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Crown Forex - Report any progress here

Discussion in 'Scam Alerts' started by AsstModerator, Nov 12, 2008.

  1. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    Some of those who have issues with Crown have been promised that payments or partial payments are on the way.

    Please report any progress towards resolving issue with Crown Forex in this thread.
     
  2. GregKas

    GregKas Recruit

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    My original withdrawal request was made on 8 Oct 2008 and I eventually received my money after a lot of email reminders and the help of FPA on 5 Nov.
    Myself and Megawati where the first to receive money from the original group of 8.
     
  3. GoldenFX

    GoldenFX Private

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    Still no payment

    Crownforex sent me one payment on November 17, but now stop paying again.
    They still owed me over 400k. My attorney filed claim with Swiss debt collection office. We will wait and see if they pay, if not, we will report them to Swiss banking commission and to Swiss public prosecutor. I am prepare to drag them to court if they fail to settle peacefully and return my fund in full.
     
  4. GoldTrader03

    GoldTrader03 Recruit

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    My view on Crown Forex after 2 months of nightmare......

    Closing all our positions and keep our money without any reason!!!.... It's not human..... how Crown Forex can do that to us... It was unbelievable!!!
    Crown Forex is a VERY BAD broker!!! I never have seen that before....
    If Swiss Authority give a Bank License to them.....there will have more and more victim like us in the future........

    I will not recommend anyone to start doing business with Crown Forex at all!!!!

    Here is our long terrible story with Crown Forex:

    On mid of September 2008, Crown Forex closed all our positions without any reason.....
    We did call them for the first time; they told us that it was a technical problem. We did request to withdrawal all our money back on the same day, but we have never received our funds since that day......
    Note that they never response to our e-mail, after a lots of phone calls, they told us that the funds have been sent to us a few days ago and some time they said that it has been sent a week ago....and so on.....but in fact, they never sent it to us.....They are a very good liar...we give them 5 stars for that !!!

    A month later, with all our patients and a lot of phone calls, they sent us a part of our funds (note that we have a lot of funds with them). With a good pressure from FPA and others websites, we have received all our funds back but they never pay back the over charged wire fee.

    After a very long nightmare of more than 2 months, I'm really scared.....I lost my confident with all of the brokers in this world.....I stop trading since that time.....
    I really need a psychologist to help me out of that nightmare time...it was very stressfull and terrible period in my life.

    I would like to thank to the FPA group for all your effort and your help!!! We are really appreciated your works.....
    Hope that you will continue to put more pressure on Crown Forex to send the money back to everyone here that have not received all their funds yet.


    GoldTrader03
     
  5. Joa

    Joa Private, 1st Class

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    Crown Forex/Swiss Banking Commission

    As of December 9, 2008, there is an investigation against Crown Forex SA on the way. As of that date (published in the corporate registry of the Canton of Jura on December 18) there are now two federal regulators/investigators appointed to Crown Forex SA to act on behalf of the company.
    This action was taken because there are suspicions of "malpractice" or plain unlawful activities and/or operating a financial enterprise without license.

    Crown Forex SA does NOT HAVE A LICENSE

    I urge each and everyone involved with Crown Forex SA to immediately renew the withdrawal requests because now this would land on the desk of these appointed federal regulators. These two gentlemen are now the only two who can act in the name of Crown Forex SA. PLEASE ACT INSTANTLY
     
  6. SMFX

    SMFX Private

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    I have 2 small trading accounts with Crown, and am understandably concerned about the reports I'm hearing. I decided to withdraw my funds. I've only recently submitted the withdrawal forms. I'll let people know how I go. I'm hoping smaller withdrawals like mine will be processed more quickly.
     
  7. SMFX

    SMFX Private

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    Contacted the accounts department myself by phone, and I can confirm what some others have been saying i.e. all withdrawals are currently suspended while the banking commission audit is in progress. FWIW, they assured me my funds would be safe, and I'd be able to withdrawal them in a few weeks once the commission had completed their "audit". I know of course that depends on the outcome of the audit. They refused to say the exact reason for the audit, and suggested it was more of a routine thing. i doubt that of course. Most likely someone has raised a serious complaint against them, that the commission are taking seriously. We'll know shortly whether there was a basis to the accusations. My gut feeling is the Commissions audit won't be favorable, given their track record and the numerous complaints against Crown we've seen on the web already.

    From what i've read, it seems many of the complaints concern large swap-free accounts, that Crown have realized have been costing them and have tried to add retrospective fees to. They should never have offered such accounts in the first place, especially in the current environment of collapsing yen pairs. Does that mean a trader could say short 10 mill AUD/JPY at Crown without any swap and hold a long AUD/JPY at another broker thereby fully hedging their position and gaining a healthy swap while they hold the hedge?. I could see how such a strategy would be very attractive to traders with large accounts, as you couldn't lose. But of course a short AUD/JPY position would be costing Crown swap, and that cost has probably increased considerably in the current economic environment.
     
  8. travpip

    travpip Recruit

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    i should of seen it coming. Any broker who uses western union as a means as depositing money says scam all over it. Also they are affiliated with some mob who manage your funds in the Cayman ISlands
     
  9. travpip

    travpip Recruit

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    well they have returned my money back into my Crown account. So i suppose it is not floating in space - but it is no closer to my hands it is just been put back into the account saying withdrawl cancelled (it ws taken out about 3 weeks ago)
     
  10. SMFX

    SMFX Private

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    I spoke with Crown today by phone. They told me I'll be able to withdraw my funds in 10 to 14 days, once the banking audit is complete. They said that the audit was "routine" and was being performed so that they could get their banking license.
     

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