Crown Forex (Switzerland) is about to go belly up?

Crown Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term 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 Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, 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

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