IRS Emails Confirm Illegal Conspiracy to Destroy Innocent Bank as PR Stunt

Peter Schiff argues that the 2022 shutdown of Euro Pacific Bank in Puerto Rico was not a legitimate regulatory action but the product of an improper arrangement between the IRS and Puerto Rico’s Office of the Commissioner of Financial Institutions (OCIF, referred to as OSEF in the transcript). According to Peter Schiff, newly produced emails show the closure was negotiated to rescue a stalled international tax investigation and to improve the reputation of Puerto Rico with foreign regulators.

Peter Schiff contends that the bank was neither insolvent nor implicated in tax evasion or money laundering, pointing to its 100% reserve backing and its lack of debt. He says the “voluntary” liquidation was not voluntary, since OCIF reportedly hired an outside trustee for a forced liquidation weeks before the cease and desist order was issued on June 30, 2022.

Peter Schiff highlights a Bloomberg article and internal IRS messages that, in his view, show the j5 coalition deliberately framed the closure as proof of tax-crime enforcement. He also notes that a press conference presented the action as independent, even though an IRS deputy commissioner reportedly thanked IRS chief Jim Lee for negotiating the outcome with OCIF.

Peter Schiff further argues that no one has been held accountable, with some officials retired and others still employed at the IRS. He calls on viewers to share the episode with congressional representatives, journalists, and podcasters, and says the press and Congress have so far failed to check the alleged abuse of power.

Key takeaways

• Peter Schiff claims newly obtained IRS and OCIF emails show the bank’s closure was negotiated, not independent.
• He says Euro Pacific Bank was 100% reserve-backed, had no debt, and faced no emergency justifying the cease and desist order.
• According to Peter Schiff, the j5 partners launched a publicity campaign framing the shutdown as a success against tax evasion and money laundering.
• Peter Schiff argues that IRS officials misrepresented OCIF’s decision to provide legal cover.
• He notes that a separate 2026 controversy involving OCIF’s former commissioner has prompted calls for a criminal investigation.
• Peter Schiff urges viewers to pressure lawmakers and the press to hold the officials involved accountable.