Peter Schiff ends defamation suit after an Australian media company agreed to pay more than $360,000 to Perma Gold Bull money manager Peter Schiff.
The media company was reporting a tax investigation into Peter Schiff’s EuroPacific.
Peter Schiff then took a defamation Suit against the media company, and a twist of events followed. The media company, instead of continuing with the investigation, which was a smear on the money manager’s reputation, decided to offer Peter Schiff a monetary reward of more than $360,000 if he dropped the defamation suit.
The agreement was reached in early December 2023, more than a year after an Australian judge found that a report by the Nine Entertainment television program had defamed Schiff in reporting on his institution, Euro Pacific Bank in San Juan.
“Peter Schiff ends defamation suit after an Australian media company agreed to pay more than $360,000 to Perma Gold Bull money manager Peter Schiff”
WEALTH TRAINING COMPANY
Peter Schiff’s lawsuit was triggered by a television segment aired by the Australian version of “60 Minutes.” covering a previously unknown investigation by a group of international tax authorities, including the Internal Revenue Service, into Euro Pacific and some of its offshore customers. Peter Schiff argued that the media investigation into some of Euro Pacific customers allegedly engaged in tax evasion or money laundering, which had no sound evidence was defamatory.
The New York Times also did its article on the investigation in collaboration with “60 Minutes” and The Age newspaper, also owned by Nine Entertainment. Schiff had also sued the newspaper, but the Australian judge did not find that The Age had defamed Peter Schiff.
“Peter Schiff argued that the media investigation into some of Euro Pacific customers allegedly engaged in tax evasion or money laundering, which had no sound evidence was defamatory”
WEALTH TRAINING COMPANY
Peter Schiff ended the defamation suit by giving his reason in a recent statement
Peter Schiff said he filed the lawsuit because a total of nine media companies “declared me guilty of crimes that investigators ultimately found no evidence to even charge me with.”
The settlement also required Nine to pay legal and court costs to Mr. Schiff and take down the “60 Minutes” report. News of the deal was first reported by publications in Australia.
In a statement, Nine said it supported its journalists and that “60 Minutes” accepted the judge’s ruling. The articles, which were found not to be defamatory, will remain online.
“Peter Schiff wanted to launch a gold debit card where funds are held in spot gold, and transactions paid in local fiat currency” – Wealth Training Company
Last year, banking officials in Puerto Rico moved to shut down Euro Pacific, claiming it had inadequate capital levels. Mr. Schiff subsequently reached an agreement with bank regulators to liquidate Euro Pacific and agreed to pay $300,000 in fines.
The international tax investigation, led by a group called the J5, has not filed charges against Peter Schiff or Euro Pacific. But in February, tax officials in Britain said they had arrested two of the bank’s customers on “suspicion of tax evasion and money laundering” in connection with a related investigation.
At its peak, Euro Pacific had 8,000 depositors and more than $140 million in deposits but did not take money from U.S. customers. Peter Schiff claimed that the media’s false claims led customers to pull money from the bank, which was to his bank’s detriment.
At a news conference last summer, an I.R.S. officials said tax authorities were looking into numerous inquiries related to entities and individuals associated with the Euro Pacific.
Peter Schiff ends defamation suit after being compensated to drop the claim.
Peter Schiff wanted to launch a gold debit card where funds are held in spot gold, and transactions paid in local fiat currency.
Perhaps that is why the media was let loose, like a pack of wolves on Peter Schiff .