Peter Schiff to Liquidate Puerto Rico-Based Bank, Refund Deposits

Peter Schiff, an economist and founder of troubled Puerto Rico-based Euro Pacific Bank, said Monday that he has reached an agreement with regulators on the island to liquidate the financial institution.

Under the deal, the bank would return $66.7 million in deposits and pay $300,000 in fines.

An international group of tax authorities from the US and four other countries—known as J5—investigated whether Euro Pacific Bank offered products and services that facilitate money laundering and tax evasion. The group’s full name is the Joint Chiefs of Global Tax Enforcement.

Banking regulators in Puerto Rico forced ...