Francesc Riverola,
Hi everyone
Unfortunately the worst of my fears got confirmed today when I got the confirmation from FINMA that the note sent to Crown Forex S.A clients was true so FINMA is opening a bankruptcy process for the firm.
That decision was already announced here on March 5th 2009. A few days later, on March 9th, I had to correct myself and deny that FINMA’s decision had been bankrupcy as upon Crown Forex S.A’s request, I had to correct myself and deny that FINMA’s decision had been bankrupcy as FINMA’s legal representative was not able to confirm the decision.
Here you have the note FINMA sent yesterday to clients:
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
NOTTER MEGEVAND & PARTNERS
Place Edouard-Claparède 3
1205 Genève
SWITZERLAND
p.vonbredow@nomea.ch
l.winkelmann@nomea.ch
My recommendation is to put yourself immediately in contact with liquidators in order to enter into the liquidation process and recover your funds.
Francesc
few things are haunting my mind.first of all i want to know about federal court decision in crown case.i believe ruling has not come yet.then why this sudden decision on part of finma?if finma did not required a court ruling for the decision announcement then why this delay?
most importantly crown is a broker firm and (brokers and casinos are not meant to be on losing side).now if crown clients are not payed back fully then who will be convicted for that?is it crown owners will be put behind bars.i would love to see that.cuz it is not a smaller crime.
lastly francese i want to know how much time can be expected for pay back?
Faisal
I’m as puzzled and amazed as you are at this time… Nothing makes sense to me.
Bankruptcy processes are long here in Spain so I should expect a quicker process in a civilized country as Switzerland, but after having seen what we have seen, I’ve got many doubts that this could even last ages
We will see… For the time being, give your details to liquidators
Best regards
Francesc
here is an update
Dear
reference is made to our previous e-mail about CROWN FOREX SA’s bankruptcy opened by the FINMA on May 19, 2009 at 8:00am (Swiss Time).
As of the opening of the bankruptcy, the FINMA has also ordered the suspension of all activities of CROWN FOREX SA, including the trading.
It however appears that the trading system and the trading platform are still operated abroad in violation of the FINMA’s decision.
That being so, we inform you that from the bankruptcy opening, May 19, 2009 at 8:00am, no transaction shall bind the bankruptcy estate of CROWN FOREX SA.
Finally, from May 29, 2009, the web site http://www.crownforex.info will be updated with all relevant information that can be publicly disclosed on the situation of CROWN FOREX SA.
We also draw your attention on the fact that the FINMA, as supervisory Authority, will post on its web site http://www.finma.ch and in the Swiss Official Gazette of Commerce http://www.shab.ch important legal information pertaining to the rights and obligations of the creditors and debtors of the estate of CROWN FOREX SA, in bankruptcy.
Sincerely,
Laurent WINKELMANN Philippe von BREDOW
We already published this a few hours ago.
My worry is if any of clients have an account with them……we hope not obviously.
http://blog.forexvps.com/?p=53
I went into the Live Chat to see what they said about the status of the investigation, read this…
ael:
Hi can you please tell me status of the FINMA investigation.
CROWN-FOREX:
FINMA has cancelled the previous decision regarding the activities of Crown Forex SA by issuing a second decision. Crown Forex SA is currently in the process of appealing the second decision of FINMA, namely putting Crown Forex into bankruptcy proceedings. This appeal will be sent to the Federal Administrative Court and the matter will be settled in due time.
Furthermore, the shareholders of Crown Forex SA proposed a capital increase to cover the required capital for FINMA banking license or any other liquidities required.
ael:
so what does this mean? is CFSA going to be liquidated or not?
CROWN-FOREX:
No sir, everything is going to be fine.
Can this situation be more confusing, investigators say liquidation, Crown Forex says nothing is wrong… What a mess…
dear A
almost six months are passed and crown authorities has not been able to take a single positive step towards banking license or even to protect its image.
as decision is been enforced already so i believe there should not be any more mouth shut for crown authorities.if they are clean they should come public and speak their mind loudly.
dear francese i think these bankruptcy proceedings can be quiker and much faster as compared to some bank.
as you know in case of a bank there are many things to consider like physical property,loans,financing,bank investments,credit cards and many more.in case of a forex firm which can be run even from a single room,the case is very simple….that is how much capital available and how much to be payed.
so if finma intentions are right and they want to protect their regulatory image then pay back should start with in the month of june.
dear ishawish
i do not have facility of cnbc arabia.can you please check me the ad campaign of crown forex is still being run or they have stopped it?
Dear Faisal
I hope you are very right and bankrupcy proceeding will be fast.
Keeping fingers crossed
I am an employee of Crown Forex and I can confirm that Crown Forex has appealed this decision and that this decision is SUSPENDED,,,,the court will make a decision on the activities of Crown Forex in Due Time.
Furthermore the shareholders of the company will provide sufficient funding and capitalization to over come this decision.
Furthermore Crown Forex has presented a plan to the court and to FINMA to resume the banking application and to provide the bank required capitalization ASAP. The court is expected to start its proceedings in the next few weeks and within the next few months a final decision will be issued, hopefully in favor of Crown Forex and its clients.
The lawyer of Crown Forex has issued a special letter to the court on several violations made by FINMA and its investigation committee while handling Crown Forex File. Among these violations are a violation of a previous court order and a violation of abuse of power.
those who deposited moneies after Dec 9 should be returned our full deposit being the Swiss Burea was in control of our money. Logically noone should be able to accept money they knew would not be returned. i believe we should of course look to start a class action lawsuit in the case we dont receive our deposit returned in full. how could we find a way to contact all of those who made deposits after Dec 9?
Dear clinton savoy,
I am the one who deposited money on 12th January 2009. I agree to your opinion. You can contact me: and1_scar@yahoo.com . Mr.Francesc, Would you like to contact FINMA to clarify of this kind of case. I am very thankful for everything you have done
Dear cf employee
According to you the court starts its proceedings in few weeks and the decision will be taken in next few months. We already suffered a lot we cant wait anymore we just want our money back for that we approach to liquidators to get our money back. During this period none of your employee updated us whats was going on there. I thank to Mr. Fransec who time by time given us information and kept us updated.
guys this is not a mess …it is a bull shit
first of all the term bankruptcy is altogether wrong in crown forex case because crown forex is not bankrupt they are been liquidated or terminated because of not applying a banking license or not having enough capital for banking license.
i want to know from finma how can you let a firm keeping on working keeping on admitting funds keeping on admitting even new clients under your eyes when after few months you(finma)were to declare them bankrupt….if you are so blind then believe me you have no right to work as a regulatory body.either you are mad or you want to make us mad.
now most important thing is if you want to liquidate crown forex then why this bankruptcy procedure.why dont you simply announce liquidation of crown forex at finma.ch and opening of withdrawls for the clients.
but i tell you guys opening of this bankruptcy process is totally melicious design and intention on part of finma.i totally and strongly believe that crown has more than enough assets to cover clients withdrawls.
Yeah…. right… whom should we believe? A Swiss government agency, or a company which has a proven history if LYING at every single twist and turn.
Folks, there was an order issued to shut down their price servers, so they simply moved them out of Switzerland and into Jordan - just so they could keep people depositing and pretending to place trades.
In January they were telling people withdrawals were delayed because the person responsible for processing them was on vacation. In February, it was a “routine audit” which was expected to be over in “1 or 2 weeks”. The story’s different every time you ask. Heck, go on their online chat right now - they’ll happily tell you there is no investigation, and you can happily deposit your funds. Dear “Crown Employee” - we’re keeping print outs of each chat, and we have many collected so far.
We are in direct contact with FINMA, and with the attorneys in charge of this investigation. If you want the latest info: http://fx-knight.com/smForum/index.php?topic=395.0
From: liquidators@crownforex.info
Sent: Tuesday, May 19, 2009 19:21
To: accounts@fxknight.com
Subject: Important information on Crown Forex SA - Information importante sur Crown Forex SA
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
NOTTER MEGEVAND & PARTNERS
Place Edouard-Claparède 3
1205 Genève
SWITZERLAND
p.vonbredow@nomea.ch
l.winkelmann@nomea.ch
Mr.Crown Forex Employee,
Are you really an employee of CFSA? If you are really one, why don’t you involve in our discussion from the beginning? Why now?
dear crown forex employee,
i would have liked you to be brave enough to speak for your company with your designation.
for how long you want to keep dragging this case in courts.
what are the other charges on crown apart from banking license?
if banking license is the only issue then dont you have any other options like merger of cfsa with some other bigger firm?atleast to save your clients.
why dont you unilaterally announce opening of withdrawls?atleast you can expose that finma is the real culprit of clients.
dear andrei
you are trying to defend finma and have put few blames on crown forex which are very negligible and can be expected from a firm which is been put under the sword of investigations.
just tell me if a thief gets caught by police but he still keeps committing crimes under police custody,who will you blame for?(with sorry i dont mean cfsa is thief)
i want to know that we the clients are been waiting for our money back from six months now.what good this regulatory body has done to us in these six months.
the proof of melicious intention of finma can be seen from that they are not been able to inform cfsa clients even once through their official website http://www.finma.ch
this authority has taken control over crown forex under the name of investigations and when they found nothing inapropriate they put the charge of banking license.
dear andrei just tell me why finma has not put any charge against cfsa officially on their website.
believe me worlds 70% forex business is being done on the basis of trust where no regulatory bodies are involved.
i am almost on the hate side for these bunch of corrupts who claim themselves to be regulatory bodies.
dear faisal
there ad is still appears and nothing is indicate that the company has any problem…its realy confusing thing
Very Important Information
To whom it may concern.
I would like to explain the current situation of Crown Forex. FINMA Decision Makers? And I say that with a big question mark about their credibility and honesty, cancelled their previous decision because they new that Crown Forex filed a very strong appeal against it and was going to win it! And they designed a new decision based on estimated financial reports with Zero credibility to put Crown Forex into bankruptcy immediately not respecting and violating all aspects of Swiss law, the law clearly states that’s once a company is at risk of bankruptcy or bankrupt, this company is given the opportunity to correct its situation and to act accordingly. This right was denied for Crown Forex and previous offers to capitalize the company in order to complete the bank application was rejected without any explanation to why that is? And FINMA driven policy against Crown Forex is being enacted over and over again.
FINMA on purpose and deceivingly did not inform the concerned clients that Crown Forex are given 30 Days to appeal this decision.
I would like to confirm as the chairman of the board of Crown Forex that Crown Forex will appeal this decision very shortly and will make sure that FINMA decision is suspended with immediate effect and will leave the actual decision to the integrity of the Swiss administrative court.
False information was sent to CNBC and Reuters sating that Swiss Court made a decision to put Crown Forex into bankruptcy. This information is completely false and I confirm that this did not happen; this information either provided by individuals from FINMA trying to destroy the company completely or obtained by amateurs working for CNBC and Reuters; in either case I request the immediate apology of these two media providers and for them to publish the truth about the company’s situation.
Such big media providers need to start checking their sources before destroying other peoples and other firm’s reputation in such global manner.
I would like to also confirm that the company is financially sound and client’s funds are safe and available but at the risk of corrupt investigators assigned by FUNMA.
Finally I would like to say that FINMA needs to double check its ways in dealing with a market crisis and to start respecting the law,,,,,,but it seems that the laws applies to some and to some don’t.
Possibly more details will follow this post
Ibrahim Ali
President of the board of directors
Crown Forex SA
May 31, 2009
It seems to have gone very quiet
I have had no replies from FINMA, or the lawyers
anyone else have any new info?
Hi faisal… I by no means mean to defend FINMA. While Crown obviously did something wrong in order to warrant this sort of action, FINMA is not much better. They could have been more forth-coming with information, and they could have done something to prevent Crown from taking new deposits if there was no chance withdrawing. Regulators (Swiss, US, and just about everywhere else) have a history of paying themselves FIRST, and the clients they are supposed to protect last. I am not anti-Crown, nor am I pro-regulator… I am simply on the side of the clients. We, just like other Crown account holders, are waiting to see how much of our money we’ll be able to recover when everything is said & done.
andrei i totally agree what you saying.but believe me this bankruptcy decision is not digestable to me even yet.
as for today we are only knowing about the charges of banking license against crown forex.we have not yet come across any charges of fraud or theft,and have not listened of any arrests.
this has made job of loot and plunder very easy for other forex brokers,that play havocs with thousands of people and just runaway declared bankrupt.
Dear Ibrahim Ali
Thank you for your post. I think I probably speak for everyone who has funds deposited with Crown Forex. We are not really interested in the internal fighting between FINMA and your Company. All we want to know is
1. guarantee our funds are safe
2. When we are able to withdraw our funds
This has been dragging on for over six months and I think it is totally unfair why innocent customers should be made to pay and potentially financially ruined for something that is nothing to do with us
I welcome your comments
dear francesc it is very strange that although this letter by mr.ibrahim ali is been posted on 31st may but at my internet it has just loaded today.why?
now for me it is more than enough to believe that who is dead bent to kill not only crown forex but all of the clients of this firm.and the infirmation which mr.ibrahim ali has provided in this letter seems trustable beyond any doubt….atleast for me this has become 100% clear that these finma corrupts are a bunch of monkeys….as these monkeys are having a matchbox in their hands,so beware they can fire the whole jungle.
top head of crown forex is pledging that funds of the clients are safe but finma is dead bent to prove crown forex bankrupt……why?…we all need to think and we need to know.
dear faisal…
I also agrre with you that CF has no problem, but the big problem is that the law is not applicable for foriegn investors, that is what we saw untill now. the FINMA put CF in its mind and want to destroy this company in any cost, we don`t know why!!!. I think they want us to send our information and account statements to fight CF using them, to show the people that they are using the law.
what we want from Mr. Ibrahim Ali is to exeplain the situation and to declair every thing happened and the shit games that the FINMA and they representators plays.
I beleive CF and I worked with them in the past and withdrawl my account times and times but FINMA is LAYING and they are RACIAL, and some of us know why…
This letter from Ibrahim seems to confirm what my Swiss lawyer tell me. There is still no court order for Crown Forex in Jura. My Swiss lawyer does not want to make specific assumptions, but he says that for sure FINMA and/or Laurent Wilkemann did not acted properly in this matter. Simple things such as sending emails to customers before a court bankruptcy order is passed, the .info website and also Laurent refusal to answer specific questions from my lawyer (in possession of a legal mandate on my part as a verified customer of Crown Forex) put a big question mark on FINMA/Laurent Wilkemann actions in this case. I am not defending Crown 100% because I think they could have handled the situation better (more public maybe) but I feel at the moment we cannot have confidence in Laurent Wilkemann or FINMA. Sad, truly sad situation.
dear all,
lets put hands together and continue what faisal said about. lets go to every forium and every media and till the people that they money is in danger in SWISS country. The financial organizations in swizerland are planing to take the people money, today CF and tomorrow the others..
Dear Faisal
The comment from Ibrahim Ali, President of the board of directors at Crown Forex SA was written May 31, 2009 but did not go online till today as it was halted with many other comments by the blog’s anti-spam software.
I had to go through over 60 messages this morning and to check those that were true comments from spam.
For this reason the comment did not go online till today
Francesc
dear francesc thanks really for explaining,i was really confused.
dear DDa i can applaud you and your lawyer for beforehand infirmation.its wonderful.
dear ishawish i agree that swiss financial system which was believed to be most trustable for foreign investors is shaking badly.
Hi everyone,
I got an email from FPA last week. Now I forward in this room.
Hello Andi,
We’ve been issuing warnings about this broker for months now. Even
while Swiss regulators blocked all withdrawals, this brokerage continued
to accept deposits and still pretends that nothing was wrong.
http://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/4779-big-swiss-bankrupt.html
*Crown Forex SA used to be a solid and well regarded broker. Sometime last fall, withdrawals became a huge issue. Over a dozen FPA members complained and FPA Investigator Tessa spent a large amount of time communicating with Crown Forex over the issue. After a great deal of effort, some people got all of their money and others got some. Still, a number of account holders got nothing at all.
The situation got so far out of control that we asked FPA member Pharaoh to write an article on the subject warning people not to invest with Crown until these issues could be dealt with. Not too long afterwards, we issued a new warning when we found out that the Swiss banking regulators.
We’ve been awaiting an update on this issue for a long time. Yesterday, the FPA received a number of emails, reviews, and forum postings about Crown Forex being in bankruptcy and that it would be liquidated. The use of a .info address in the original copy we received made us worry that the message might have been fake. Rather than immediately issuing a warning, we decided to wait until we could get full confirmation of the validity of the message.
We had 2 FPA members who are victims of Crown contact the investigators who have control of Crown. Our members confirm that the investigators appointed by FINMA confirmed the message. We also contacted FINMA. We got this directly from Christina Bürgi at FINMA…
We asked a good friend of the FPA to contact Crown Forex’s chat support this morning while this article was being prepared. They deny that there are any problems and say there is no liquidation. This is the same company that claimed it had no problems last fall while the FPA had over a dozen complaints against them. We are amazed at Crown’s continued efforts to hide the truth.
We urge anyone who has an account with Crown Forex to immediately contact Philippe von Bredow and Laurent Winkelmann immediately. They were the investigators and are now the liquidators of Crown Forex.
We consider Crown Forex’s pattern of deception to be unethical. We also find that they violated the FPA’s first definition of scam by failing to return money to traders while they still had the power to do so. We consider the fact that they are being liquidated to be evidence of even worse behavior behind the scenes. In our view, Crown Forex is definitely a scam.*
What do you say Mr. Ibrahim Ali, predictable fake name? How can you survive with bad reputation like this? The scenario from you, Mr. Shadi the CEO, Mr. Hussam the Accountant, Mr. Winkelmann and Mr. Philippe Von Bredow the Executor. Is definitely a scam.
Did anybody received monthly statement of May from CF. I did not, I have e-mailed them several times, they did not reply to me. Are they taking my money out?
email received from FINMA today
Dear Sir:
Reference is made to your previous correspondence with our communication department and more specifically the e-mail you sent us yesterday forwarding an e-mail you apparently received from Mr. Ibrahim Ali.
As to clarify the situation, the FINMA confirms that the bankruptcy of Crown Forex SA has been declared on Tuesday 19 May 2009.
According to the rules of legal administrative proceedings, Crown Forex SA may indeed challenge the decision of the FINMA within 30 days; however, the FINMA has declared the bankruptcy measures immediately enforceable notwithstanding a possible challenge before court. In such case, it is up to Crown Forex SA to request from the Federal Administrative Tribunal the suspensive effect in the same time it challenges the bankruptcy decision. FINMA has not been informed of the filing of such a challenge coupled with such a request by Crown Forex SA.
In the meantime, the bankruptcy measures being immediately enforceable, FINMA and the bankruptcy commissioners are entitled to take all actions they deem fit in order to protect the interests of the creditors of Crown Forex SA and maintain the substance of the estate.
Further, as a consequence of the bankruptcy, all the funds deposited with Crown Forex SA are frozen and no payment to clients can be made. Payments will be made, at the earliest, once the commissioners have drawn the inventory, monetized the assets and drawn the creditors plan which, in addition, must become final.
Finally, we underline that none of the bodies of Crown Forex SA are authorized to make, sponte sua, any declaration on behalf of Crown Forex SA. The declaration below has not been approved by the FINMA or the commissioners. All legal information are posted on the website of the FINMA (finma/enforcement); additional information may be gathered from the website crownforex.info
We trust that this e-mail is of assistance to you.
Yours sincerely
Yasmine Sabeti Daniel Roth
_____________________________________
Yasmine Sabeti
Legal Counsel, L.L.M
Affaires juridiques / Enforcement / International
and this one as well
Crown Forex SA is now under liquidation. The information has been published on the website of the FINMA http://www.finma.ch/e/sanktionen/insolvenzen/pages/insolvenzen.aspx.
Kind regards
Simone Flach-Florey Christina Bürgi
Communication Communication
Eidgenössische Finanzmarktaufsicht FINMA
Autorité fédérale de surveillance des marchés financiers FINMA
Autorità federale di vigilanza sui mercati finanziari FINMA
Swiss Financial Market Supervisory Authority FINMA
Schwanengasse 2, CH-3003 Berne
Tel. +41 31 327 91 73
Fax +41 31 327 91 01
christina.buergi@finma.ch
questions@finma.ch
http://www.finma.ch
To be honest I have no idea who is telling the truth!!
dear andi
although this ulterior motived email has got nothing in it to respond but still few words from me.
who is this FPA and to whom they have kept warning before the start of investigations,i think probably they kept warning just at their home to their family.
this email speaks about complaints against crown forex,i am a regular reader of fxstreet which undoubtedly is THE BEST forum for the voice of forex traders but i have not come across even a single personal complaint against crown forex.
i took my last withdrawl in october2008.it was just fine and in time.and for me withdrawl problem just started after start of investigations.
this email was received by you week back but it is directly addressing mr.ibrahim ali whose letter on this forum came just yesterday…strange isnt it.
dear andi crown forex is not a scam,actually those people are scam who can write such kind of emails to deceive people for their ulterior motives.
its pitty,although it is time to join with the voice of caught up people in this mess created by wikelmann and party,but still there are people who are bent on to prove against day light truths….real pitty!!!
Once again, we are in a wait and see position
Even though I do not like the way FINMA has acted in this case, I still do believe that they will protect clients interests and you’ll be able to recover your funds.
We will see…
Francesc
dear frinds..
I am afraid from one thing…is 30-june was pass and we didn`t submit our information, I afraid that FINMA will not gurantee our demands…whats the solution???
Make sure you file your case before June 30th… just in case!
DEAR FRANCESC,
as we assign the agreement with CF I have no copy of that agreement because I send in the mail!
what I have to send?? the only thing I have is the access to the account and my account no!
dear andi,
after few hours of replying your post i realized that i had used few harsh words.accept my appologies for that.i hope i did not hurt you.but one thing to be sure that i have no compromise over general content of my post and my view point.
Dear Faisal
I appreciate your apologies to Andi.
We are all from different countries and cultures but respect to each other is critical for human relations.
I’m no one to give you nor anyone else respect lessons but I can stress you how important respect to each other is for me.
I appreciate again your gesture. It says a lot about you
Dear Ishawish
This is what FINMA requested in a note published on March 20th:
http://blogs.fxstreet.com/francesc/2009/05/20/finma-opens-bankrupcy-process-of-crown-forex-sa/
“…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.”
I hope this will be helpful
Francesc
dear francesc…
the second requirement is not clear for me???
we are trading on line and the orders are automatic, there is no hard copy of this trading, so how can we support them with these documents…
may I print my hestory and post it??
thanks for helping
Dear Ishawish
Maybe others affected can tell us here what they did, but printing your history and send it to liquidators is what I would you if I were you.
Ask them if that is the information they needed… just in case.
I hope this helps
dear francesc,
thanks alot and maybe I bother you with my questions, I am sory.
dear frinds, can any body help me in this case??
you do not bother me at all
thanks francesc for acknowledging my appology to mr andy.actually last few days have seen unfolding of such truths which got me a bit crazy.although i still feel that we the clients need to be bit more crazy after seeing such cruel dirty games from finma at the cost of cfsa clients.
as previously pointed out by mr.DDa, this issue has reached to the level of personal gudge.i believe it is high time that some higher swiss govt.officials jump in this issue to sort it out.
Hello everyone:
I am one of Crownforex SA customers. I trade with CF and had personally dealing with their management. Thus may be I can tell you some facts.
One of the reasons that FINMA started the investigation on CF because we (customers) filed complain report to Swiss banking authority. CF did not honor their trading agreement with customers. For me personally, they illegally close my open positions, cancel our profit, disable my accounts and fail to return fund when request.
This happened since early September 2008. They did not reply to email, evaded phone calls and even failed to reply to my lawyer when he send letter to CF’s board of directors.
At one point Mr. Shadie Swais told me that they want to back charge swap on my account, total around 250k, that almost completely wipe out the fund in my account. Even 150k that I request from my account since August failed to arrive at my bank. When ask, CF said I need to agree to let them charge first before the send me the fund. Thus they affectively were robbing me almost all my fund.
After many months of trying to resolve the issue, it seems no progress; I still don’t receive my fund. Mr. Francesc Riverola helped me negotiate with CF and they send me one small portion of my fund, and promised to send me weekly, but after only one payment they stop, and nothing else was sent to me for over a month until FINMA started their investigation on December 9, 2008.
Thus I am in favor of FINMA start this investigation and took control of CF. I believe if the Liquidators do their job correctly and move quickly to take control all CF assets, chances are they will collect enough fund to pay everyone.
Last year, around November, CF said they were adding a few millions more fund to their account because back then, they were in the process of applying for Swiss banking license. Around that time, they started paying majority of the people that want to withdraw fund. They even return part of my fund to me, but later they stop making more payment because I filed claim with Swiss debt collection department and with Swiss banking authority. Then the FINMA investigation started in December.
So if it is true that they added a few millions more to their reserve fund, and if FINMA start to investigate and if their lawyers move quickly and caught CF off guard, they can capture that extra fund, lock up their account before CF can move them out. May be this is the reason why CF management were so scare and try to do debtor transfer so that we lost our legal claim to CF asset and thus leave them some fund after the pay out. I don’t know how many people accepted the debtor transfer offer, which they offer to pay around 80% of the total amount they owed.
For me, I refused that offer. And if I cannot recover 100% of my fund, I will continue to sue their board of directors in criminal court.
Dear Ramsy,
I am sure its your right to contact FINMA and the financial organisation in swiss, and I would do this if I were in your place. But the problem is the way the FINMA goes to solve this problem. The investigation enter its seventh months, and no clear information appears and every decision was appealed from CF, so what will be the end??
as I am see, if the FINMA reserved some money for the customer it will be great, and I think we shouldn`t dream to get 80% of our funds.
dear, if you know any information from your lawyer about this case please give it to us. if you know when we will get our fund please help us to rest!!!
The information i send them to liquidators are
1- Crown Forex Account No :
2- Balance in the Account as of May 18th,2009:
3- Account Holder Name:
4- Account Holder Address:
5- Account Holder Mobile Phone:
6- Account Holder Home Phone:
7- Account Holder Email Address:
8- Account Holder Bank Information:
If anybody has different format,please if like to share post it on blog.
As far as time goes, bannkcorruptcy court have long waiti times, one due to certain wait timelines, like in this case
afer every decision they gave the righ to defendant for 20 to 30 days and then start next step, and then also for debtors to claim .
So majority of the stretch in the process comes from these wait times. IN CF case FINMA has decision, to me goverment bodies in developed countries are reliable and work for debtors.
I keep reading FINMAs behavior complain, I do have complains with them, but its mostly due to lack of open coummincations by them.
If CF was sincer to customers they should have done in the right time when provided to them through lawyers, it must be that the case from their side is so week that they are not to support the case in the court and now they are crying wolf.
And yes this is true to with bacnkcorruptcy courts, that there is no light at the end of tunnel, means debtors wont get any money at all.
It all depends how much CF have in bank account and how much claims clinets or other parties have against CF.
Clients may be at the end of list, and I am not sure what formala or sequence of priorties are used by FINMA.
gooing back to my posts , I have lot of speeling mistakes looks like need money to buy new glasses.
Hi everyone
I confirm that Mr. Ramsey came to me a few months ago for help in his case with CF. I contacted Mr. Shadi Swaiss at CF and tried to help Mr. Ramsey but all we got was a refund of a small part of Mr. Ramsey’s account.
It is also true that he refused CF’s proposals and decided to go to court. If I’m not wrong - Mr. Ramsey can correct me - I encouraged him to take the case to court.
Good luck Ramsey
Francesc
Yes thanks for the help from Francesc, I got a small refund, but after one payment, CF refuse to pay me the rest of my balance.
Many months later, they try to contact my lawyer to do debtor transfer, but we refuse to go that rout.
At this point, we are waiting for FINMA to liquidate CF and distribute the fund. Though many fear mongers going around saying that may be we get nothing back, I am very optimistic about this. I believe CF has millions stuck in there when they were preparing to apply for banking license and then FINMA locked up their account.
I went through this kind of liquidation before. One firm in the US call FXLQ were liquidated last year. I have to wait about 6 to 8 months for liquidation process, but I got 100% of my money back.
In CF’s case, I do not know for sure, but I am optimistic. If I cannot recover 100% of my fund, I will instruct my Swiss lawyer to sue their board of directors in court. I am preparing for a long fight.
Dear Ramsy,
It seems that you were offered your money back and you refused to take it; I think that was a stupid decision on your behalf.
I have tried (writing e-mails) several times (more than 3 times) to “to the bankruptcy liquidators of CROWN FOREX SA” - p.vonbredow@nomea.ch, l.winkelmann@nomea.ch, liquidators@crownforex.info, support@crownforex.com, and accountant@crownforex.com
AND there is no single response till now!
Trader 12,
I don’t know how long you have been dealing with CF. They are very tricky in every way. The offer to do debtor transfer is not sincere offer, it is a trick to transfer my legal claim with CF to their share holders or the owner, who is the citizen of Jordanian. My Swiss lawyer advice me not to take this bait because doing so I would lose my legal right to claim and sue them in Switzerland. Once I accept this debtor transfer, I have to do all my legal proceeding in Jordan. Who know what kind of legal system they have there. So I am better off sticking with CF and the legal claim in Switzerland.
Guys, wanted to ask that I did mail to liquidators. for providing my Delails to register my claim as all have been did.
I could not being confirm that either did they register me or not!!!
Guys, tell me that its enought to mail them and then just pray????????
Did any one get confirmation mail??
Certainly. I requested a confirmation and I receveid this:
“RE:mail: confirmation of the receipt requested
Laurent Winkelmann [l.winkelmann@nomea.ch]
Cc:”Philippe von Bredow”
Confirmed.”
Hello Hansie,
I requested confirmation twice before I received a response from Laurent Winkelmann that they had received my e-mail with account information.
Maybe you should ask for confirmation again.
Hansie Shah
Once seen Anders0on and A experience, I would suggest you to send your details to Ms. Winkelmann and request a confirmation as they did. This is what I told my booking department to do as we are affected by this bankrupcy as well.
Hello guys,
do anybody has the names and adress of Crown Forex lawyers?
I think would be useful to publish these on this blog for future legal actions.
Thanks
So there are no news of Cr filing against the liquiditors decision, it looks like the email from CF president is nothing else than another trick to decieve the clients.
So far all of the claims by the Cf management have been proven false, like banking license, case against FINMA , etc etc, no credibility has been shown by them.
FINMA is also a part of problem , not being open and honest to clients.
Not sure what will be the outcome of liquidaitions, if the CF have any money in account clients will may be able to get a bit of it, but if there is no money left than wont get anything.
Lawsuits and other class actions will take more money of clients pocket and may be afer coupel fo years they FINMA say that was the right thing to do at that time.
hi tiger
Reuters published the following news a few days ago:
http://blogs.fxstreet.com/francesc/2009/06/15/crown-forex-appeals-regulator-bankruptcy-ruling-reuters/
that’s all we know so far
For what its worth. My Swiss lawyer confirmed that Crown effectively filed an appeal to the courts in Switzerland last week.
He cannot have access to the content of it (works like this in Switzerland supposedly) but it’s a fact that an appeal was filed and received by the court.
Thanks DDa for this important contribution
Here are a few logics to why CF is so fear that FINMA liquidate them. Because FINMA locked up a big chunk of their money.
If Cf has no money when FINMA locked up their account, they don’t need to fight so hard to stay in business and regain control of their accounts, they would just gladly walk away and let FINMA liquidate nothing.
Base on information given to me by my Swiss lawyer, when FINMA liquidate a firm, the clients will become creditors.
The order of pay out, is employees salary, insurance and tax that CF still owe, and then creditors(clients and other creditors). Whatever left will go to the owner or share holder of CF.
So take note, clients are not the end of the list, the CF owner and share holders is, thus the reason why they fight so hard to not let FINMA liquidate their firm.
So as CF has filed the appeal now, looks like this battle will be stratched for a long time.
Hoping for the best for we clients.
i am really astonished that these 10k daily cheaps of finma are not been terminated even yet.
as it is been confirmed now that crown authorities have appealed finma decision of bankruptcy so it is also confirmed now that crown authorities are seriously sincere and determined to capitalize themselves and even ready for banking license.i want to know does finma’s decision of imposing bankruptcy has any legality and morality in it.does this decision makes any sense anymore.if some body else has better explanation,plz do explain it for me and many others.
for me it makes one sense that 10k daily is more enjoyable than any sense or sensibility.what do you say mr.winkelmann and philip von bredow.atleast have this much morality to come ahead and deny what mr.ibrahim ali told us through his letters on this forum.
I think this is just another CF tricks. If they want to add capital and apply for bank license, they would do it a long time ago and not just after FINMA want to liquidate them.
I think they are trying to regain control of their accounts, move the money out and disappear.
I am on the side of FINMA to do whatever it take to put these guys out of business and throw their directors and owner in jail for cheating and robbing clients funds.
Most probably your theory will be right Ramsey, thats why CF folks are trying so hard to get abck oin bussiness. But I believ if they are able to get back in bussiness than they will need banking license with $15 million dollar capitol.
Unless they want to put more money in it or let the old money in cf account eatan by all sorts of lawyers and administrators.
But for clients it will be more waiting for their monay back.
dear ramsey either you are very innocent or you are biased.
i understand that you are having some personal issue with crown forex.i hope and pray that you get 100% of your money back.
you have stated in one of your previous posts that finma must have locked big chunck of money in crown accounts.if supposedly it is so then it negates bankruptcy decision.and most importantly even if finma have locked big chunck of money in crown accounts,do you thinck that amount is for the welfare of you and other clients…it will be childish optimism.you must be knowing that finma is trying to impose bankruptcy on crown.i hope you understand meanings of bankruptcy well enough.this investigation comittee is charging 10k daily.this investigation process has entered in to seventh month and it can easily take few more months.if you calculate 10k daily on nine months,this amount will be reaching to near about 3mio dollars.which will have to be paid out of the pockets of the clients funds.if ultimately bankruptcy is imposed on crown forex then believe me payback to the clients from these corrupts cant be more than 40% to 60%.
best of luck
Faisal:
In this case, bankruptcy and liquidation is the same, but liquidation is more fit in this situation. FINMA decided to shut down CF is not because they are insolvent or run out of fund completely. The problem is that CF do not follow normal financial dealer regulation and ethic, secondly, CF failed to meet the requirement and apply for banking license on time as require by new Swiss law.
I don’t know where to get the figure of 10k per day charge by FINMA, may be you get it from CF. It is another lie and scare tactic or misinformation campaign that they spread.
I went through similar kind of liquidation before with FXLQ. I have to wait about 6 to 8 months, but I got 100% of my money back. The receiver or liquidator charge about 400k, but it was paid for by the two brokerage firms that received those clients accounts at the end of settlement.
Is there any news?
No news so far
No news so far? this situation has gone out of hand. We are not getting feed backs and every thing is just quite. In fact i cannot reach CF on live chat any longer. Is any one experiencing the same too?
Dear Clients,
The tribunal administrative court in Bern has issued a new decision to stop the forced bankruptcy procedure issued by FINMA until the court makes a final decision on the future activities of Crown Forex; this could take two or three months from today.
FINMA and the investigators (The Corrupt Laurent Winkelmann) I can’t find the right words to describe their actions and their ways.
I would like to confirm to clients again that we offered FINMA to put as much capital as needed and proposed several measures overcome the new regulations of an unskilled regulator.
Ibrahim Ali
so can we withdraw our funds?
Its repeated again! I think we will wait couples of years untill we know what is happening.
What is happening, can anybuddy explain!
In this whole case only the clients are suffering i thought courts are strong in switzerland but i can see how strong they are.
once again the infirmation which should have been provided to us by finma,that infirmation is coming from mr.ibrahim Ali (crown forex).when crown filed appeal even at that time these regulators did not bothered to inform the clients.
the continuation of this case even for a single day is against all norms of humanity,law and morals.these corrupt regulators are been exposed from head to tail.now the question mark is not only on the credibility of finma but this question mark is on whole swiss government.
i would like to appeal all those forex firms working in switzerland to use their influence and pressure on swiss government to terminate this corrupt laurent winkelmann and arrest him to trial for inflicting loss of time,money and mind on thousands of clients and also for inflicting irrepairable damage to swiss financial credibility.
i would also appeal to all those foreign clients working with swiss forex firms to come ahead and use their pressure for this extreme inhuman treatment to cfsa clients from finma.
i will also appeal to all those countries who can use their influence at swiss government.
wat u tihnk faisal wats gonna b happen next
I dont think that the case should long for two or three months because the only issue left against crown is the banking license which according to crown forex has been captialized by sufficient fund from their shre holders. What;s your opinion guys.
My lawyer in Switzerland has been able to confirm on Tuesday the court order to suspend the bankruptcy process. Since then he has tried to get the confirmation from Laurent Winkelmann (because the full detail of the court order are private) but the firm of Laurent Winkelmann refuse to reply.
What my lawyer tells me is that for the court to suspend a bankruptcy order it takes much more than a simple appeal without specific reason from Crown. So it means that Crown was able to give sufficient information to the court which made the judge question the actions of FINMA and/or Laurent Winkelmann.
If anyone was able to gather more information from Laurent Winkelmann or the court it would be great if you could share it here because at the moment FINMA and Laurent are keeping everyone in the dark.
I don’t believe anything from CF any more. I have to comfirm all their claims with my lawyers and FINMA.
If CF have a good faith in resolve this issue, they could have put enough fund and apply for banking license on time.
They could have release fund when requested by clients since before FINMA locked up the accounts.
Why wait until now! And so what was the problem of not sending fund to clients when requested since early September last year? Do they want to rob us or want to hold our fund so that they have enough fund to apply for banking license.
Why now they just want to come clean and saying that they can add more fund to get banking license. Well, banking license is not just having money to meet the requirement, but the firm must also have good reputation, and conducted business in ethical manner. Base on my personal experience, CF management do not follow financial regulation, lying, cheating, and NOT follow honest business deal.
I do not know what is in their mind, but what I am afraid is that they are playing trick with the court and the regulators about this banking license application. If FINMA release their accounts, they just may take the money and run.
If the court and the regulators is smart, they would setup a trust account, telling CF to put the money in first, to meet banking license requirement, then they have to pay all clients who are waiting for their funds. After that, FINMA will making full review of their business compliance. Make sure they meet all ethic and regulation set ford by Swiss law. Only then that FINMA will consider issue them banking license and only when they have banking license that their fund is fully release from trust account and allow to do business again.
I am not saying that Crown has acted properly in this matter. I am also angry at Crown’s lack of communication (although I really appreciate Ibrahim posting here)
But it is clear that something was done wrong by Laurent and FINMA.
Ramsey, is your lawyer able to have a clear communication line with Laurent Winkelmann?
Dear DDa
Can your lawyer find a prove that the bankrupcy process has been suspended?
I think this is important enough to give it a wider exposure
DDA,
Yes my lawyer was able to communicate with Mr. Winkelmann in the past. I already send an email to my lawyer and he already reply. He said he will let me know next week.
Either way, I don’t really care, I just want my money back. Either by liquidation or by adding more fund by CF.
dear Ramsey i did not wanted to respond your post as my impression about you was that you are innocent(not understanding things correctly).i dont know what agenda you have but believe me you are not even wellwisher of yourself.
it is very strange that your lawer is not been able to inform you of this decision uptill today.
i dont understand what kind of lawer you have employed who is not able to explain you the difference between liquidation and bankruptcy.
i will appreciate if you can share any official charges and their source against crown forex.
i am not here to defend crown forex nor i have any personal gudge towards finma.but the way these regulators have dealt with this issue,needs not much explanation.
the only way left to resolve this issue immediately is to terminate laurent winkelmann.
Most of us have been communicating through these blogs since this situation first started.
I agree with a lot of the comments here but the bottom line is that the solution to this crisis to all of us is simply for FINMA and Crown to allow withdrawls.
Honestly, even if Crown is allowed to go back to business I would not leave my money there any longer.
This situation has not cost me just time and money but most importantly peace of mind.
Ibrahim Ali, if you are reading this I wish you good luck getting your company back to business but please help us move on, more stories about who is at fault is not the solution for us.
Please think about us customers. I have not been able to earn an income from my account since december, for all these months I’ve had to live out of my savings and I am completely out of money… My only solution now is to get my money back from Crown or I will be homeless, and I’m not exagerating!
Please as soon as you are given authorization to contine normal business allow us to withdraw our funds without any more obstacles.
dear A,offcourse all of us will have the choice to stay or not to stay with crown if ultimately crown forex are let to continue working.
to be honest i always had some kind of doubt and fear feeling about crown forex before the start of investigations.i always had thought that how a forex firm can survive with one pip spread on seven majors in all market conditions and swap free accounts and also big rebate to its IB’S. it sounded too good to be true.but the determination and strenght which crown authorities have shown in these seven months of investigation period,have actually strengthened my trust and belief in crown forex.i can invest with them with much more peace of mind.
yes to be true i am defending crown forex,because i feel i do owe them.if i am enjoying some kind of hope to get 100% of my money back that is because of the honesty and determination of this firm otherwise this cruel cheap laurent winkellmann had altogether different plans.and also because my next choice firm is none else but crown.
Faisal:
You are either a person working for CF or a very naïve customer who being misled by CF lies. Believe me, I am dealing with them long enough to know that they cannot be trusted. These people will rob you in broad day light if given a chance. If I know what kind of people they are, I would stay miles away from them. I’m sorry to say that I was conned into trusting them because they claimed to be a big Swiss regulated firm. That was my mistake. Now I just want to get my money back and I do not care what will happen to them.
dear Ramsey i will suggest you to read all fxstreet blogs,you will find truth about me.but tell me about yourself,you came on these blogs just a few days back with very obvious mysterious reasons although not mysterious anymore.i totally believe truth can never remain hidden.
anyways did your lawyer confirmed you of the decision or he is still on the way?
What mystery?! I am one of CF customer like everyone else. I have problem withdrawing my fund from my account since September last year. That is 3 months before FINMA started their investigation on CF. The owner of Fxstreet Mr. F. Riverola tried to help me resolve the withdrawal issue with CF, but CF do not keep their end of the deal.
I do not care what way, either by the court or FINMA, I just want to get my money back from CF and forget about this nightmare.
dear Ramsey,i already said that you are no more a mystery.i have total sympathies with you.good luck
did your lawyer confirmed you of court decision or not even yet?please do confirm us when you come to know.
Come on guys…, we all are on the same boat here.
Let’s help each other
Francesc
The only thing I would say..if CF is a trustable company why they accepted to open my account back to October 2008 while they weren’t sending the requested funds to the others customer???
Finally I don’t know if we are making enoght pression from our blog or Mr.Riverola blog, but if there is any idea how to get involved Brokers from all over the world and United States authorities against the Suisse procedure on this CF matter, this will be a good start, maybe, to get back our funds.
What do you people think about it??
My trading platform has been stopped and crown website is not showing the current rate as well does any body have any news or any body facing the same problem?
Dear all and Dgo brother our funds have been stopped for long but i have confirmed from my relatives and through some sources from suisse that the case of bankruptcy is over and this time the court will give the decision very soon..my relatives encouraged crown that they are doing their best to close this case soon but finma has made a lot of troubles especially for the clients and especially without getting the decision from the court they mailed us all and said to give them our details why did such in a country where the law is very strict in such matters i dont know whom to blame but only not applying for banking license is that correct to call for a bankruptcy why then finma didnt open the story on the newspaper and through media ..i have nothing to say butin most places crown has not been felt guilty coz they are losing the case they are trying to do the best they can to win it and i heard there is a compromising deal going on between this too can anyone confirm me this.
I just want to know those who hired lawyers!!!Guys Our Patience will soon be done but i couldnt believe in suisse this case would take so long..
Sorry guys i want to make a correction on my blog 105 in the last i meant finma r losing the case not crown
Hi All….
Yesterday i have been contacted by someone from Cyprus. This guy from http://www.fxpulp.com explained to me about their product forex accounts micro, mini & standard. He also told me that his company were regulated by Cysec, MiFiD and FSA.
I was wondering where this guy get my contact number as I never visit to their website. After surfed around at their website I think they are connected with CFSA. 1st because they are offering low spread, secondly just look at their News Center which provided by same provider (www.ecpulse.com) as CFSA used.
Maybe somebody can do more investigation on this broker and see that if they are really connected to CSFA.
I was contacted by them too.
Dear Bukit
Be aware that a Cyprus firm regulated by the CySEC gets a EU passport under MyFID directive that automatically authorize the company to operate all over the EU.
This means that the firm is AUTHORIZED to operate in the UK by the FSA, NOT REGULATED by the FSA.
There is a big difference between being Authorized than being Regulated
http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=217562
is this means our accounts will transfere to this company??
and what about the time given to CF to appeal the decision?? no iformation till now and on the site given by the liquedators “crownforex.info”.
i just dont understand why finma is not ready to confirm crown forex appeal and recent court decision to stop bankruptcy process.i emailed finma few times and got very funny kind of replies.if my question was for an apple reply was a strawbery,if my question was for piza reply was a burger.
may be finma officials are shy of facing the truth or probably they want to prove swiss federal cout is a kangroo court and meaningless thing.
guys if some one got positive response plz do share?
Dear Faisal,finma has no answers seems like they have no option left just to create fuss for the clients if they are damn serious they should just say to the administrative court that they should start clients withdrawing the money as audit and investigation is over but they are fighting for their image nothing else and this war we clients r losing..i know the situation in suisse finma is not ready to answer phone calls they have messed us..crown should pass a stay and say in the court that clients withdrawals have nothing to do..i have a simple question from everyone and especially finma if they are such a big authority as per their saying the investigation was over at feb then march april and so on..why didnt they say court to let clients go for their withdrawals and show the audit report till march when crown didnt apply for banking license after that it was just mess going on?
This messgae is for Ibrahim Ali.
Any news from the court as to when they will allow Crown Forex to operate business as normal again?
Also, I appreciate you writting in this blog about how you are fighting for your company but I would like to know the following:
What do you plan to do to keep the business of your current customers? and for those that want to withdraw their funds from Varengold, do you commit not to put any obstacles or delays to withdraw deposits?
Please show me the courtesy of a response for these questions.
Dear Mario,i agree with your observation.it seems finma is left with no answers.it is time that we all people coming on these blogs should help finma investigators to find new ways to destroy crown forex and clients.
i will suggest that mr.Francesc puts one blog with the heading “how to destroy a financial company and creditirs” and every one should give their suggestons and plans to finma for destroying cfsa.
my suggestion will be that investigators should block all those roads which lead to swiss federal court,so that mr.ibrahim ali and other directors can not reach to swiss courts.
note:this post is light hearted and not meant to hurt any one.
Do any buddy have news against this damn case!!!!
Has anyone heard from FINMA or Crown? I’ve e-mailed every contact I have from FINMA several times and no one has responded. They either don’t give a s#@+ or they are out of this process…
It also seems that CF has let everyone go because they don’t even have anyone at the Live chat anymore…
I know for a fact that Shadi Swais and Ibrahim Ali are starting another forex broker which I believe is FX Pulp, so hopefully they dont dissapear on us CF clients.
If anyone knows anything else please share.
@A!! i hope the story is on only and only Compromise!!Lets C Court has nothing on proceeding as i have confirmed from a lawyer in suisse, the only thing is court has to give a decision…well about fx Pulp nothing such is rolling there in suisse and i think its not easy for them to do so in suisse especially…I want Ibrahim Ali to have a look on these blogs and answer us!! I am really frustrated and if both crown and finma has no answers then only thing will do is file a case against them i am just waiting till August 30 no more space left to bear them
In case this is really the case of a backrupcy, and the period to ask for credits is over, when the liquidators will start paying?
Have received a reply from FINMA after advising them I had heard that the bankruptcy proceedings had been stopped.
Unfortunately still not very helpful
Sir,
The information you are referring to is not correct. The proceedings are still going on.
Please note that the only official information regarding Crown Forex SA is available on the FINMA website or on crownforex.info.
Yours sincerely
Yasmine Sabeti
Has anyone been able to go into Crown Forex website? I think it is no longer running. Btw Hoosier, Francesc has started a new post about a response to an e-mail by this Sabeti person from FINMA.
http://blogs.fxstreet.com/francesc/2009/07/13/crown-forex-sa-bankruptcy-declared-immediately-enforceable/
I’m having a heart attack. I just joined crown forex last month (from the U.S.) but just started to really trade. I placed a large deposit in this company. When i didn’t hear from the accountant regarding my statement, i goggled crown forex and found you all. I know from reading your blogs that i’m late in this forum, but who do i contact to send my information for my deposit back. Please please please let me know. I dont understand that if they were ‘closed’ for business why they are accepting deposits. On May 8th, someone from crown even acknowledge and emailed me that they received my funds. They made no mention that they were not open for business. Who are the ‘liquidators’ that i am suppose to go to? Who do i contact. I didn’t see that information on your blog. I will UTUBE the crap out of this company if i dont get my money. Please send me any information.
Ann,
There are a few options. You can file claim directly yourself to the liquidators. There information listed on the link below. Or you can hire Swiss lawyer to represent you and file the claim and do any other future legal work on your behalf. Of course if you do it yourself, it is a lot cheaper.
Here is the link to CF liquidator website:
http://www.crownforex.info
I hope we can see our money back some day or most of it. If the process ending June 20 is finished then the liquidators should start paying us clients.
No Leo, June 30 is just the deadline for creditors to file claim with the liquidator. The time of disbursement of fund is still unknown because CF keep appealing in the court. So FINMA have to wait until CF exhaust all their legal mean to appeal before they can legally start to disburse fund to creditors. That can take many months depend on how CF want to drag this on.
Is there any more updates on this. Someone was telling me he was in a chat with one of the CF staff and they are still denying everying, and accepting money.
I will post the full unedited chat log here when i get it in a few days.
I just read Pauls blog. I hate to say it but i sent an email to the 2 goons at FINMA and the accountant@crownforex.com. The accountant email at crown came back undelieverable. I haven’t been directly to the site yet because the last time i was there, there was a virus or bug that was shutting down my computer….which im glad was on the site so that hopefully somebody else dont get taken. But if they are accepting money, please post
Please read more on this new thread here:
http://blogs.fxstreet.com/francesc/2009/07/13/crown-forex-sa-bankruptcy-declared-immediately-enforceable/#comment-51348
It seems the only thing we could do is wait to get more news from the court, am I right?
Dear Leo
At least this is my current position at this time… wait and see and hope for the best. The case is on court and it seems there is nothing we can do to change this right now
New information has appeared on the site http://www.crownforex.info