Yep! The Swiss Authorities have finally stepped in. There have been major problems reported with Crown paying out large withdrawals since September.
If you have any money with them, I'd suggest making sure to notify the Swiss regulators who have taken control of the company.
Would it be a bad thing if I mentioned there was an article I cross-posted here that I wrote for another forum in order to increase the visibility of this issue and warn more people? It was about an investigation of Crown's problems and was posted on December 11th, but was taken down since it was "promoting the other forum" (and this allegedly had absolutely nothing to do with Crown of the "Preferred brokers" here, or so I'm told). I'm glad that other forum doesn't automatically bin everything that might be considered to promote FF.
I’ve always thought it was way too risky to have an account with a broker that is located outside of the United States if they are not located in Australia or the United Kingdom. Being Forex so poorly regulated us investors should try to stick to what is giving at least some guarantees. I’m sticking to Tradeview by now.
I’ve always thought it was way too risky to have an account with a broker that is located outside of the United States if they are not located in Australia or the United Kingdom. Being Forex so poorly regulated us investors should try to stick to what is giving at least some guarantees. I’m sticking to Tradeview by now.
Ignored
wish you knew the team that runs tradeview and Ikon. one of the guys at tradeview has already run at least one FCM into the ground and left clients far less than whole. makes your comment sound a little silly.
I apologize, I knew of only one that had made the trip to IKON, I didnt realize that all of the senior management team from One World and therefore your statement looks terribly foolish. You should ask anyone that had money with One World how they would feel depositing money with this crew at Tradeview. Actually, ask RCG who fired all of them because they didnt want to kill their strong reputation with this group.
That only shows that brokers are being regulated or controled by the Swiss Banking Authorities.
Complains are treated in the manner of NSA, NFA or CFTC.
I’ve always thought it was way too risky to have an account with a broker that is located outside of the United States if they are not located in Australia or the United Kingdom. Being Forex so poorly regulated us investors should try to stick to what is giving at least some guarantees. I’m sticking to Tradeview by now.
Ignored
You are right.
Like Refco !!!
And Enron
or Madoff !!!
guys that means one has to be very carefull with these brokers cos u never can't tell when they might fuck up.l intended starting up with crown forex bcos of there low spread and there meta4 platform.but now l just don't know what there majors problem is cos the link in the first post is not in english http://www.moneyhouse.ch/u/pub/pa/cr...m#18.12.2008*l want to know what happenned is it that they dont pay anymore or they have been found wanting by the regulatory body
In response to our e-mail dated 16 December 2008, we would like to present to you the following information:
As already informed, the Crown Forex SA, Bassecourt has no authorization by the Swiss Federal Banking Commission (SFBC) for an activity in the financial sector in Switzerland.
To clarify the existence of the authorization requirements, in cases of suspected law violations or suspected pursuit of activities without proper authorization and in danger of insolvency, the SFBC investigators have to clarify the facts to use.
For the SFBC, acting in such cases, a superprovisional decision is available for use of an investigation officer. These investigators are charged with the investigation of the business activities of the company and are to report to the SFBC. The investigation officers are equipped with all necessary power and as such they appear in the commercial registry. They can act now on behalf of the firm. That is the case for the Crown Forex AG with superprovisional order as of 9 December 2008 (published in the Gazette on 18.12.2008) were Mr. Laurent Winkelmann, Chêne-Bougeries and Mr Philippe of Bredow, Célignym, investigators to the Crown Forex SA, were appointed.
On the basis of the report of the investigation officers the SFBC will make a decision and, where appropriate, publish it on its website. At the moment we can offer no further details. You or your contacts in the U.S. are invited to contact us again at a later stage.
Yours sincerely
Secretariat
SWISS FED. BANKING COMMISSION
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
The SFBC sent an update. From a thread on another place I hang out at: Crown Forex SA commercial activity had to be suspended, its management is not allowed to speak or act for the company. This right is reserved to the investigators. It is currently not possible to withdraw money from Crown Forex SA accounts.
Yep! The Swiss Authorities have finally stepped in. There have been major problems reported with Crown paying out large withdrawals since September.
[i][size=1][b]Would it be a bad thing if I mentioned there was an article I cross-posted here that I wrote for another forum in order to increase the visibility of this issue and warn more people? It was about an investigation of Crown's problems and was posted on December 11th, but was taken down since it was "promoting the other forum" (and this allegedly had absolutely nothing to do with Crown...
Ignored
prehaps if forex factory didnt take that post down i might still have my money..Crown has my money and my withdraawal requests are falling on depth ears and i am getting the ran around. Thanks to the efforts of the FPA i realised that i was not alone and that there Scam investigations commitee is on the case. GO FOREX PEACE ARMY, strike down these uckers!!
Crowns problems started in Jan 08 - thats when they defaulted on a $350,000US withdrawal from myself. I spent most of the year trying to get money out of them. Ended up $200,000 down. I can not believe the web site is still up and people use them now the Swiss Federal Banking Commission is involved. Avoid!
FINMA's investigators are now FINMA's liquidators.
If you have an account with them, you need to contact the liquidators to try to reclaim your money. You should have gotten an email already with their contact info.
