I've recently been very much in contact with Elan Mendel and Felix Shipkevich at Shipkevich Law Firm as they are collaborating with us to create a regulatory comparative table that will give traders a better picture of the different law requirements to create a Forex Broker in the most active Forex countries such the US, UK, Switzerland, Cyprus, Japan...
Elan Mendel is an associate with Shipkevich, who comes to us from a boutique New York law firm specializing in bankruptcy law and insurance coverage. Meanwhile, Felix Shipkevich is the founder of the company and former Vice President and General Counsel at Capital Market Services, LLC where he became actively involved in the multifaceted structure of the futures and Forex industry.
Elan has been doing some research about deceased Swiss Crown Forex S.A and its owner the scammer Trevor Cook and the implications of the bankruptcy process for US traders, and he told me some interesting things I'm quoting here for you:
"After reaching out to the receiver of the Trevor Cook/Patrick Kiley US federal receivership, I have discovered that assets belonging to Crown Forex were recovered in the US. These assets were found in a US bank account that has now been frozen and made subject to the receivership for the fraud cases brought against these defendants by the CFTC and SEC.
The US receiver has processed over 660 claims from investors, totaling over $140 million. To date, the receiver has only collected a little over $5 million in net assets. Therefore, any distribution will be pennies on the dollar. There was an interim distribution in November 2010 of only 1.58% of claimed losses ($2.25 million). The deadline to file any additional claims with the receivership passed on January 14, 2011. Late claims will not be accepted."
Thanks Elan for the information.
Please, keep us posted
only 1.58%($5 million) of claimed losses ($2.25 million)
Oh, my god.
A dollar turns into a penny.
What could we do to recover our money and decrease our loss, Francesc.
I think we just have to move on and treat this as a lesson that we have to find a reputable broker.
We cannot take for granted the reputation of Swiss as a top financial center in the world.
I guess that the chance of recovering our money back is maybe just a little more than zero.
I wish I knew what we can do to recover our money. We are trapped in the bankruptcy with $30k so the blow was heavy on us too.
As far as I know, Swiss authorities are aware of the damage to their image this issue is having... I do not know if this is going to be good or bad for all of us as it can only make it last forever. On the other side, the case is very complicated due Trevor Cook's bad practices and fraudulent activities, moving money in and out from Crown Forex S.A.
As you can see... I'm as lost as you are :(
But the interesting part is that US authorities has already done the interim distribution while these Swiss FINMA and their liquidators has done nothing so far.
Do we need to trust FINMA anymore what they are waiting for ? If US has already started the process.
I hope to take actions. But I am in China and I dont know what and how to do .
I just hope the FINMA and liquidators could recover some money for us.