Crown Forex - Report any progress here
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Swiss regulators took over Crown Forex in early December. All withdrawals were put on hold while they investigated.
https://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/3662-crown-forex-loses-control.html
That investigation is supposed to wrap up today. The FPA hopes to have more information next week.
https://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/3662-crown-forex-loses-control.html
That investigation is supposed to wrap up today. The FPA hopes to have more information next week.
Black Knight
Private, 1st Class
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Investigation Extended
I have just received notice from the Swiss authorities that they are extending the investigation through the end of February - they said they expect to have additional information for us in March. No withdrawals are possible until then, they have frozen all accounts.
As we learn more, we will always have the most current information posted here:
http://fx-knight.com/smForum/index.php?topic=395.0
I have just received notice from the Swiss authorities that they are extending the investigation through the end of February - they said they expect to have additional information for us in March. No withdrawals are possible until then, they have frozen all accounts.
As we learn more, we will always have the most current information posted here:
http://fx-knight.com/smForum/index.php?topic=395.0
Hello Everyone.
I as you, had a problem withdrawing money from crown.
I had follow the problem very closely and they are several things that still looked fishy so I wanted to tell you.
Every week, I log in into the crownforex chat, and ask for information regarding a new account, everytime I do it, I ask the people that is atteding me at the chat to solve a doubt. I tell him that I see bad comments about crown as well as I know that they have been interveined by the banking comission.
They always denied everything. they say there is not a problem with anyone and that all that sits here in FPA its a lie, also there is no banking comission investigation currently in their offices.
I have the following idea, what if, shadi, in fact is simulating a Swiss Banking Comission Intervention, what if the bulletins from the banking comission are a Lie and, the only thing is that shadi does not want any withdrawals made to some costumers?
It is not normal that Crown stills receives money, If they have serious issues the first thing an autority will do is to stop new people into a Scam. Also, why they tell they will post information into the crownforex website, if as of today there is no information regarding the Banking Comission Intervention???
how can we be sure that there is in Fact a Banking Comission inside crown and is not another lie of this shadi swaiss??
Just think about it.
I as you, had a problem withdrawing money from crown.
I had follow the problem very closely and they are several things that still looked fishy so I wanted to tell you.
Every week, I log in into the crownforex chat, and ask for information regarding a new account, everytime I do it, I ask the people that is atteding me at the chat to solve a doubt. I tell him that I see bad comments about crown as well as I know that they have been interveined by the banking comission.
They always denied everything. they say there is not a problem with anyone and that all that sits here in FPA its a lie, also there is no banking comission investigation currently in their offices.
I have the following idea, what if, shadi, in fact is simulating a Swiss Banking Comission Intervention, what if the bulletins from the banking comission are a Lie and, the only thing is that shadi does not want any withdrawals made to some costumers?
It is not normal that Crown stills receives money, If they have serious issues the first thing an autority will do is to stop new people into a Scam. Also, why they tell they will post information into the crownforex website, if as of today there is no information regarding the Banking Comission Intervention???
how can we be sure that there is in Fact a Banking Comission inside crown and is not another lie of this shadi swaiss??
Just think about it.
Black Knight
Private, 1st Class
- Messages
- 37
Crown Forex - Update from FINMA
It's an interesting theory, charlyt - but Shadi is not nearly that smart, nor does he have the resources. FINMA is indeed a real organization, and we've had conversations with at least 5 different people there now, including Laurent Winkelmann, who is the lead investigating attorney on the case.
In fact, we've just posted an update from our latest conversation with him, this morning:
http://fx-knight.com/smForum/index.php?topic=395.msg2731#msg2731
It's an interesting theory, charlyt - but Shadi is not nearly that smart, nor does he have the resources. FINMA is indeed a real organization, and we've had conversations with at least 5 different people there now, including Laurent Winkelmann, who is the lead investigating attorney on the case.
In fact, we've just posted an update from our latest conversation with him, this morning:
http://fx-knight.com/smForum/index.php?topic=395.msg2731#msg2731
i agree totally with that. They are still accepting deposits. i log on to live chat and act like i want and open the account deposit 10,000 is this ok. they say yes, i ask about withdrawals they say it is ok. i say i want to make weekly withdrawals quickly and everything appears ok. they say bank wire or western union -they accept money anyway...then i own up and tell them oh i already have an account i haved been trying to withdraw my money for 4months - this is a scam and any investigation would worthwhile would stop deposits until the issue resolved - especially as they have stopped withdrawals. it is still ok to depositt - now c'mon. They said they had finished there investigation and end of march the outcome issued. Now where is that?
Black Knight
Private, 1st Class
- Messages
- 37
Craziness. I'm quite amazed that the regulators haven't switched off their ability to open accounts or submit deposits. Of course, if they're worried Crown's existing assets won't cover their legal fees and fines...
The end of March was not the deadline for a decision (that was already issued on February 23rd), it was Crown's deadline for filing an appeal to that decision. Crown has indeed filed an appeal, which effectively now extends the legal process. That makes FINMA's decision "pending", and they now have until mid-May to submit an argument to the appeal. A final ruling from the Swiss Federal Administrative Court is not expected until sometime in summer from what we're being told.
Of course no one is allowed to know what that decision actually is, or withdraw their money, until everything becomes "final" and FINMA has a chance to take whatever action they deem necessary. In Switzerland this is called looking out for investors' best interests.
Not just Switzerland, actually... in the United States there was a similar incident when the NFA shut down FXLQ, a liquidity provider. Accounts at their client brokers were all pooled in order to pay the NFA fines first. Crown's client accounts were supposedly segregated as well, held at Credit Suisse. I guess regulators have the power to un-segregate when it suits them.
Regulation makes us all feel so much more confident & secure, doesn't it?
The end of March was not the deadline for a decision (that was already issued on February 23rd), it was Crown's deadline for filing an appeal to that decision. Crown has indeed filed an appeal, which effectively now extends the legal process. That makes FINMA's decision "pending", and they now have until mid-May to submit an argument to the appeal. A final ruling from the Swiss Federal Administrative Court is not expected until sometime in summer from what we're being told.
Of course no one is allowed to know what that decision actually is, or withdraw their money, until everything becomes "final" and FINMA has a chance to take whatever action they deem necessary. In Switzerland this is called looking out for investors' best interests.
Not just Switzerland, actually... in the United States there was a similar incident when the NFA shut down FXLQ, a liquidity provider. Accounts at their client brokers were all pooled in order to pay the NFA fines first. Crown's client accounts were supposedly segregated as well, held at Credit Suisse. I guess regulators have the power to un-segregate when it suits them.
Regulation makes us all feel so much more confident & secure, doesn't it?
Hitch-hiker
Recruit
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- 6
Important
I have just recieved this email from "liquidators@cownforex"
Dear clients,
The Swiss Financial Market Supervisory Authority (FINMA) has rendered on May 18, 2009 a decision opening the bankruptcy of CROWN FOREX SA as of Tuesday May 19, 2009 at 08:00 am (Swiss time).
The decision will be published on May 29, 2009 at 10:00 am (Swiss time).
Philippe von BREDOW and Laurent WINKELMANN have been appointed as bankruptcy liquidators by the FINMA.
Effective immediately, as of the date and time of the bankruptcy opening, the activities of CROWN FOREX SA are suspended, the company, its Directors and officers are forbidden to make or receive payments, and all the clients’ open positions are closed.
We thank you to communicate to the liquidators, until June 30, 2009, in writing the following :
1. Account Number and relevant details;
2. Open positions as of Tuesday 19 May 2009 at 08:00 (Swiss time), together with supporting documents thereof;
3. Any additional claim you may have toward CROWN FOREX SA;
4. Any debt you may have toward CROWN FOREX SA.
Sincerely
Philippe von BREDOW - Laurent WINKELMANN
Nobody saw that comming:shocked::shocked:
I have just recieved this email from "liquidators@cownforex"
Dear clients,
The Swiss Financial Market Supervisory Authority (FINMA) has rendered on May 18, 2009 a decision opening the bankruptcy of CROWN FOREX SA as of Tuesday May 19, 2009 at 08:00 am (Swiss time).
The decision will be published on May 29, 2009 at 10:00 am (Swiss time).
Philippe von BREDOW and Laurent WINKELMANN have been appointed as bankruptcy liquidators by the FINMA.
Effective immediately, as of the date and time of the bankruptcy opening, the activities of CROWN FOREX SA are suspended, the company, its Directors and officers are forbidden to make or receive payments, and all the clients’ open positions are closed.
We thank you to communicate to the liquidators, until June 30, 2009, in writing the following :
1. Account Number and relevant details;
2. Open positions as of Tuesday 19 May 2009 at 08:00 (Swiss time), together with supporting documents thereof;
3. Any additional claim you may have toward CROWN FOREX SA;
4. Any debt you may have toward CROWN FOREX SA.
Sincerely
Philippe von BREDOW - Laurent WINKELMANN
Nobody saw that comming:shocked::shocked:
Black Knight
Private, 1st Class
- Messages
- 37
Yes, we just got the same notice as well. The outcome was to be expected... I've never heard of a broker actually surviving an investigation by Swiss regulators.
I recommend anyone who is owed money by Crown file their claim IMMEDIATELY. Basically at this point we stand in line with all the other creditors they might owe money to, hoping get whatever may be left over after their assets are liquidated and the Swiss lawyers get done paying themselves for their thorough job "protecting" us.
I recommend anyone who is owed money by Crown file their claim IMMEDIATELY. Basically at this point we stand in line with all the other creditors they might owe money to, hoping get whatever may be left over after their assets are liquidated and the Swiss lawyers get done paying themselves for their thorough job "protecting" us.
Hitch-hiker
Recruit
- Messages
- 6
I think we will not see a any money in months
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