Crown Forex (Switzerland) is about to go belly up?
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Crown Forex SA the Swiss Forex broker just got suspended by FINMA from any activity and is about to enter bankruptcy process. Forexpeacearmy broke the news (of course insinuating it came as result of their actions) but it didn’t come as a complete surprise because back in March FINMA announced it launched a ‘special’ investigation into Crown Forex’s business practices .
Crown Forex’s members just received the following email:
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.
Sincerely
Philippe von BREDOW – Laurent WINKELMANN
NOTTER MEGEVAND & PARTNERS
Place Edouard-Claparède 3
1205 Genève
SWITZERLAND
p.vonbredow@nomea.ch
l.winkelmann@nomea.ch
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
christina.buergi@finma.ch
questions@finma.ch
FINMA – Willkommen bei der FINMA
3 Comments on this post
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Michael Greenberg said:
Crown Forex just sent Francesc from fxstreet the following bullshit statement denying everything. I think this means that Crown Forex is officially going bankrupt.
May 22nd, 2009 at 2:17 pm
[...] like it was anticipated, Crown Forex is [...]
[...] Crown Forex SA the Swiss Forex broker just got suspended by FINMA from any activity and is about to enter bankruptcy process. Forexpeacearmy broke the news (of course insinuating it came as result of their actions) but it didn’t come as … Read the rest of this great post here [...]