We the members of the Scam Investigations Committee of the Forex Peace Army have deliberated on all the evidence available to us and have reached a conclusion. It is our opinion that...
Many FPA members reported problems withdrawing money from Crown Forex SA in the fall of 2008. Excuses and delays dragged out what had previously been quick withdrawals. FPA Investigator Tessa tried her best to help. Some members got all their money. Some members got some of their money, some members got nothing.
Things got so bad that we asked FPA member Pharaoh to write an article on the subject of problems with Crown Forex. Shortly after it was published, we found out that Swiss banking regulators had appointed investigators to take over Crown Forex on December 9th, 2008. From that point forward, all withdrawals were blocked.
We have just found out that the result of this investigation is that Crown Forex will forced into bankruptcy and be liquidated. We have confirmed this with FINMA. We have information from a reliable source that Crown Forex's chat was still denying that there are any problems this morning.
Failure to return money owed to traders is the FPA's first definition of scam. In our opinion, Crown Forex deliberately stalled on returning money to a large number of FPA members up until the time when they were no longer permitted to do so. Now, money will only be returned as part of their final liquidation. We also consider the incorrect information provided by Crown Forex's suport staff to be unethical. Further, we consider the forced liquidation of Crown Forex to be evidence of further improper activities. Thus, we officially find that Crown Forex is a scam.
We offer Crown Forex the opportunity to resolve this issue by successfully avoiding liquidation and immediately returning all money owed to traders. We would also require Crown Forex to pledge that their staff would give complete and truthful answers in the future.
We extend our sympathies to all of those still waiting for their money. We hope that the Swiss government will return most or even all of the money within the next 6 to 12 months. We thank Lt. Tessa for her efforts on this case. We deeply thank all the FPA members who complained for their patience and cooperation in the investigation.
Crown Forex is hereby blacklisted by the Forex Peace Army. We urge all those who have accounts there to use the contact info in the article that accompanies this scam finding to begin the task of recovering their money.
Discussion article for scam finding against Crown Forex
Original article warning about problems with Crown
Warning about Crown Forex being taken over by Swiss investigators
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05-20-2009, 08:50 AM #1
Last edited by Scam Investigations Committee; 06-01-2009 at 08:11 AM.
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