PFG sued for allegedly ignoring red flags in the Crown Forex case
This case just gets more and more complicated. Crown Forex is an extremely complicated case of a 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 brokerage that turned out to be a ponzi scam. We've already reported today about another uncovered forex ponzi brokerage (One World Capital) - this time in the US.
To those who don’t remember, Crown Forex S.A. was a forex broker based in Switzerland. On 29/05/2009 FINMA closed Crown Forex S.A because of potential Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term problems. FINMA is investigating the company and its executives. A month later we learned that there was another scandal associated with this broker – a Twin Cities fund manager was charged with scamming his investors for over $190 million, part of which was invested with Crown Forex. This fund manager, Trevor Cook, has used part of the money to acquire a controlling stake in Crown Forex S.A. Another significant fact that went unnoticed is that the same Trevor Cook owned 35% of JDFX – a well known Swiss forex liquidity provider. Trevor Cook was recently sentenced to 25 years in jail for his part in this massive scam.
Part of the money that went missing in this scam was placed in PFG (Peregrine Financial Group) and the Minneapolis receiver R.J. Zayed, recovering money from this scheme, sued Peregrine Financial Group Inc. on Wednesday, claiming Peregrine managers ignored red flags as Cook and his cohorts sent them $48 million.
Zayed a veteran litigator at Carlson Caspers Vandenburgh & Lindquist, filed a nine-count complaint against Chicago-based Peregrine that seeks recovery and interest under Minnesota's fraudulent transfer law.
This case just gets more and more complicated. Crown Forex is an extremely complicated case of a 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 brokerage that turned out to be a ponzi scam. We've already reported today about another uncovered forex ponzi brokerage (One World Capital) - this time in the US.
To those who don’t remember, Crown Forex S.A. was a forex broker based in Switzerland. On 29/05/2009 FINMA closed Crown Forex S.A because of potential Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term problems. FINMA is investigating the company and its executives. A month later we learned that there was another scandal associated with this broker – a Twin Cities fund manager was charged with scamming his investors for over $190 million, part of which was invested with Crown Forex. This fund manager, Trevor Cook, has used part of the money to acquire a controlling stake in Crown Forex S.A. Another significant fact that went unnoticed is that the same Trevor Cook owned 35% of JDFX – a well known Swiss forex liquidity provider. Trevor Cook was recently sentenced to 25 years in jail for his part in this massive scam.
Part of the money that went missing in this scam was placed in PFG (Peregrine Financial Group) and the Minneapolis receiver R.J. Zayed, recovering money from this scheme, sued Peregrine Financial Group Inc. on Wednesday, claiming Peregrine managers ignored red flags as Cook and his cohorts sent them $48 million.
Zayed a veteran litigator at Carlson Caspers Vandenburgh & Lindquist, filed a nine-count complaint against Chicago-based Peregrine that seeks recovery and interest under Minnesota's fraudulent transfer law.