17 Responses to “Crown Forex S.A takes FINMA decision to Court”

1. on 31 Mar 2009 at 11:38 am1Khawar abbasi

   Hi Guys,

   After calling FINMA,I called Mr.Swais Shadi(CEO of Crown Forex).He Confirmed that they have brought the case to the Federal court against the decision of FINMA.

   He assured me that they are doing everything to oppose the decision in the Federal court.He is confident to oppose the decision by the mid of April 2009..He also informed me that the delay is not on their part and will start serving the withdrawals immediately after the final decision from the Federal court..What do you say Frances about this situation,where is it going???

2. on 31 Mar 2009 at 11:47 am2Francesc Riverola

   Dear Khawar

   I already expressed here in this blog my insatisfaction with the way FINMA was managing the case.
   Having said that, at this time it is quite difficult to get a clear picture of all this case because we are missing too much information.
   We do not know what triggered the investigation, who performed it and took decisions on it, what was the decision taken, what is now Crown Forex allegation, what can we expect next….. Too many questions without a proper answer

3. on 01 Apr 2009 at 12:57 am3jasmin

   dear francesc

   i think finma should make team who has authority to allow and monitoring clients withrawal, because the clients is not part of crownforex,and then finma vs crownforex can continue fighting .

   if finma cannot do that,i think finma does not have good heart,
   because we do not know how long process in the court.

   what do you think? is finma has good heart or not?

   best regards

4. on 01 Apr 2009 at 8:09 am4chandra

   hi everyone,

   this is the chat between me and the CF’s person :
   myname:
   one website said the client can not take the money, is that true ?
   CROWN-FOREX:
   What do you mean?
   myname:
   i do not know . that ‘ why i am asking you
   myname:
   what does it mean ?
   CROWN-FOREX:
   I didn’t get your point, please clarify.
   myname:
   i do not know
   myname:
   I think it’s kind of withdrawing.. are you the staff of crown ?
   myname:
   can you clarify this ? any new procedures ?
   CROWN-FOREX:
   We don’t have any problems.
   myname:
   wait…
   myname:
   the website said that.. the client of crown forex now can not withdraw their money. crown forex does not let the client to do withdrawing…
   myname:
   yes that ’s the news..
   myname:
   so If I become your client, then I can not take withdrawing ?
   CROWN-FOREX:
   As I told you sir, We don’t have any kind problems.
   myname:
   so ? we can withdraw the money, as we are the client of crown forex ?
   CROWN-FOREX:
   Yes.
   myname:
   sure ? how about that web ?
   myname:
   why they said that if that ’s not true ?
   CROWN-FOREX:
   As I told you sir, We don’t have any kind problems.
   myname:
   so, what do you about the web ?
   myname:
   the client still can withdraw the fund ?
   CROWN-FOREX:
   We don’t have any kind problems.
   CROWN-FOREX:
   Everything is fine.
   CROWN-FOREX:
   Of course you can withdraw your funds when you make profits if you have an account with us.
   myname:
   that’s good. then I want to withdraw my money now. can I.
   myname:
   where is the procedure ?
   CROWN-FOREX:
   Withdrawals are only done through bank wire transfers, directly to the client personal bank account submitted in the trading agreement.
   myname:
   so, now we the client can withdraw the fund ?
   myname:
   I am your client !
   myname:
   you postpone our fund for months … now CAN WE TAKE OUT OUR MONEY ?????
   CROWN-FOREX:
   What is your account number please?
   myname:
   CAN WE TAKE OUT OUR MONEY OR NOT ??? ANSWER ME !!!!
   myname:
   DONT LIE TO US !

   CROWN-FOREX has left the conversation. Currently in room: myname.

5. on 01 Apr 2009 at 7:40 pm5Hansie Shah

   Dear all,
   I wrote to FINMA inquiring about the current status of CF’s fortune, they replied me.
   Below is the reply of my mail.

   Dear Sir

   Crown Forex S.A.’s activity was not in line with the existing Swiss law. 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.

6. on 02 Apr 2009 at 9:30 am6Normunds

   Hi,
   Seems someone there is lying. I hope it’s not FINMA. At least FINMA is state institution.
   Guys, regarding to Chandra, don’t you think after FINMA will open accounts of CF, CF will get lost with all our money?
   It’s not an adequate behavior of good partner to leave conversation after uncomfortable questions. OK, mode of expression could be more …, but I can understand Chandra feeling!
   Which is the one we should pursuit for?

7. on 03 Apr 2009 at 12:05 pm7Tony

   Hi, I got the same email from Christian Buergi of FINMA.I have quite a lot of money with Crown Forex and I have been unable to withdraw it since November, 2008.

   I am going right out of my mind with worry. Now they are talking about a court case. How long will this take? Crown FOrex keeps lying to it’s clients just to protect it’s image. They want us to think everything’s alright.
   I just want all my money back.

   WHat can I do?
   Thanks

   Tony

8. on 03 Apr 2009 at 12:34 pm8Francesc Riverola

   Dear Tony

   I’m afraid there is no choice now that wait and see. To file a law suit against the company and FINMA would be a waste of money at this time as we do not even know what CFSA is accused off

9. on 04 Apr 2009 at 10:13 pm9Hansie Shah

   You are absolutly right Francesc.. Agreed!!!

10. on 06 Apr 2009 at 7:11 am10JS

    Guys I think it’s better to think that we won’t get our money back. In that case if it’s really true, we won’t get dissapointed. If it doesn’t then we should applaud Swiss authority (which I doubt this would happen). Be realistic!!

11. on 06 Apr 2009 at 7:26 am11Hiks

    at least they have to make official statement about this case…we already waiting almost 4 months without any information from their website.This is unacceptable

12. on 10 Apr 2009 at 3:52 pm12Dgo

    Is there any authority in our country, United Staes that we can contact and tell them to help in this case, is this to silly idea? I can’t think we will loose our money so easy without taking any actions.
    Thank you Mr. Riverola for taking your time.

13. on 10 Apr 2009 at 6:19 pm13Francesc Riverola

    Hi Dgo

    As far as I know, no overseas company can take a US client without being registered by the NFA, so if you are a US citizen and you are trapped in all this mess, I would suggest you to contact the NFA right away.

    Let me know what the NFA says to you

14. on 23 Apr 2009 at 1:20 pm14Normunds

    Hello there,
    Is there new information available on this case?
    Thanks

15. on 23 Apr 2009 at 3:23 pm15Francesc Riverola

    Normunds

    Nothing at all

16. on 24 Apr 2009 at 6:57 am16A

    Hi Francesc,
    I followed the advice you gave Dgo and there is no information on Crown Forex in the NFA’s website. I also checked ARIF’s website and they are not even in their client’s list.
    The truth is I’m desperate, mainly because I see no progress in this situation. I have gone as far as writing an e-mail directly to Shadi Swais, but I doubt he will respond. I spoke to him personally back in December when he assured me that nothing was wrong.
    Has anyone thought about physically go to Crown’s offices?
    I’m asking because I’m sure someone here must have a big enough account to at least try to go get some answers personally.
    I also feel is very strange that FINMA has not made any announcements of this investigation in their website, I wrote an e-mail to the FINMA reps that I have been in contact with.
    I think we should be more proactive about this situation guys because its obvious that neither FINMA or Crown care about keeping us in the loop. Does any one have any ideas? I honestly have no idea how to start any type of campaign to get our money back.
    Please lets share our input about this because I believe we need to take action, I don’t think just discussing this in these blogs is going to help us get our money back.
    Good luck to everyone!

17. on 24 Apr 2009 at 2:49 pm17Francesc Riverola

    Hi guys.. the latest update I made about this horrible managed case

    http://blogs.fxstreet.com/francesc/2009/04/24/update-crown-forex-investigation%E2%80%A6-what-a-mess/

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