31 Responses to “SFBC puts Crown Forex under investigation”

1. on 28 Dec 2008 at 12:02 pm1Martin

   Hi,

   I knew that this must have happened. No retail broker can survive with a 1 pip spread without f….g his customers and cheating them whereever he can.

   Go down the drain silly shop.

2. on 11 Jan 2009 at 12:44 am2Brian

   I agree with you, Martin… Crown Forex has always appeared suspicious to me because of their 1 pip spreads. How the h*ll can they stay in business with such low spreads unless they’re making their primary profit through slimy activities that do not involve brokerage services? Sadly it seems the retail FX world is filled with these scumbags and there are only a few decent brokers in existence. Let’s hope most people will figure out the difference before opening a large account with any broker.

3. on 12 Jan 2009 at 11:44 am3Francesc Riverola

   Guys

   Let’s wait for the outcome of the investigation before reaching conclusions.

4. on 21 Jan 2009 at 1:24 am4Kash

   Hi

   I most probably be the victim of crown forex , does anyone know how to contact the regulators.

   Please.

   Thanx

5. on 21 Jan 2009 at 8:54 am5Johny

   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.
   Mrs 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?

6. on 21 Jan 2009 at 10:50 am6Francesc Riverola

   Kash

   Try here:

   http://www.finma.ch/archiv/ebk/e/faq/faq5.html

   Francesc

7. on 21 Jan 2009 at 10:53 am7Francesc Riverola

   Johny

   I strongly suggest you to contact SFBC through their site http://www.finma.ch and report your case.

   Francesc

8. on 23 Jan 2009 at 5:22 am8kash

   Thanx Francesc Riverola

   I did contact with them and the email I got from the FNMA is

   FINMA is in fact conducting an investigation to screen the activities of Crown Forex SA. On December 9, 2008 - at this time the SFBC - has appointed a mandated investigator - Laurent Winkelmann, Chêne-Bougeries and Philippe von Bredow, Céligny as its agents to conduct these proceedings. Crown Forex SA commercial activity had to be suspended, its management is not allowed to speak or act for the company. This right is reserved to the investigators. It is currently not possible to withdraw money from Crown Forex SA accounts. The above information has also been published in the Swiss trade register.

   But I spoke to gentleman at Corwn Forex and as per them they are being audited as they are in the process of getting Banking license, which I belive is a lie, but on the other hand if Crown forex is under investigation than why they are being allowed to carry own the trading, the trading is still working and we can open close the trades.

   Hoping for the best for my money.

9. on 23 Jan 2009 at 11:04 am9Francesc Riverola

   Hi Kash

   Thanks for the update

   Francesc

10. on 04 Feb 2009 at 11:06 am10yass

    i have the same problem like you johny and kash , now they give another time limit for withdrawal till end of february !! ..

11. on 04 Feb 2009 at 11:33 am11Francesc Riverola

    Yass

    Till the investigation won’t end, there will be no choice to withdraw.

12. on 10 Feb 2009 at 7:13 am12Johnny

    If they are under investigation, why did they let me open an account on first week of december 2008? My mistake is i didnt check their reviews….after two weeks of trading i want to withdraw they gave me this excuse they are being audited and i will get my money back by end of january 2009, which is why im still here, they are not responding to me now.
    francesc, they are allowing to deposit money but not withdraw?? they are stealing our money..

13. on 10 Feb 2009 at 11:40 am13Francesc Riverola

    Hi Johny

    In February 5th in the post:

    http://blogs.fxstreet.com/francesc/2009/01/19/update-crown-forex-investigation-still-weeks-to-go/

    I stated: “… The investigation on CF does not forbid them to keep opening accounts as far as I know.

    That does not make any sense as if the outcome of the investigation turns against the company, those new clients will only make the problem bigger.

    On the other side, it makes sense because if you do not allow the company to keep in business, the outcome of the investigation will be bankrupcy for sure.

    If anyone has a better explanation, please feel free to share it here with us”

    At this time, it is the only thing I can tell you

    Francesc

14. on 11 Feb 2009 at 5:43 pm14yass

    i dont know if there is a relation between this and the problem in credit suisse bank?!!

15. on 11 Feb 2009 at 5:47 pm15yass

    this was in the bank web site today :
    Fourth-Quarter and Full-Year 2008 Results
    Credit Suisse Group reports full-year 2008 net loss of CHF 8.2 billion
    Zurich, February 11, 2009 - Credit Suisse Group reports full-year 2008 net loss of CHF 8.2 billion; capital position remains very strong: tier 1 ratio of 13.3% as of end-2008; Credit Suisse has had a strong start to 2009

16. on 11 Feb 2009 at 5:56 pm16Francesc Riverola

    Don’t know…..

    I just know that I’ve been trying to speak with my sources at the SFBC and that they are not attending nor returning my calls.

17. on 24 Feb 2009 at 2:33 pm17jasmin

    halo
    do you know,when the investigation will finish?because the cfsa says that they cannot send money to client because that investigation

    jasmin

18. on 24 Feb 2009 at 6:56 pm18Andrew

    Hi
    Will the investigation finnish by end of the month?
    The website is still bizness as usual.I think everthing will be fine for CROWN.What do you think Francesc.

19. on 25 Feb 2009 at 11:13 am19FRiverola

    hi guys

    I have not had the chance to speak to swiss authoeities for the last few weeks. they are not attending my calls, but I will try again in the next days

    francesc

20. on 26 Feb 2009 at 7:40 am20A

    Hello Guys,

    For the last couple of months I’ve been reading this blog as well as reading comments from other Crown customer’s in other websites to see what other people are finding out about this ridiculos situation.
    I made a withdrawal from my account before this investigation started but unfortunately my wire transfer got caught in the middle of this ordeal.
    I just got an e-mail back from one of the investigators assigned and he wrote the following, and I quote:

    “In the course of our investigation and on the sight of the information gathered, it has been decided, with the approval of the FINMA, that no clients’ reimbursement request will be executed no matter when the transfer of funds to CROWN FOREX SA was made.

    Our investigation is now finished and we are waiting for a decision of the FINNA being in force and hence enforceable, at he soonest at the end of March, in order to be able to inform CROWN FOREX SA’s clients of the next step of the procedure.

    For the time being and until a decision of the FINMA would not be in force and enforceable, we can not give you more information on this matter.”

    As I’m writing this post I just realized that Crown’s website is down…

    I live in the US and transfered my funds to Switzerland thinking my money was going to be safer over there. Honestly, I feel that this lack of information from FINMA to us the main victims in this situation is really unfair.

    How can we impose our right to receive our deposits back? If Crown was acting without a license that is not our fault it is FINMA’s fault for allowing this operation.

    Bottom line here is that now they are saying that they will give us an answer at the end of March. They keep saying this every month and they expect us to just calmly wait for a so called “decision”. We are not supposed to be waiting for decisions, the Crown entity should but not us.

    For those of you in Europe who might be familiar with this type of situation, what can we do?

    I feel robbed and betrayed by a Swiss Financial system that advertises themselves to be a safe haven for investors like ourselves.

    Please guys, let’s work together to protect our basic right to keep our hard earned money which is so important during these tough financial times.

    Best wishes to you all…

    A.

21. on 26 Feb 2009 at 7:08 pm21y

    Hello

    i sent them to ask about withdrawal at the end of feb as they told before but i got this reply:

    ————————————————–
    Here are the latest developements concerning CROWN FOREX.
    INFORMATION
    Dear clients, CROWN FOREX SA is directly under the supervision of the Swiss Financial Market Supervisory Authority (FINMA ; ex-Swiss Federal Banking Commission). CROWN FOREX SA is still working on receiving a final decision that will determine the future operations of the company. It is now foreseen that this procedure may last after the end of March 2009.

    During the investigation procedure, no withdrawal of clients’ funds can be executed. CROWN FOREX SA’s trading platform remains however active and positions can still be opened or closed.
    ———————————————————-
    i think they will reply the same every month
    i feel it is scam because they get profites from my trades plus the fund i deposited , and there is another important question why they accepted the deposit through investigation if they are fair ,i deposited in january
    if there is any one know how to talk directly to this “FINMA” please tell us
    thanks

22. on 26 Feb 2009 at 11:30 pm22Francesc Riverola

    Dear Y

    FINMA investigation is not a scam

    Please, go to:

    http://blogs.fxstreet.com/francesc/2009/01/19/update-crown-forex-investigation-still-weeks-to-go/

23. on 27 Feb 2009 at 5:25 am23Hiks

    the end of March?? *_*
    Did Crown Forex applied for banking license? as i know all Swiss broker will be given a deadline to 31 March 2009 to officially request a banking license from the Swiss Federal Banking Commission.

    What happen to our deposit if they do not pass?T_T

24. on 27 Feb 2009 at 11:37 pm24Francesc Riverola

    Dear Hiks

    On April 30th 2008 I published here in this blog an open letter sent to Crown Forex CEO Mr. Shadi Swaiss. The first question was if CF would apply for banking licence.

    Mr. Swaiss reponse was that CF had already started the process to get such licence.

    You can read the interview here:

    http://blogs.fxstreet.com/francesc/2008/04/30/open-letter-to-fxstreets-swiss-brokers-crown-forex-sa-response/

25. on 05 Mar 2009 at 10:27 am25A

    Hello Fransesc,

    What are FINMA’s duties exactly? I know they are the Swiss Financial Market Supervisors but is it their job to protect investors like us that have done nothing wrong? or are they only interested in protecting their Swiss banking rules?

    Thanks.

26. on 05 Mar 2009 at 12:32 pm26Francesc Riverola

    As they state in their website (finma.ch)

    “The aim of the financial market supervisory authority is to protect creditors, investors, insured persons and to ensure the general functioning of the financial markets in accordance with financial market legislation. It thus helps reinforce Switzerland’s image and competitiveness as a financial centre (Article 5, FINMASA).”

27. on 14 Mar 2009 at 4:11 am27Dgo

    I feel the same way as A. I request the funds, $4,800 on Dec 11 and they postponed the wire month after month.
    Question:
    Lets say Crown Forex is faund guilty, what is going to happen with our funds?
    Any answers???
    Thank you

28. on 16 Mar 2009 at 11:47 am28Francesc Riverola

    Hi Dgo

    The only thing I know that would happen if CF was considered guilty is that FINMA would organize a pool of creditors and would take care of the liquidation of the company. But at this time, the best thing to do is to wait till their decision will be announced

29. on 23 Mar 2009 at 7:34 am29A

    Hello Francesc,

    Do you know how we will be informed about today’s FINMA decision?

    Thanks.

30. on 23 Mar 2009 at 5:33 pm30A

    Does anyone know anything about today’s FINMA decision? I contacted CF live support and they say our withdrawals will be processed by the end of this month.

31. on 23 Mar 2009 at 5:36 pm31Francesc Riverola

    Hi A

    I just made a post about this

    http://blogs.fxstreet.com/francesc/2009/03/23/update-finma-is-taking-its-time-to-announce-crown-forex-decision/

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