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Peter David Schiff is a respected author and frequent financial commentator. He’s also the founder and CEO of Euro Pacific Capital, a broker/dealer specializing in foreign markets and securities. According to the company’s Web site, “Euro Pacific Capital makes direct purchases of select foreign shares, on selected foreign exchanges, in contrast to buying domestic pink sheet listings of the same securities.”
A number of Web postings on financial forums finds some investors less than pleased with the performance of various investments that were hand-picked by Euro Pacific Capital and its investment consultants. One such posting, dated 2009, reads as follows:
“I just closed my account with Euro Pacific because I was so disappointed with the performance of the investments that they placed me in. In summary, I think Peter has a great big picture view, but his organization was horrible in picking individual stocks for my portfolio. To underscore how horrible they were, one of the investments they suggested suffered an 85% loss in about 9 months. I spoke with them at length in July 2009 about this stock and they told me it was still on their recommended list. In September 2009, I decided to close the account and I instructed them to sell all my positions. The broker had to call and tell me he could not sell out of this position because the stock had been delisted back in May 2009. They either did not know in July that the stock had been delisted 2 months earlier or they lied to me about it still being on their recommended list. I felt I was lucky to get my money back from them after “only” a 22% loss in one year.”
A 2010 posting from another seemingly disgruntled Euro Pacific client expresses a similar sentiment:
“. . . I’m considering closing my account. I’ve lost about 14%. Many of my individual equities are down 40 – 85% (one went belly up altogether.) I’m lucky the precious metal holdings shored it up. I never hear from my broker. It’s surprising there’s so few comments anywhere on the net from their clients, unless I’m one of the disgruntled minority . . .”
If you’ve suffered financial losses from investments connected to Euro Pacific Capital, contact us to tell your story.