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AP National Business

Peter Schiff trying to save Puerto Rico bank under probe

KTVZ
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Published 8:10 am

By DÁNICA COTO
Associated Press

SAN JUAN, Puerto Rico (AP) — U.S. financial analyst Peter Schiff says he will fight to be able to sell a bank he established in Puerto Rico even though authorities have suspended its operations as part of an investigation. Euro Pacific International Bank obtained a license in 2017 to operate in the U.S. territory and built up some 15,000 accounts, but its deposits have dropped to $150 million following a probe by a multi-government group fighting tax crimes and money laundering. Schiff said Friday that officials had told him customers of the bank were being investigated — not the bank itself.

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