Crown Forex Bankruptcy ??!!??

david.petard · #1 (**permalink**) 05-20-2009, 09:42 AM

Does anybody have fresh information on Cronw Forex bankruptcy. Following message has been received by clients. Live support is saying that this does not concern CROWN FOREX.

Message received by 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

david.petard · #2 (**permalink**) 05-20-2009, 12:46 PM

I've called the company this morning and they confirm that the bankruptcy is opened.

hb2 · #3 (**permalink**) 05-20-2009, 02:31 PM

fortunately I do not have an account there

david.petard · #4 (**permalink**) 05-21-2009, 06:15 AM

Official information is published on the site www.crownforex.info. This has been confirmed by the liquidators. Instructions for existing clients will be found on this site.

daniellefr · #5 (**permalink**) 05-25-2009, 01:21 PM

I don't have an account with them either... Feel very sorry for those who used to trade with them. I guess, the party is over for this broker...

vladv · #6 (**permalink**) 05-26-2009, 09:55 AM

The financial crisis is spreading in Europe,also.....

jlpi · #7 (**permalink**) 05-26-2009, 12:13 PM

Quote:

Originally Posted by ooandajb

People have been trying to withdraw their funds for over 3 weeks now. On initial request, Crown sent an acknowledgement email saying they would process the transaction. They phoned their accounts department a few weeks later and they informed them that they have not received any withdrawal request. They emailed the request form again but not received any reply. Except the initial email received they do not reply to any of the emails. This is not the way to treat customers.

I think that from now on they won't communicate, I am not sure that they would even be allowed to communicate.
They are under liquidation so if you want some news you can try to contact the liquidators.
The only chance to see your money back will be at the end of this very long procedure that may last many months.

On a side note I think that Crown Forex got what they deserved but it is just my personal opinion.

SPACECHIMP · #8 (**permalink**) 05-26-2009, 04:33 PM

This really stinks....I was looking forward to using them as a broker but OBViously I waited for the investigation to conclude.

1 pip fixed spread on majors and MT4.

Any other brokers offer this? that WON"T be going to into bankrupcty preferrably.

mike360 · #9 (**permalink**) 05-26-2009, 05:41 PM

Quote:

Originally Posted by SPACECHIMP

This really stinks....I was looking forward to using them as a broker but OBViously I waited for the investigation to conclude.

1 pip fixed spread on majors and MT4.

Any other brokers offer this? that WON"T be going to into bankrupcty preferrably.

Man, any other broker that does offer that will probably be in the same position these guys are in. Go with a certified broker.

daniellefr · #10 (**permalink**) 05-28-2009, 06:23 AM

I guess, the withdrawal requests will not be processed now. I feel very sorry for those who counted on their profits and will not get them now... SUCKS.