”




Peter Schiff agreed to a Zoom interview with 60 Minutes Australia last month from his home outside of New York. However, he abruptly walked out of the interview after he was repeatedly asked about his bank and its tax evasion probe. “Schiff threatened to sue this publication, ripped off his microphone and stormed out of his own living room,” The Age detailed. 60 Minutes Australia tweeted Sunday: Peter Schiff is adamant authorities won’t find anything to implicate the bank.


Euro Pacific Bank’s former IT director, John Ogilvie, also revealed problems with the bank’s security, The Age further reported, noting that at one point Russians tried to extort the bank for a ransom of 1,000 bitcoins.


The Schiff family is well known for disliking paying taxes. Peter Schiff’s father, Irwin Schiff, died in jail after he was convicted of tax evasion. He ran a business called Freedom Books, selling information that taught thousands of Americans how to cheat the system.


Euro Pacific Bank released its official response to the news on Monday. The bank claims that it has not been contacted by any foreign government or taxing authorities.


Editor’s Note (Oct. 19, 2020, 18:31 EDT): This article has been updated with the official response from Euro Pacific Bank.


What do you think about Peter Schiff’s case? Let us know in the comments section below. Monetary Stability: The IMF and Fed Chair Jerome Powell Discuss Digital Currency Implications NEWS | 3 hours ago Bitcoin Bar "Room 77" Shuts Down NEWS | 7 hours ago Tags in this story Bank Fraud, Euro Pacific Bank, Money Laundering, Peter Schiff, peter schiff investigation, tax evastion, tax fraud


Image Credits: Shutterstock, Pixabay, Wiki Commons Purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Amaka Nwaokocha11 hours agoNamibia passes bill to regulate crypto and digital assetsThe legislation aims to establish a framework for licensing and regulating virtual asset service providers.1360 Total views1 Total share
LUNA 2.0 Token Jumps 200% Higher Against the US Dollar in 24 Hours
LUNA 2.0 Token Jumps 200% Higher Against the US Dollar in 24 Hours While digital currencies jumped in value during the early morning trading sessions on Friday (ET), the new Terra
Trump’s USD1 Playbook: 3 Best Presales Rewarding Early Supporters Like WLFI
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin price struggles as investors expect Fed interest rate cuts — Why?
Marcel Pechman3 hours agoBitcoin price struggles as investors expect Fed interest rate cuts — Why?Bitcoin price is stuck in a downtrend even though investors are betting on Fed interest rate cuts. What gives?3609 Total
Bitcoin Difficulty Increases 6% — It’s Still 48% Easier to Find BTC Blocks Than It Was 30 Days Ago
Bitcoin Difficulty Increases 6% — It"s Still 48% Easier to Find BTC Blocks Than It Was 30 Days Ago As expected, Bitcoin’s mining difficulty increased thi
Mt. Gox shifts $700M in Bitcoin, first major move in 3 weeks
Felix Ng5 hours agoMt. Gox shifts $700M in Bitcoin, first major move in 3 weeksIt’s the most significant Bitcoin move since July 30, though Galaxy’s head of research doesn’t think it’s for distribution.2601 Total
Tristan Greene12 hours agoXRP bucks trend as crypto assets experience 4th straight week of outflowsSolana slid into the outflow column this week as Bitcoin’s outflows streak continued.4138 Total views32 Total sharesLis
Buying Corporate Bonds and ETFs: US Federal Reserve Continues to Bailout ‘Too Big to Fail’
Buying Corporate Bonds and ETFs: US Federal Reserve Continues to Bailout "Too Big to Fail"The U.S. Federal Reserve has continued its schemes of monetary easing and funding a number
JPMorgan Chase President: Fed Isn’t Too Hawkish and Crypto Is ‘Kind of Irrelevant’
JPMorgan Chase President: Fed Isn"t Too Hawkish and Crypto Is "Kind of Irrelevant" JPMorgan Chase’s president that crypto “is kind of irrelevant in the scheme of things
World Economic Forum Believes Crypto Will Remain Key Technology
World Economic Forum Believes Crypto Will Remain Key Technology The World Economic Forum (WEF) has reviewed what happened in 2022 in crypto, making several predictions about the fu
William Suberg14 hours agoBitcoin all-time high in 2025? BTC price idea reveals ‘bull run launch’Bitcoin hodlers need to look at November 2024 for clues as to when BTC price will aim for the moon next, says CryptoCon
Bitcoin’s range-bound action puts eyes on NEAR, AR, CORE and BONK
Rakesh Upadhyay1 hour agoBitcoin’s range-bound action puts eyes on NEAR, AR, CORE and BONKBitcoin"s range-bound price action could lead traders to focus on NEAR, AR, CORE and BONK.624 Total views3 Total sharesMarket An