Crown Forex – The Scam Goes On – Now Offering

The infamous Crown Forex appears again, now offering everybody to open his own forex company, calling themselves experts in the area of forex business. Forex scammers refuse to die. Here are their latest activities.

Those of you following the forex industry are probably familiar with Crown Forex. The saga is very long. In short, they were accused of  not paying their clients by the Swiss authorities (FINMA), they claimed to be innocent, but this didn’t help – they were shut down in May 2009. And they continued:

Just three months ago, Michael Greenberg reported about an incarnation of Crown Forex as FX Pulp. Now here’s what I’ve received in my mailbox:

Become A Market Maker with No cost

If you are looking to enhance your Forex business?
Need to start your own Forex Company?
CrownIT is the company you seek.

CrownIT is an expert IT Company in the area of Forex business.

Our resources will be dedicated to support and enhance your business the way you want by
presenting our applications and services to you in a professional way:

The letter goes on and on, talking about a “quality trading system” and saying that they are a  “full service website design and development company.  We have the experience and expertise for creating professional websites with full back-end database”.

You may think that these Crown IT and Crown Forex could be unrelated. Well, it seems that changing company names and names of the people behind these companies is something they do quite often.

Both sites are hosted at the same place. Crown IT’s IP address is 74.86.22.130 and Crown Forex’s IP address is 74.86.22.140.

These guys never quit. They just try different methods all the time. First they took money from traders, now they aim for people in the forex industry.

Michael Greenberg of Forex Magnates helped with the  information  for this article. Thanks!

I hope that the regulatory bodies will do a good job and minimize such cases. The lucrative forex industry attracts both good and bad people. In order for this industry to grow and become more mainstream, it needs to successfully encounter such  fraudulent activities.