On December 11th, the FPA sent out an email linking to an article warning traders about some major issues with Crown Forex. We've just gotten confirmation that a week or so later, the Swiss Federal Banking Commission has appointed two investigators to take control of Crown Forex and look into the problems with the company.

Announcement about SFBC investigation (in French)

We've run this through a couple of translators. It appears that the officers of Crown Forex are forbidden to take any legal actions or to sign any binding documents without the countersignature of at least one of the investigators. The SFBC investigators apparently can sign such things without anyone else's countersignature. This would effectively strip Crown Forex's officers of any direct authority.


We also have a copy of a translation of an email sent from the SFBC to FPA member Joa. Joa was conducting some of his own investigations into the trouble other FPA members were having getting money back from Crown.


Quote:
Dear (name omitted)

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

This indicates that investigators are assigned like this to deal with companies that have cases of suspected law violations or suspected pursuit of activities without proper authorization and in danger of insolvency. We aren't sure which of these possibilities triggered the appointment of investigators to Crown Forex. Any one of them is bad.


Under these circumstances, the FPA would recommend the most reasonable course of action would be to not place any money with Crown Forex. If you have money with them, we recommend withdrawing it immediately. If these issues can be resolved to the SFBC's satisfaction and the money owed to traders is returned, then we can change the recommendation.


The original warning from the FPA about problems at Crown Forex



Update: We wish to extend our deepest thanks to FPA Private Joa for going far above and beyond the call of duty investigating this case. We originally mis-identified him as one of those who was having trouble getting money back from Crown, since there were so many FPA members involved already.


Crown Forex SA - SHAB-Meldungen in der Kategorie 'Personelle ؤnderungen'*


Crown Forex loses control - Forex Peace Army Forum

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