Discuss crownforex.com

[mtrimble]

A solution for some...

"Crown Forex S.A. has appealed to the Federal Administrative Court against this decision of the FINMA."

 

[Pharaoh]

If you had bothered to read the rest of my quote you would have been able to deduce that they are heavily regulated. Anyone with half a brain can Google the various regulatory agencies and deduce the same. But I digress...I suggest folks let the banking authorities do their jobs and await the results. In the meantime, there are any number of reasons why retail customers (Not institutional/managed accounts) may not be able to withdrawal funds, most commonly are third party wires and/or mistakes on form submissions. Without the specifics surrounding each case, it is perhaps unfair to smear an otherwise A+ broker.

Check google again and use the other half of your brain. Crown just got regulated. HEAVILY regulated. The SFBC has taken over Crown at this point and no one can withdraw anything from any Crown Forex account until such time as their investigators say so.

Do you really think a company being taken over by the Swiss authorities is normal? Should people feel confident in a company where all the officers have been stripped of their authority to sign things on behalf of the company?

The excuse about wire info might be believable if one or two people complained. The number of people complaining to the FPA about this is WAY above and beyond anything normal. Many of them were quite specific in their reports to the FPA that they had changed nothing and were withdrawing to all of their accounts quite normally until sometime in September. The people who have complained to the FPA include retail customers and account managers.

To answer your question:
"So, is UBFX still able to get money out of Crown with no problems?"

To my knowledge, yes, but our clients know this is not a "checking account" so we see very few withdrawals.

So that would really mean that you don't know when the last time any of your clients successfully withdrew any money from Crown was. I know some of the people complaining to the FPA got some out in November and early December, then Crown stopped processing all withdrawals again.

In the spirit of legitimizing many claims, as is difficult under the current forum standards, I'll make the following offer:

If you are truly concerned about your accounts liquidity at Crown, I'll offer to buy your account at a 10% discount or 90 cents on the dollar.

You should realize that when withdrawals from Crown become possible again, regulations would make your claim to the accounts you are offering to purchase virtually impossible to enforce. I suspect that your offer is not serious and is solely to try to make people believe that all is ok with Crown and that they shouldn't worry about the managed accounts you run there.

Marc, I suggest you try a real test instead of just being a Crown cheerleader. Go ahead and try to withdraw $100 from a Crown Forex account and see what happens (or, what doesn't happen). I am sure that it will be possible to withdraw money - but only after the SFBC gets done with Crown.

To anyone reading this, you don't have to believe me, and don't have to believe Marc Trimble. Just send an email to info@ebk.admin.ch and ask the Swiss authorities what's really going on with Crown. They'll be happy to tell you the truth that Marc seems determined to hide.

 

[mtrimble]

Admittedly, I am not privy to the inner workings of CF nor the inner workings of the current audit procedures. I can only speak from experience and, to my knowledge, CF is undergoing a normal procedure, given the new banking regs, that is inconveniencing several retail clients from various countries around the world. Does that warrant a "scam alert"? Hardly. As mentioned, there are any number of reasons why a foreign account may come under investigation and/or be unable to withdraw money.

I'll say it again as succinctly as I know how: Let the banking authorities do their jobs and await the results.

Pharoah, thanks for your input and efforts on this.

 

[Pharaoh]

Wait and see is pretty much the only option since all withdrawals are frozen at this time, but I'll second a recommendation made by Black Knight:

As a precaution, we would certainly advise anyone who has an account with them to submit a withdrawal form in order to formally establish your claim as a creditor - though we also know that all company funds are currently frozen by the regulators, at least until January 30th. You can get a withdrawal form from http://www.fx-knight.com/crown/withdraw.pdf

His full posting is here:
Broker Alert: Crown Forex

And people can catch up on the whole story by reading these:

https://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/3662-crown-forex-loses-control.html

https://www.forexpeacearmy.com/forex-forum/general-forex-talk/3597-big-swiss-safe.html

 

[mtrimble]

Many of us around the world are confident that CF will be just fine.

Once this is all over, I hope the use of the term "Scam" isn't thrown around so loosely.

 

[Pharaoh]

Failure to return money owed to traders qualifies as scam in my book. Some clients who had been with them for quite some time were stonewalled for weeks or months. That qualifies as scam in my book. I'm personally surprised there wasn't an official FPA scam finding against them by the end of November.

When the regulators are done with them, I hope that they can return to being the honorable and non-scam company they were before September/October of 2008.

Of course, if nothing at all is wrong with Crown, why did the Swiss authorities seize control and block all withdrawals? Definitely something to think about.

 

[BurntbyCrown]

Dont trade with Crown!

I tried to withdraw a significant amount in Jan 08. Despite multiple excuses and reassurances it did not come. A long, protracted process ensured. I was threatened that my account would be deleted from CFSA records. Do you have a signed copy of the contract returned to you from Crown?They told me 95% of people dont - I didnt. Despite multiple letters from my Swiss lawyers, CFSA never replied in any written fashion. These guys are not honest business people. How they held it together for all of 2008 I dont know.

I am now telling my story on the internet as I dont think I am getting any more money back from them - I am $200,000 Australian down! I dont know if FPA can help. I have written to the Swiss Federal Banking Commission in the hope they lock them up.

 

[sam111]

You will find many cases like you have described. Many investors have this complain that hey have invested so and so amount but not received any details about it.

 

[yasir kidwai]

To whom we TRUST

Hi my name is yasir i am from pakistan, i am dealing with crown forex for the last two years i dont have any problem regarding the with drawing the $,the only problem is on EXECUTION,AND THE MANAGEMENT.

 

[Pharaoh]

Try to withdraw some money today and see what happens (or doesn't happen).