Discuss crownforex.com

[transhorsajohn]

What happened with Swiss forex trade such as Crownforex?

Crownforex, a Swiss based forex broker, made many investors and traders lose money accidently and ignored their clients' withdrawal requests for months since Oct. last year.

I have used them less than 2 months till now but I have very sad experience with this broker. They reduced me $50.0 usd after I first made deposit into my real account and get some profits for no reason. They sent me a balance sheet and caculated my total ammount for wrong.

They NOT ONLY deleted my 7 benificial orders in trading and made me lose my big profits of USD 403.00, BUT ALSO ignored my 7 positions set previously, their platform didn't execute my orders at all which would have definitely got $322.0. It is to be known that the price 1.3390 I set as position close appeared in 20 minutes after my positions were opened and repeated many times.As a final result my orders were in 1500 USD floating loss.

They ignored my withdrawal requests time and time so that I lost my trade and also couldn't have withdrawed my money till now.
Ms May Zhang, one CE of the company, has told me they would made my noney withdrawed by 8th Jan. when their account will acturally be open after the Swiss Federal Banking Commission decided whether the company would get an authorization. But when I sent my withdrawal request, I had been ignored till now and they gave another time limit of end Jan.

My suggestion is that Don't believe them and their promise. Their tactic is to get more fundings in and before they skip out, they can get money in as much as possible. I will continue to struggle for my right and would like to hold all their clients' hands who have been wounded by the company, in order to save our deposits.

I would like to ask whether Swiss is a financial security country, why FPA hasn't accounced any results about the investigtion and how they will resovle the problems that a broker without an banking license can be operated for that a long time against trade regulation?

 

[Nancy Cheah]

Received E-Mail

Crown Forex S.A. was not in receipt of an authorization of the Swiss Financial Market Supervisory Authority FINMA as bank, securities dealer or authorized in the area of collective investment schemes. Under the Anti-Money Laundering Act (AMLA), financial intermediaries in the non-banking sector either require a license from FINMA as subordinated financial intermediaries (DSFIs) in the area money-laundering prevention or need to affiliate to a self-regulatory organization (SRO). Financial intermediaries in the non-banking sector are persons who on a professional basis accept or hold on deposit assets belonging to others or who assist in the investment or transfer of such assets. Crown Forex S.A. is a member of the SRO ARIF.



If there are grounds for suspicion that a financial company is carrying out an activity that is not in line with the authorization requirements, FINMA will conduct investigations to establish the facts and, if necessary, take measures to protect investors' interests. FINMA was in fact conducting an investigation to screen the activities of Crown Forex SA. On December 9, 2008 - at this time the predecessor of FINMA, the Swiss Federal Banking Commission (SFBC) - appointed a mandated investigator - Laurent Winkelmann, Ch?ne-Bougeries and Philippe von Bredow, C?ligny as its agents to conduct these proceedings. Crown Forex SA commercial activity had to be suspended, its management was/is not allowed to speak or act for the company. This right was/is reserved to the investigators. Under these circumstances it was not possible to withdraw money from Crown Forex SA accounts. The above information has also been published in the Swiss trade register.



The FINMA investigation is completed and FINMA has made a decision on February 23, 2009. Crown Forex S.A. has appealed to the Federal Administrative Court against this decision of the FINMA. The FINMA decision is now pending before the Federal Administrative Court and not in force. Meanwhile the accounts of Crown Forex S.A. continue to be blocked and customer withdrawals are not possible. The competences for the company remain with the investigators.



Further information cannot be given for the moment.





Kind regards





Simone Flach-Florey Christina B?rgi

Communication Communication



Eidgen?ssische Finanzmarktaufsicht FINMA

Autorit? f?d?rale de surveillance des march?s financiers FINMA

Autorit? federale di vigilanza sui mercati finanziari FINMA

Swiss Financial Market Supervisory Authority FINMA



Schwanengasse 2, CH-3003 Berne

Tel. +41 3...

Fax +41 31 327 91 01



christina.buergi@finma.ch

questions@finma.ch

FINMA - Willkommen bei der FINMA

 

[Scam Investigations Committee]

Crown Forex is being liquidated. The details are here...

https://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/4779-big-swiss-bankrupt.html

 

[Pharaoh]

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.

I think the FPA showed great restraint. It was impossible to withdraw money for over 6 months, but the FPA waited for the bankruptcy announcement before declaring Crown Forex to be a scam. I know there are quite a few investors who found even 2 months to be more than worthy of the label "Scam",

So, Mtrimble, I see that you never once showed any evidence of ANYONE getting a cent out of Crown since the first part of December. Now that Crown is being liquidated, can you share some more words of confidence with us?

 

[AsstModerator]

So, Mtrimble, I see that you never once showed any evidence of ANYONE getting a cent out of Crown since the first part of December. Now that Crown is being liquidated, can you share some more words of confidence with us?

Mtrimble tried to reply in a different way. On July 22nd, 2009, he deleted all of his posts in this thread.

I have restored all of his posts. I've also locked his account so he can't try to hide what he's said here.

 

[Pharaoh]

I wonder if Marc Trimble would complain that I'm violating "Federal Internet Harassment laws" if I were to say that UBFX might be a scam and that he might be a scammer.



At minimum, I think it shows a lot about his character that he would try to wipe out all the posts where he so aggressively defended UBFX and Crown Forex. I wonder if some of what he said won't look too good, considering UBFX's current legal issues.