‘IRS agents, the N.Y Times, and 60 Minutes illegally conspired to destroy my bank’ over crypto – Peter Schiff

Schiff Gold LLC founder Peter Schiff believes the three entities illegally pushed for the closure of his bank after he refused to accept crypto-related accounts. Puerto Rico-based Euro Pacific International Bank (EPB) was closed in 2022 following recommendations from an investigation unit dubbed “Operation Atlantis.” 

Schiff made the allegations in a March 19 X post, stating: “Before corrupt IRS agents, the N.Y. Times, and 60 Minutes illegally conspired to destroy my bank, we refused to accept crypto-related accounts. Not because we didn’t want the business, but because regulators considered the industry a high risk for money laundering & tax evasion.”

Euro Pacific Bank closure and the Operation Atlantis investigation

According to a 2020 New York Times article, a team of investigators, including the Australian 60 Minutes, The Age newspaper, and The New York Times, looked into claims that the bank had violated tax and anti-money laundering laws. Authorities alleged that certain account holders at Euro Pacific Bank may have used the institution to move money illegally.

In a statement published on June 30, 2022, the IRS confirmed that the Office of the Commissioner of Financial Institutions (OCIF) in Puerto Rico had issued a cease-and-desist order against Euro Pacific Bank, suspending its operations.

However, according to official records, the bank’s closure was attributed to insufficient capital, and no criminal charges were filed against Schiff or his institution. Schiff claimed that he pleaded with the agency to allow him to sell the bank, and had even found a buyer, but the OCIF proceeded with the closure.

Officially denying any fault, the gold advocate tried to sue Australian-based 60 Minutes and its parent company, Nine Entertainment, for slander. Concerning the lawsuit, a 2020 report said that his bank was being looked at for possible financial crimes.

In late 2023, Nine Entertainment agreed to pay over $360,000 to settle the case. The agreement came more than a year after an Australian judge found that 60 Minutes had defamed Schiff. 

Still, the court did not rule that The Age, another Nine Entertainment-owned publication involved in the reporting, had committed defamation. Schiff said on X that the amount he got from the settlement was “inadequate given the damage done.”

Schiff’s lawsuit against the IRS

On July 30, 2024, the 61-year-old banker filed a lawsuit in the District Court of the District of Columbia against the IRS, accusing the agency of withholding information related to Euro Pacific Bank’s closure. 

The lawsuit alleges that the IRS failed to provide Schiff with materials he had requested through a Freedom of Information Act (FOIA) request. Schiff also claims the agency requested an extension to delay the disclosure, which he had vehemently denied.

Schiff revealed on social media that he received additional documents from his FOIA request on March 1 that had more details about the IRS’s involvement in the investigation. He claims the IRS admitted that 100 pages of documents had been “overlooked” in an earlier 335-page release.

Here's the last 100 pages the IRS produced pursuant to my FOIA request. They confirm my bank was shut down as it was critically import to Australia, likely because 60 Minutes needed it to defend against my defamation lawsuit, which they lost anyway. https://t.co/z5BifRH3rk

— Peter Schiff (@PeterSchiff) March 1, 2025

One of the documents, an email dated June 28, 2022, from IRS Criminal Investigation (CI) agent Gary A. Sharply to OCIF Commissioner Natalia Zequeira, insinuates that Zequeira had met with an IRS case agent three months before the press conference announcing the bank’s closure. 

“That’s more evidence that the press conference and the action announced was negotiated by the IRS,” the Europac founder reiterated.

Internal communications spell more confusion

The FOIA release also included an internal email from an IRS special agent congratulating colleagues on the bank’s closure. Page 69 of the released documents contained a message from IRS Special Agent Mathew D. Line, based in Miami, to six other IRS agents, stating: “Congrats on this outcome in this case! I’m excited for your team, CI, and the J5 on this win!“

Schiff propounded that this message contradicts the official narrative, as IRS Chief Jim Lee had previously stated that the agency had no direct role in the bank’s shutdown.

Further, documents show that the J5, a coalition of tax authorities from the US, UK, Australia, Canada, and the Netherlands, held two press conferences on June 30, 2022, to discuss the bank’s suspension. The banker requested written or audio transcripts of these events but has yet to receive any of them. 

“Why congratulate the IRS CI or J5 on that? No criminal charges were filed, and the J5 investigation came up empty. Clearly, Agent Line was not aware of those facts, as he was also likely misled into believing the bank was guilty,” Schiff reckoned.

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