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Peter Schiff
President at Euro Pacific Capital
Peter Schiff is the President of Euro Pacific Capital, based in Washington, District of Columbia.5 He is a prominent financial professional with over two decades of experience in the industry.6 Schiff is known for his accurate forecasts on the U.S. stock market and economy, having correctly predicted the 2007 housing market collapse and subsequent 2008 financial crisis.2
Schiff is also the CEO and chief global strategist of Euro Pacific Capital Inc., a broker-dealer based in Westport, Connecticut.3 He has founded several other financial services companies, including:
- Euro Pacific Asset Management, an independent investment advisor
- SchiffGold (formerly Euro Pacific Precious Metals), a precious metals dealer
- Euro Pacific Bank, a full-reserve bank (now liquidated)34
Schiff is a well-known economic forecaster and investment advisor influenced by the Austrian School of economics.2 He has authored several best-selling books, including "Crash Proof," "How an Economy Grows and Why it Crashes," and "The Real Crash".3 Schiff is also the principal host of The Peter Schiff Show podcast and has appeared as a guest on numerous business and financial television shows.34
Born on March 23, 1963, in New Haven, Connecticut, Schiff holds a Bachelor's degree in Finance and Accounting from the University of California, Berkeley.12 His career began at Shearson Lehman Brothers in the early 1990s before co-founding Euro Pacific Capital in 1996.4
Highlights
Forty six months ago today, the Government of Puerto Rico shut down Euro Pacific Bank. Not because the bank deserved to be shut down, not because it facilitated tax evasion or money laundering, and not because it was insolvent. None of those things were true.
The newly produced IRS and OCIF emails show the bank was shut down as part of an improper quid pro quo with the IRS: the U.S. Treasury Dept. would be able to use the shutdown to convince foreign banking regulators that Puerto Rico was not a high-risk tax haven.
The IRS needed the bank shut down because its high-profile Atlantis investigation — the subject of a 60 Minutes broadcast an Australian federal court later ruled defamatory and a New York Times article — came up empty. Since the two-year criminal investigation found no evidence of wrongdoing by the bank or anyone running it, the IRS needed OCIF’s help to save face.
The public was told that OCIF acted independently. But the OCIF Commissioner’s own email confirms that the action against the bank was done in collaboration with IRS-CI. Other emails show that collaboration began six months earlier, that the outcome was negotiated between the IRS and OCIF, and that the arrangement had the support of Puerto Rico’s Governor, Secretary of State, and Secretary of the Treasury.
The IRS and its J5 partners then launched a worldwide publicity campaign claiming the bank was shut down for facilitating tax evasion and money laundering — the very crimes their own investigation found no evidence were actually committed.
This is not speculation. It is shown by admissions in IRS and OCIF emails obtained through a FOIA lawsuit I filed as the bank’s sole shareholder, a month after the Federal Court in Puerto Rico dismissed my civil rights lawsuit against the IRS and OCIF — a lawsuit that alleged the very conspiracy these emails now confirm.
I just discovered the improper quid pro quo the IRS offered Puerto Rico to convince them to shut down my innocent, solvent bank. They told OCIF that if they did this favor for them, then “when CRS countries and/or OECD want to list Puerto Rico as a high-risk tax haven jurisdiction in the future, the U.S. Dept. of Treasury will be able to recall this action as proof that there is a strong regulator there and that inappropriate conduct will not persist in Puerto Rico.” This despite the fact that they all knew my bank was doing nothing to actually facilitate tax evasion.
