Crown Forex scam - Singapore Forex Trading, Singapore Forex Academy, Singapore Forex Association

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Crown Forex scam

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...

The following message was sent to Crown Forex SA’s customers by the FINMA liquidators:

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.


Philippe von BREDOW - Laurent WINKELMANN

Place Edouard-Claparède 3
1205 Genève

The information is correct and was sent by the FINMA liquidators of Crown Forex SA. We confirm the content of the message of the FINMA liquidators.

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
FINMA - Willkommen bei der 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.