Big, Swiss, and Bankrupt

Samo

Recruit
Messages
6
Thanks for this.

Maybe you know of some that have a guarantee for certain, because here with Crownforex if you look on their web page it also says secured funds.

Hopefully there will be at least some money left to cover traders funds.
 

SawForexPro

Recruit
Messages
1
:nerd: One more out from the business. Hope victims will get at least part of their stolen money. Iam expect soon they will create already 3 compan y smth like bla bla bla forex company and start thier game again. Hope swiss government will prevent from this and will put this cheaters to jail.
 
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SAMMYFX

Corporal
Messages
76
Too Bad.

I guess some customers whose account are with CROWN are really in pains now. Too bad really. I thank God for escaping their trap and also for FPA. The reviews on CROWN really saved me from opening account with them. I would have been licking my wounds today. Long Live FPA!!!
 

Wisdom Eye

Recruit
Messages
3
I am CF customer. I want to send info to liquidators but not sure what to send. can some one help to write down exactly what to send to liquidators?
I assumed the followings: (please verify, thanks)
1) Account number
2) Balance amount as of May 19, 2009
3) Copy of the contract (original set up documents)
4) Last monthly statement (April 30, 2009)

I stopped all trades at the end of April 2009.

Please help response honestly so many other people (include me) know what to do. many thanks.
 

david.petard

Recruit
Messages
2
hello,
This is exactly what i sent yesterday except the copy of the contract.

It is said in the liquidator email that new information will be posted on crownforex.info on may 29th.

By the way, the platform is still up and running and is accepting new positions. I don't understand how that could be possible ?
 

Wisdom Eye

Recruit
Messages
3
Konkurse Faillites Fallimenti
No 102 Freitag, 29.05.2009 127. Jahrgang
1. Débitrice: Crown Forex SA, Rue St-Huber 38,
2854 Bassecourt
2. Déclaration de faillite: 19 mai 2009 à 8h00
3. Procédure: Faillite bancaire
Pour les questions relatives à cette procédure, voir la publication
sur le site de l’Autorité fédérale de surveillance des marchés
financiers FINMA:
FINMA - Willkommen bei der FINMA / Enforcement / Insolvabilité
4. Délai pour les productions: 30 juin 2009
Les productions et revendications doivent être adressées aux
liquidateurs de la faillite accompagnées des documents de
preuve.
5. Liquidateurs de la faillite: Mes Philippe von Bredow
et Laurent Winkelmann, Place Claparède 3, 1205
Genève
6. For de la faillite: Bassecourt (Jura)
7. Remarques: Pour tout renseignement, s'adresser aux liquidateurs
(Mes Philippe von Bredow et Laurent Winkelmann (+41
(0) 22 703 47 50). Les débiteurs de Crown Forex SA sont sommés
d’annoncer leurs dettes d’ici au 30 juin 2009 auprès des liquidateurs
de la faillite sous la menace des peines de droit prévues par
la loi. Ceux qui détiennent, à quelque titre que ce soit, des biens
appartenant à Crown Forex SA sont sommés de les mettre à disposition
des liquidateurs de la faillite, dans le même délai, ce sous
la menace des peines de droit prévues par la loi.
L’Autorité fédérale de surveillance des marchés financiers
FINMA
3003 Berne
(05041150)
 

GoldenFX

Private
Messages
15
I saw this post at fxstreet today

Source: Francesc’s Weblog » FINMA Opens Bankrupcy Process of Crown Forex S.A

23Ibrahim Ali (Chairman of the board of Crown Forex)

Very Important Information

To whom it may concern.

I would like to explain the current situation of Crown Forex. FINMA Decision Makers? And I say that with a big question mark about their credibility and honesty, cancelled their previous decision because they new that Crown Forex filed a very strong appeal against it and was going to win it! And they designed a new decision based on estimated financial reports with Zero credibility to put Crown Forex into bankruptcy immediately not respecting and violating all aspects of Swiss law, the law clearly states that’s once a company is at risk of bankruptcy or bankrupt, this company is given the opportunity to correct its situation and to act accordingly. This right was denied for Crown Forex and previous offers to capitalize the company in order to complete the bank application was rejected without any explanation to why that is? And FINMA driven policy against Crown Forex is being enacted over and over again.

FINMA on purpose and deceivingly did not inform the concerned clients that Crown Forex are given 30 Days to appeal this decision.

I would like to confirm as the chairman of the board of Crown Forex that Crown Forex will appeal this decision very shortly and will make sure that FINMA decision is suspended with immediate effect and will leave the actual decision to the integrity of the Swiss administrative court.

False information was sent to CNBC and Reuters sating that Swiss Court made a decision to put Crown Forex into bankruptcy. This information is completely false and I confirm that this did not happen; this information either provided by individuals from FINMA trying to destroy the company completely or obtained by amateurs working for CNBC and Reuters; in either case I request the immediate apology of these two media providers and for them to publish the truth about the company’s situation.

Such big media providers need to start checking their sources before destroying other peoples and other firm’s reputation in such global manner.

I would like to also confirm that the company is financially sound and client’s funds are safe and available but at the risk of corrupt investigators assigned by FUNMA.

Finally I would like to say that FINMA needs to double check its ways in dealing with a market crisis and to start respecting the law,,,,,,but it seems that the laws applies to some and to some don’t.

Possibly more details will follow this post

Ibrahim Ali
President of the board of directors
Crown Forex SA
May 31, 2009
 

Pharaoh

Colonel
Messages
19,743
Of course, these "facts" are from the same company that had a PILE of complaints about withdrawal problems here at the FPA long before FINMA stepped in.
 

GoldenFX

Private
Messages
15
Email from FINMA in reply to Mr. Ibrahim Ali

email received from FINMA today

Dear Sir:

Reference is made to your previous correspondence with our communication department and more specifically the e-mail you sent us yesterday forwarding an e-mail you apparently received from Mr. Ibrahim Ali.

As to clarify the situation, the FINMA confirms that the bankruptcy of Crown Forex SA has been declared on Tuesday 19 May 2009.
According to the rules of legal administrative proceedings, Crown Forex SA may indeed challenge the decision of the FINMA within 30 days; however, the FINMA has declared the bankruptcy measures immediately enforceable notwithstanding a possible challenge before court. In such case, it is up to Crown Forex SA to request from the Federal Administrative Tribunal the suspensive effect in the same time it challenges the bankruptcy decision. FINMA has not been informed of the filing of such a challenge coupled with such a request by Crown Forex SA.
In the meantime, the bankruptcy measures being immediately enforceable, FINMA and the bankruptcy commissioners are entitled to take all actions they deem fit in order to protect the interests of the creditors of Crown Forex SA and maintain the substance of the estate.
Further, as a consequence of the bankruptcy, all the funds deposited with Crown Forex SA are frozen and no payment to clients can be made. Payments will be made, at the earliest, once the commissioners have drawn the inventory, monetized the assets and drawn the creditors plan which, in addition, must become final.
Finally, we underline that none of the bodies of Crown Forex SA are authorized to make, sponte sua, any declaration on behalf of Crown Forex SA. The declaration below has not been approved by the FINMA or the commissioners. All legal information are posted on the website of the FINMA (finma/enforcement); additional information may be gathered from the website crownforex.info

We trust that this e-mail is of assistance to you.

Yours sincerely

Yasmine Sabeti Daniel Roth

_____________________________________
Yasmine Sabeti
Legal Counsel, L.L.M
Affaires juridiques / Enforcement / International
 
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