Hi everyone

I’ve noticed that FINMA has updated the info displayed at

http://www.crownforex.info/

It seems that the process is still far from ending….

Francesc

IMPORTANT INFORMATION TO CLIENTS OF CROWN FOREX SA IN LIQUIDATION
July 30, 2009

Dear clients, dear visitors,

Claims Processing
Since the opening of CROWN FOREX SA’s bankruptcy on May 19, 2009, we have received many statements of claims.

The statements and attached documentation are currently in the process of being analysed. They will be decided upon and a creditors’ plan shall be drafted. Due to the number of documents received, this will last several months.

No further trading
It appeared in the course of the bankruptcy process that a forex trading platform was and may still be illegally operated abroad under the name of CROWN FOREX SA.

Any trading activities on this platform that may have taken place after May 19, 2009 at 8:00 (Swiss time) are not binding upon CROWN FOREX SA, in liquidation.

Investments with Crown Forex SA, in liquidation through third financial intermediaries
It also recently appeared that US financial intermediaries have been collecting funds from investors for alleged further investment with an entity named CROWN FOREX before and after the opening of the bankruptcy of CROWN FOREX SA, in liquidation. Those investors were told that their funds would be held in segregated accounts.

Please note that:

1. since December 9, 2008, Laurent WINKELMANN and Philippe von BREDOW are the only authorized legal representatives of CROWN FOREX SA ; no power of attorney have been delivered to any third person or entity since that date
2. since December 9, 2008 no new client and no new account have been accepted by CROWN FOREX SA
3. since December 9, 2008, Laurent WINKELMANN and Philippe von BREDOW have not authorized any reimbursement to investors in CROWN FOREX SA, in liquidation and that since December 24, 2008, the Swiss Financial market Supervisory Authority (FINMA), in order to insure equal treatment of creditors, has forbidden any reimbursement to investors.
4. since May 19, 2009 at 8:00 (Swiss time), CROWN FOREX SA has suspended its activities and has accepted or received no fund from investors
5. CROWN FOREX SA, in liquidation does not hold segregated bank accounts
6. CROWN FOREX SA, in liquidation does not hold any account with ASSOCIATED BANK in the US
7. CROWN FOREX SA, in liquidation and CROWN FOREX, LLC are two different and separate entities
8. Account statements with false account numbers may have been issued in the name of CROWN FOREX SA in favour of persons who are not registered as client of CROWN FOREX SA, in liquidation. Account statements may therefore not be sufficient to substantiate the existence of a contractual relation or of a claim against CROWN FOREX SA, in liquidation.

Any person having been made to believe anything contrary to the above, may wish to contact the financial intermediary they have dealt with, seek legal advice and/or contact the local enforcement or regulatory Authorities.

The Liquidators of CROWN FOREX SA neither provide advice nor acknowledge receipt of claims from investors.

All relevant further general information that can be publicly disclosed on the bankruptcy of CROWN FOREX SA will be posted on this web site. The FINMA will continue to post on its web site www.finma.ch and in the Swiss Official Gazette of Commerce www.shab.ch all legal information pertaining to the rights and obligations of the creditors and debtors in the estate of CROWN FOREX SA, in bankruptcy.

Sincerely,

Laurent WINKELMANN - Philippe von BREDOW

NOTTER MEGEVAND & PARTNERS
Place Edouard-Claparède 3
1205 Genève
SWITZERLAND
p.vonbredow@nomea.ch
l.winkelmann@nomea.ch

Hi everyone

This is the last information I’ve been able to get from FINMA about Crown Forex S.A bankruptcy process.

Here you have below the e-mail I sent to Ms. Sabeti at FINMA and her response.

Hope this brings some light to this messy case

Francesc

_____________________________________

Dear Ms. Sabeti

Do you have any news about Crown Forex S.A situation?

Any deadline to know court resolution to CF management appeal to FINMA’s decision?

Thanks in advanced for your cooperation

Francesc

–
Francesc Riverola
CEO & Founder
http://blogs.fxstreet.com/francesc/
FXstreet.com
FOREXSTREET S.L
Portaferrissa 7, 1er 2ona
Barcelona, 08002
Tel. +34 93 3040495
Fax +34 93 3040496

_____________________________________

Sir,

Finma has been granted a deadline until 17 August to submit its answering brief. We do not expect any decision before end of September. To be clear, the bankruptcy of Crown Forex SA has been declared immediately enforceable.

Yours sincerely

Yasmine Sabeti

–
Yasmine Sabeti
Avocate, L.L.M
Affaires juridiques / Enforcement / International

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
Einsteinstrasse 2, CH-3003 Bern
Tel. +41 31 327 94 66
Fax. +41 31 327 91 01

Crown Forex appeals regulator bankruptcy ruling
By Reuters
ZURICH, June 11 (Reuters) - Foreign exchange provider Crown Forex said it was appealing against a bankruptcy ruling by Swiss markets regulator FINMA and might also sue the regulator.

Crown Forex, which says on its website it charges a one pip spread for forex trades, has appealed to the Federal Administrative Tribunal, its chairman told Reuters.

“The FINMA decision (to declare bankruptcy) was made to avoid responding to our appeal against an earlier decision to liquidate the company. FINMA are applying the law incorrectly,” Crown Forex Chairman Ibrahim Ali said late on Wednesday.

FINMA responded it was “positive” the court would decide it had applied the law correctly in the case of an appeal, it said in an email to Reuters on Thursday.
Full Story

Hi everyone

I got an e-mail from Crown Forex S.A management informing me that their attorneys are going to appeal against FINMA decision to liquidate Crown Forex S.A. This appeal will be sent to the Swiss administrative court tomorrow June 10th 2009, respecting the 30 days notice granted by law.

CF management is pretty sure they will win the appealing… I’m not so sure as FINMA is the regulator and they determine the laws that rule Switzerland Financial Markets and its players and it seems to me that CF is not welcome any longer.

Well… we have already waited for a long time so we will keep in a wait and see mode. Just in case, remember to contact liquidators and file your case before June 30th 2009.

Francesc

——————————–
Dear Francesc,

The company had a meeting today with its defense attorneys and the attorneys confirmed that the appeal will be filed on Wednesday June 10th, in the appeal the company request the following:

1- to cancel the bankruptcy decision
2- to remove the investigators and their powers of supervision over the company
3- to allow the company to continue its activity according to our proposal that is compliant with Swiss regulations:

The lawyers said that what is expected is the following

for lit one its expected that the bankruptcy decision of FINMA will be suspended immediately.
for lit two its unknown.
for lit three its expected that the company will be allowed to practice its activities but under certain conditions.

——————————–

Two days ago, Mr. Ali, chairman of Crown Forex S.A published a commentary on a previous post of this blog that I’m reproducing below:

Crown Forex Update

Dear Clients,

Crown Forex has prepared its appeal against FINMA decision “to put Crown Forex into bankruptcy”. This appeal will be sent to the Swiss administrative court on June 10th 2009 respecting the 30 days notice granted by law.

It is expected that FINMA decision will suspended and the appeal will take its way in the courts awaiting a decision. It’s also important to mention that the shareholders of crown including my self proposed a giant capital increase and proposed to complete the banking application filing.

It’s important that the client understand that the funds are safe but currently blocked by FINMA and the investigation committee for unknown reasons. The investigation committee charges 10k per day for their services; it seems that this is the price you have to pay if you want to hire some one to destroy a financial company now a days!

It is also important to mention that the bankruptcy decision is an exclusive decision of FINMA and not a court decision as Reuters and CNBC and Swiss media mentioned, A spokesman of FINMA has fabricated this lie to the media; the shareholders including my self are planning to sue these organizations as we are suing FINMA for prejudice, misconduct and for publishing false information.

Finally I would like to thank FXSTREET to allow the truth to be published on their blogs.

Ibrahim Ali
Chairman
Crown Forex

Details
Publication of Bankruptcy: 29.05.2009
1. Debtor: Crown Forex SA, rue St-Hubert 38, 2854 Bassecourt

2. Declaration of bankruptcy: 29 May 2009 to 8 h 00

3. Procedure: Bank failure
For questions regarding this procedure, see the publication (in German) on the website of the Federal Authority for Financial Market Supervision FINMA.

4. Deadline for production: 30 June 2009
The products and claims should be directed to bankruptcy accompanied by proofs.

5. Bankruptcy: Messieurs von Bredow Philippe and Laurent Winkelmann Place Claparede 3, 1205 Geneva

6. For the bankruptcy: Bassecourt (Jura)

7. Notes: For further information, please contact the liquidators (Messieurs von Bredow Philippe and Laurent Winkelmann (+41 (0) 22 703 47 50). Debtors Crown Forex SA are summoned to announce their debts by 30 June 2009 to the liquidators of the bankrupt under the threat of legal penalties provided by law. Those who hold, in whatever capacity, property owned by Crown Forex SA are ordered to make it available to the liquidators of bankruptcy, in the same period, such as the threat of legal penalties provided by law.
—————
Federal oversight of financial markets FINMA

Details
Publication of Bankruptcy: 29.05.2009
1. Débitrice: Crown Forex SA, rue St-Hubert 38, 2854 Bassecourt

2. Déclaration de faillite: 29 mai 2009 à 8 h 00

3. Procédure: Faillite bancaire
Pour les questions relatives à cette procédure, voir la publication sur le site de l’Autorité fédérale de surveillance des marchés financiers FINMA.

4. Délai pour les productions: 30 juin 2009
Les productions et revendications doivent être adressées aux liquidateurs de la faillite accompagnées des documents de preuve.

5. Liquidateurs de la faillite: Mes Philippe von Bredow et Laurent Winkelmann, Place Claparède 3, 1205 Genève

6. For de la faillite: Bassecourt (Jura)

7. Remarques: Pour tout renseignement, s’adresser aux liquidateurs (Mes Philippe von Bredow et Laurent Winkelmann (+41 (0) 22 703 47 50). Les débiteurs de Crown Forex SA sont sommés d’annoncer leurs dettes d’ici au 30 juin 2009 auprès des liquidateurs de la faillite sous la menace des peines de droit prévues par la loi. Ceux qui détiennent, à quelque titre que ce soit, des biens appartenant à Crown Forex SA sont sommés de les mettre à disposition des liquidateurs de la faillite, dans le même délai, ce sous la menace des peines de droit prévues par la loi.
—————
Autorité fédérale de surveillance des marchés financiers FINMA

Hi everyone

When FINMA announced the bankrupcy opening process as of Tuesday May 19, 2009 at 08:00 am (Swiss time), it announced as well that decision would be published on May 29, 2009 at 10:00 am (Swiss time).

In a later communication, FINMA informed that: “Finally, from May 29, 2009, the web site www.crownforex.info will be updated with all relevant information that can be publicly disclosed on the situation of CROWN FOREX SA.”

Well, I’ve been checking FINMA’s site and crownforex.info and nothing new has been published yet.

I’ve also contacted FINMA’s representatives to get details, but no answer yet

Stay tunned…

Francesc

Hi everyone

I’ve been requested by Crown Forex S.A management to post this note here. I’m doing it because its management seems fully credible to me as at this time we do not know yet what they are being accused of.

Francesc

Dear Francesc,

I confirm that the decision FINMA is based on estimations and was not based on actual financial reports.

I also confirm to you that Crown Forex has 30 Days to appeal FINMA Decision and that Crown Forex is currently in the process of Appealing this decision. Once this appeal is completed and filed to the administrative court, FINMA decision will be suspended with immediate effect, and a new decision will be issued by the administrative court after deliberations within few months.

Crown Forex has already presented a comprehensive plan to FINMA and to the administrative court, included in this plan full capitalization for the company and completing the banking application. This plan is expected to be welcomed and taken into consideration by the court.

If FINMA were concerned about the creditors and clients of Crown Forex, FINMA would have considered accepting this plan and the capitalization of the company but most likely they did not even bother to read it!

I have many doubts on the way FINMA and the investigation committee has dealt with Crown Forex File as Crown Forex lawyers identified several law violations practiced by the investigation committee mandated by FINMA.

Finally please note that the previous decision of FINMA that has no effect now!

Was not putting Crown Forex into bankruptcy

Best regards

CrownForex Management

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

Update
Crown Forex S.A indentifies law violations practiced by FINMA’s investigation committee. Decision could be suspended with inmediate effect

Hi everyone

Upon your request and my own interest too - we FXstreet.com have pending advertisement invoices to cash with Crown Forex S.A - I’ve been chasing FINMA this week to try to get an update about the case.

After many e-mails and calls not attended, I finally got lucky and I’ve had the chance to speak with a couple of guys from the law department there.

The only feed-back I got from FINMA was to redirect me to:

http://crownforex.info

Why the hell FINMA is using this site to notify about CF investigation? This information should be at www.crownforex.com home page!

I usually behave myself but this goes beyond my self control… Just go to www.crownforex.com and try to find any information about the investigation. If you find it, please let me know.

… Well, let’s move on.

Ath that unknown web site it says:

“Dear visitors, further to the investigation initiated on December 9, 2008 on the compliance of the activities of CROWN FOREX SA with applicable Swiss Laws, the Swiss Financial Market Supervisory Authority (FINMA) has rendered its decision on February 23, 2009.

As CROWN FOREX SA appealed against the FINMA’s decision, the latter is not enforceable. No funds can be withdrawn and no new accounts opened during the ongoing procedure.

In addition, due to a modification of Swiss Laws applicable to CROWN FOREX SA’s activities, the Company should have filed on March 31, 2009 at the latest, a banking license request to continue to operate. CROWN FOREX SA did not file such a request.

During the pending procedure, Directors and Officers of CROWN FOREX SA can no longer engage the Company without the signature, joint or individual, of the investigators appointed by the FINMA :

Philippe von BREDOW
Laurent WINKELMANN
NOTTER MEGEVAND & PARTNERS
Place Edouard-Claparède 3
1205 Genève
SWITZERLAND
p.vonbredow@nomea.ch
l.winkelmann@nomea.ch

All further relevant information will be posted on this web site as soon as they can be disclosed.”

So from that statement  we understand that:

1. CF did not apply for banking licence before March 31, 2009.
OK, that’s fine but how come they are still operating if they had to apply for a banking licence to continue to operate?

2. As CROWN FOREX SA appealed against the FINMA’s decision, the decision is not enforceable.
OK, fine too but are we ever going to know what is CF accused off and what was the decision?… rumours point to liquidation.

3. No funds can be withdrawn and no new accounts can be opened during the procedure.

OK, but not fine at all… I went to CF site and I anonymously spoke with a chat rep. He told me I could open an account even though I told him I was aware of an ongoing investigation by FINMA and I had read that no new accounts can be opened. What’s going on here?

Right after speaking with the rep, I contacted both CF and FINMA to confirm the point. FINMA’s answer was to redirect me again to crownforex.info web site…. Hello!!! FINMA guys, nobody knows the existence of such site!

On the other hand, the answer from CF CEO was “Crown Forex accepts to receive new applications and the approval of these applications is subject to the compliance department approval.”

Am I loosing something here? Is It me or am I being teased?

Francesc

IMPORTANT UPDATES:

FINMA Opens Bankrupcy Process of Crown Forex S.A
Crown Forex S.A indentifies law violations practiced by FINMA’s investigation committee. Decision could be suspended with inmediate effect

Hi Everyone

AC Markets announced today that they have filed a banking licence request with FINMA (Swiss Financial Market Supervisory Authority).

That’s indeed a good news for the Forex Retail community as we see the Forex industry finally being regulated in Switzerland, even though FINMA’s credibility is currently at the stakes with their lack of transparency with Crown Forex S.A investigation.

Anyway, let’s congratulate AC Markets for the move and we just hope they will get the banking licence without trouble.

Francesc

PRESS RELEASE – FOR IMMEDIATE RELEASE
ACM ( ac-markets.com) is pleased to announce that it has filed a banking license requisition with the FINMA (Swiss Financial Market Supervisory Authority).

Following the acquisition of ISO 9001 and ISO 27001 certifications, a substantial increase in its share capital, and a continual improvement in its services, this banking license request is a reflection of the company’s vitality, representing for ACM’s clients a true gauge of security, quality and longevity.

The successful realization of this project would enable ACM to offer a greater range of services, not only to individual clients but to institutional investors as well, including White Label partners and Asset Managers.

Since its inception, ACM has continually evolved and today has offices in Geneva, Zürich, New York, Dubai and Montevideo. ACM offers its clients quick access to four secure and performing trading platforms as well as exceptional conditions of execution.
www.ac-markets.com