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Problem Big, Swiss, and Bankrupt
- Thread starter Scam Investigations Committee
- Start date
I am having an issue with a company
Pharaoh
Brigadier General
- Messages
- 20,304
You can find a thread for Alpari here:
https://www.forexpeacearmy.com/forex-forum/forex-brokers/1115-alpari-idc-com.html
david.petard
Recruit
- Messages
- 2
Follow instructions on www.crownforex.info
Hello,
I'm a client of Crown Forex and have contacted the liquidators. They told me to sent all the requested information by postal mail to the address indicated on the information site. This should be done before end of May.
I don't know and they don't give any information about the chance to recover part of the account equity.
Hello,
I'm a client of Crown Forex and have contacted the liquidators. They told me to sent all the requested information by postal mail to the address indicated on the information site. This should be done before end of May.
I don't know and they don't give any information about the chance to recover part of the account equity.
As a victim of the Neuimex bankruptcy, which happened about 2 years ago in quite the same manner as the Crown Forex affair, I can tell you:
- There will be very little, if anything left of the customers deposits or other assets of Crown Forex. In the Neuimex case, I was notified by the Swiss authority that I had to expect back about 25 % of my account.
- The liquidation procedure will take a long time. The Neuimex bankruptcy was declared in the spring of 2007. Until today, I have not got back a single cent of my account.
After the termination of Neuimex I shortly thought about opening a new account with Crown Forex. But fortunately, the offer of only 1 pip spreads and the Jordan connection of some of its owners, which I discovered in the Swiss trade registry, made me suspicious. So I must say: stay away from Swiss brokers generally. It seems to be a matter of lacking governmental regulation. Sorry.
Regards, Stony
- There will be very little, if anything left of the customers deposits or other assets of Crown Forex. In the Neuimex case, I was notified by the Swiss authority that I had to expect back about 25 % of my account.
- The liquidation procedure will take a long time. The Neuimex bankruptcy was declared in the spring of 2007. Until today, I have not got back a single cent of my account.
After the termination of Neuimex I shortly thought about opening a new account with Crown Forex. But fortunately, the offer of only 1 pip spreads and the Jordan connection of some of its owners, which I discovered in the Swiss trade registry, made me suspicious. So I must say: stay away from Swiss brokers generally. It seems to be a matter of lacking governmental regulation. Sorry.
Regards, Stony
Difference case
It is difference when a firm ran out of fund and declare bankruptcy and a firm that violated regulation and is shut down by the regulator. For example, FXLQ was liquidated by the regulator. They still have enough fund to pay all customer 100%, but the reason for shut down because they lie and violate regulatory rules.
At this point, we do not know how much asset the regulator is able to took control, but they must be able to lock most if not all Crownforex asset then they started the investigation.
CF do not want to declare bankruptcy. They try everything they can to stay in business, but because they are violating regulatory rules, the regulator have no choice but to shut them down.
It is difference when a firm ran out of fund and declare bankruptcy and a firm that violated regulation and is shut down by the regulator. For example, FXLQ was liquidated by the regulator. They still have enough fund to pay all customer 100%, but the reason for shut down because they lie and violate regulatory rules.
At this point, we do not know how much asset the regulator is able to took control, but they must be able to lock most if not all Crownforex asset then they started the investigation.
CF do not want to declare bankruptcy. They try everything they can to stay in business, but because they are violating regulatory rules, the regulator have no choice but to shut them down.
@ GoldenFX
Sorry, I disagree. CF has not been just "shut down" for some irregular behavior, but bankruptcy has been declared after examination by the Swiss authorities. This means that there are not enough funds to pay for liabilities (otherwise CF should not have had any problems to pay out the withdrawals of its cusomers, right?). So, we have a simple bankruptcy because of lack of money. In such a case employees and banks get paid first, and only the leftovers go to the account holders. Those leftovers ususally tend to approach the value of zero.... I´m afraid you will see.
Stony
Sorry, I disagree. CF has not been just "shut down" for some irregular behavior, but bankruptcy has been declared after examination by the Swiss authorities. This means that there are not enough funds to pay for liabilities (otherwise CF should not have had any problems to pay out the withdrawals of its cusomers, right?). So, we have a simple bankruptcy because of lack of money. In such a case employees and banks get paid first, and only the leftovers go to the account holders. Those leftovers ususally tend to approach the value of zero.... I´m afraid you will see.
Stony
ernest8fingers
Master Sergeant
- Messages
- 488
WOW
Can u believe they are still accepting new clients! As of today they will still steal your money! I am (slowly)coming to the opinion that ALL Forex Brokers are just like CF. Its only a matter of time before they employ all the usual games to steal your account. It would please me greatly to read about these company officers getting what they deserve from their ex-clients.
Can u believe they are still accepting new clients! As of today they will still steal your money! I am (slowly)coming to the opinion that ALL Forex Brokers are just like CF. Its only a matter of time before they employ all the usual games to steal your account. It would please me greatly to read about these company officers getting what they deserve from their ex-clients.
You are entitle to your opinions
Hello Stony:
May be both of us are just speculating the thing that we don't fully know. However, I am their customer. I trade with CF for years and have personally dealing with their management for a very long time. Thus may be I know a bit more facts.
Yes FINMA started the investigation because we(customers) filed complain report to authority. By not honor their trading agreement with customers, they have breached financial dealer regulation rules. It is because of their irregularity and unethical behavior that led to this investigation.
As for they did not return fund or try to back charge swap, this is not new, it happen many times in the past, but may be no one file report and just let them charge whatever they want. This time is difference, we fight back and we report their unethical behavior.
When the investigators try to find out the fact, they hide and evade, with this kind of behavior, the Swiss authority cannot let them operate in their country. Thus shut down this firm and liquidate all their assets and return fund back to customers is the right thing to do.
I believe if the Liquidators do their job correctly and move quickly to take control all CF assets, chances are they will collect enough fund to pay everyone.
Last year, around November, CF said they were adding a few millions more fund to their account because back then, they were in the process of applying for Swiss banking license. Around that time, they started paying majority of the people that want to withdraw fund. They even return part of my fund to me, but later they stop making more payment because I filed claim with Swiss debt collection department and with Swiss banking authority. Then the FINMA investigation started in December.
So if it is true that they added a few millions more to their reserve fund, and if FINMA start to investigate and if their lawyers move quickly and caught CF off guard, they can capture that extra fund, lock up their account before CF can move them out. May be this is the reason why CF management were so scare and try to do debtor transfer so that we lost our legal claim to CF asset and thus leave them some fund after the pay out. I don’t know how many people accepted the debtor transfer offer, which they offer to pay around 80% of the total amount they owed.
For me, I refused that offer. And if I cannot recover 100% of my fund, I will continue to sue their board of directors in criminal court.
Hello Stony:
May be both of us are just speculating the thing that we don't fully know. However, I am their customer. I trade with CF for years and have personally dealing with their management for a very long time. Thus may be I know a bit more facts.
Yes FINMA started the investigation because we(customers) filed complain report to authority. By not honor their trading agreement with customers, they have breached financial dealer regulation rules. It is because of their irregularity and unethical behavior that led to this investigation.
As for they did not return fund or try to back charge swap, this is not new, it happen many times in the past, but may be no one file report and just let them charge whatever they want. This time is difference, we fight back and we report their unethical behavior.
When the investigators try to find out the fact, they hide and evade, with this kind of behavior, the Swiss authority cannot let them operate in their country. Thus shut down this firm and liquidate all their assets and return fund back to customers is the right thing to do.
I believe if the Liquidators do their job correctly and move quickly to take control all CF assets, chances are they will collect enough fund to pay everyone.
Last year, around November, CF said they were adding a few millions more fund to their account because back then, they were in the process of applying for Swiss banking license. Around that time, they started paying majority of the people that want to withdraw fund. They even return part of my fund to me, but later they stop making more payment because I filed claim with Swiss debt collection department and with Swiss banking authority. Then the FINMA investigation started in December.
So if it is true that they added a few millions more to their reserve fund, and if FINMA start to investigate and if their lawyers move quickly and caught CF off guard, they can capture that extra fund, lock up their account before CF can move them out. May be this is the reason why CF management were so scare and try to do debtor transfer so that we lost our legal claim to CF asset and thus leave them some fund after the pay out. I don’t know how many people accepted the debtor transfer offer, which they offer to pay around 80% of the total amount they owed.
For me, I refused that offer. And if I cannot recover 100% of my fund, I will continue to sue their board of directors in criminal court.
I got this few entries from Fxstreet
#
10Crown Forex Employee
I am an employee of Crown Forex and I can confirm that Crown Forex has appealed this decision and that this decision is SUSPENDED,,,,the court will make a decision on the activities of Crown Forex in Due Time.
Furthermore the shareholders of the company will provide sufficient funding and capitalization to over come this decision.
#
on 21 May 2009 at 2:01 pm11Crown Forex Employee
Furthermore Crown Forex has presented a plan to the court and to FINMA to resume the banking application and to provide the bank required capitalization ASAP. The court is expected to start its proceedings in the next few weeks and within the next few months a final decision will be issued, hopefully in favor of Crown Forex and its clients.
#
on 21 May 2009 at 2:06 pm12Crown Forex Employee
The lawyer of Crown Forex has issued a special letter to the court on several violations made by FINMA and its investigation committee while handling Crown Forex File. Among these violations are a violation of a previous court order and a violation of abuse of power.
Ref: Francesc’s Weblog » FINMA Opens Bankrupcy Process of Crown Forex S.A
#
10Crown Forex Employee
I am an employee of Crown Forex and I can confirm that Crown Forex has appealed this decision and that this decision is SUSPENDED,,,,the court will make a decision on the activities of Crown Forex in Due Time.
Furthermore the shareholders of the company will provide sufficient funding and capitalization to over come this decision.
#
on 21 May 2009 at 2:01 pm11Crown Forex Employee
Furthermore Crown Forex has presented a plan to the court and to FINMA to resume the banking application and to provide the bank required capitalization ASAP. The court is expected to start its proceedings in the next few weeks and within the next few months a final decision will be issued, hopefully in favor of Crown Forex and its clients.
#
on 21 May 2009 at 2:06 pm12Crown Forex Employee
The lawyer of Crown Forex has issued a special letter to the court on several violations made by FINMA and its investigation committee while handling Crown Forex File. Among these violations are a violation of a previous court order and a violation of abuse of power.
Ref: Francesc’s Weblog » FINMA Opens Bankrupcy Process of Crown Forex S.A
