The carcinoid tumor, the most frequent variety of the neuroendocrine or amine precursor uptake and decarboxylation (APUD) tumors, typically produces biogenic amines and polypeptide hormones and occasionally gives rise to a striking clinical presentation called carcinoid syndrome. The severity of this syndrome is directly related to the tumor bulk draining into the systemic circulation. This implies almost always hepatic metastases. We present a case in which a carcinoid tumor with extensive hepatic involvement and remarkable biologic activity did not produce any clinical features of the carcinoid syndrome. We believe that such a case enlightens the clinical and biochemical complexity of this entity.