why is their website still active?
why is their website still active? there maybe some people unaware of what's happening to Crownforex, and still send them money and open account with them!
Let FINMA and their lawyers do their work
We knew that FINMA decided to shut down Crownforex since March, but they did not make any announcement because by law they must submit the case to the court and give CF 30 days to respond. Now the court had decided, so the liquidation process started.
In the US, this process move much quicker. When the NFA and CFTC liquidated FXLQ, they shut down FXLQ’s website and let the public know right away what was going on. The trustee or the Receiver took about 6 month to do their work and at the end, every customer got 100% of their fund back.
In this case, we do not know how the Swiss system works. It may take 6 months or longer before we see any fund release. But let the Receiver or Trustees do their work, no need to panic or spread fear that we do not get anything back. We will get our fund back, but at this point we do not know how much asset CF still have and what the Receiver was able to take control.
I believe FINMA should be able to take control a big portion, if not all CF asset. FINMA frozen all CF’s accounts from the beginning of the investigation, so CF cannot move their asset some where else.
I think CF still has a big portion of their asset stuck when FINMA started investigation. They do everything they can to prevent liquidation because they know they are losing most if not all their asset after the trustees distribute the fund back to customers.
I few months a go, CF manager Mr. Swais even made attempt to do debtor transfer. He contacted some large customers offer to pay about 80% of the amount CF owed, if the customer agree to debtor transfer. That mean, someone else, like CF investors or owner will pay this debt, but before that can happen, the customer have to sign release to all claim against CF.
I did not know how many took this bait because it is very tempting, but the problem is, once this happen, we may lose legal claim to our fund at CF, and if liquidation happen, CF can come back with the documents saying that we agreed to release this debt, and thus cannot claim it any more. Therefore, the more customers CF can take off their claim list the better, because at the end there may be some asset left for the owner after all fund paid out to customers.
We will see how all of these will play out. I have good hope that we will receive most if not all the fund. If we don’t collect all the fund that they owed us, we can still sue them in Swiss criminal court for more fund and damages. We will make them feel the pain as they had inflicted pain and suffering on their customers.