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Beware on-line forex cos

Surrey UK
Level Contributor
2,023 posts
33 reviews
Beware on-line forex cos

Many of you will be aware that Crown Currency Exchange (the leading UK on-line supplier of forex) went bust in October owing £20 million to 13,000 customers (mainly Brits). They (Directors Peter Benstead and Edward James) appear to have been operating a Ponzi/pyramid scheme. This is all publicly available information published in the UK news.

If anyone is interested this is a link to a recent news report

…mirror.co.uk/investigations/2010/11/crown-c…

and this is a link to an action group forum

…freeforums.org/free-topic-creation-area-f3.…

The point of this posting concerns the fact that travellers will be looking elsewhere for forex. No doubt other on-line forex suppliers will hope to pick up this business and many of them will operate respectable businesses with client money safeguarded. But at least one such company has the majority of shares held by family members and family trusts of the CCE Directors.

I will not break TA rules by mentioning names but if you are looking to buy from a particular company just Google its name and “Crown Currency” to see if there is a link.

1. Re: Beware on-line forex cos

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Removed on: 26 May 2011, 16:17