I haven’t heard much from Crowne-Gold lately, but I just read two very disturbing comments on my original post about Crowne-Gold. Here I will reproduce them in full:
1: By Eileen Ross
FYI..I sold my digital gold about a week ago..yesterday sent wire transfer isntructions to Crowne Gold to have the USD funds transfer to a checking account…and received this reply:
Crowne Gold Inc is currently experiencing liquidity difficulties as a result or unlawfull seizures of Gold, Silver and Cash by the IRS. We had hoped this would be a temporary situation and would be resolved but it has not. We wish we had better news but this is the current situation. At this point it may be better to cancel your wire transfer request and submit again when we are better able to fund your request, hopefully in the near future. Please contact Jim Schilling in Customer Services at 503-657-2942 or jim@crowne-gold.com with any questions regarding your account.
doesn’t sound very promising does it…and there is no information on the Crowne Gold website to warn clients
2: Glen
I too am getting the same story as Don from Crowne.
The amount in question was deposited in May of 2006 and when I tried to move it Sept. 2007 they could not honor the request. Repeated inquiries have only resulted in the IRS seized a bunch of assets. As of yet I can’t verify that this is even the case and I am not a US citizen, so why is the IRS touching anything that I have with Crowne.
I would really appreciate it (and I’m sure everyone else would) if some representative from Crowne-Gold could post an update somewhere or comment here as to what is going on? Is Crowne-Gold basically bankrupt, or?
You can read the original comments for yourself by visiting this post.
July 4th, 2008 at 7:22 pm
FYI…I received the following email from sean trainer on May 1, 2008, and to date have not received any further information:
The last four weeks has been very hectic at CG. We are in the final stages of our audit nightmares with the IRS and finishing our drive to have the CG system completely audited and up to date. This is a priority for CG as it is the only way we can continue to operate.
As soon as our staff finishes these projects, they will provide the account reset data I need to respond to you.
I apologize for this delay.
Sean Trainor
http://www.crowne-gold.com
CrowneMint@gmail.com
The worlds easiest way to buy, sell, store and exchange gold.
011-507-6675-2730
Skype: Digitalmintmaster
I have been waiting for release of my funds since January 2008…am I the only depositor experiencing credibility problems with crowne gold?
July 12th, 2008 at 3:30 pm
I would really appreciate it if some representative from Crowne-Gold could post an update somewhere or comment here as to what is going on? Is Crowne-Gold basically bankrupt.
July 12th, 2008 at 6:46 pm
Oh my, this whole IRS mess seems to be taking a long time to resolve. I hope everything works out in the end.
August 25th, 2008 at 5:21 am
this info is now on the crowne gold log in..really interesting to me that there is no info on the internet…and it remains to be seen if any payments are actually made to customers…amazing how easy it is to be duped.
2008-08-16 - PLEASE NOTE - Closing Accounts:
Due to the high volume of calls and e-mails to Customer Service & Support staff regarding the closing of accounts we are running behind in returning calls and e-mail messages. Please be patient as all calls will be returned and we will respond to all e-mail inquiries.
2008-08-01 - NOTICE TO ALL CLIENTS:
Crowne Gold is winding down its business and is no longer accepting new accounts or inbound deposits. Crowne staff will be working diligently with every client to ensure an orderly account closure. To contact Crowne, please dial: 775-841-3573. This front office will take a message and pass it along to the staff member responsible for working with you on your account. Crowne will make its best efforts to respond within 48 hours to every accounts initial message.
August 25th, 2008 at 6:51 am
Sad that it had to come to that :( I was just about to make a post regarding this issue.
The good thing is that at least they are going to return clients funds and not just run away with them.
September 11th, 2008 at 12:15 pm
[…] It would be great to know some more about this process. Thanks Some interesting info… Crowne-Gold in serious financial trouble? | Alan’s Money Blog __________________ Time for doing your DD is b4 you deposit not after you find out you got […]
September 11th, 2008 at 12:39 pm
Alan,
Crowne Gold is in process against FinanzasForex too, maybe it´s because they have some problems with IRS and liquidity. As you know FinanzasForex send the funds to this company, it would be great to know what´s happening in that process:
http://dockets.justia.com/docket/court-ordce/case_no-3:2008cv01045/case_id-89872/
If anyone can access to this file please post something about it.
Thanks
September 11th, 2008 at 12:45 pm
Hmm yeah that would be nice. A subscription is required so unfortunately we are going to have to wait for someone who has one to post some info.
That who thing with accepting deposits from FinanzasForex was a ticking timebomb.
September 11th, 2008 at 12:50 pm
[…] Crowne will make its best efforts to respond within 48 hours to every accounts initial message. Crowne-Gold in serious financial trouble? | Alan’s Money Blog __________________ Time for doing your DD is b4 you deposit not after you find out you got […]
September 11th, 2008 at 12:57 pm
[…] 2008-08-16 - PLEASE NOTE - Closing Accounts: Due to the high volume of calls and e-mails to Customer Service & Support staff regarding the closing of accounts we are running behind in returning calls and e-mail messages. Please be patient as all calls will be returned and we will respond to all e-mail inquiries. 2008-08-01 - NOTICE TO ALL CLIENTS: Crowne Gold is winding down its business and is no longer accepting new accounts or inbound deposits. Crowne staff will be working diligently with every client to ensure an orderly account closure. To contact Crowne, please dial: 775-841-3573. This front office will take a message and pass it along to the staff member responsible for working with you on your account. Crowne will make its best efforts to respond within 48 hours to every accounts initial message. Crowne-Gold in serious financial trouble? | Alan’s Money Blog […]
September 11th, 2008 at 1:11 pm
Alan,
has USA frozen the funds from Crowne Gold?
Thanks
September 11th, 2008 at 1:33 pm
[…] Comments JoseLeon on Crowne-Gold in serious financial trouble?Crowne-Gold V Finanzaz-Forex… - The Money Guru Forum - Money Making Discussions on Crowne-Gold in […]
September 11th, 2008 at 1:45 pm
Hi Jose. Checkout this link for more details:
http://www.moneyguruforum.com/other-e-currencies/18761-crowne-gold-v-finanzaz-forex.html
I believe funds were frozen a long time ago. As to whether ALL funds were frozen I’m not sure. Sean Trainor may step in an clarify things for us - hopefully (*cough* Sean if you’re reading this please do)
September 11th, 2008 at 1:46 pm
Thanks a lot Alan :)
September 11th, 2008 at 1:47 pm
Yes, that link is from the information I sent to okosh, I have read what he posted in nobsnetwork.
September 11th, 2008 at 1:56 pm
Ah, ok. I read there that you believe that Finanzaz Forex wasn’t doing any trading. Is there any evidence of this out there on the net?
September 11th, 2008 at 8:15 pm
No evidence Alan but in my opinion it´s a ponzi:
- they don´t tell which broker are using, very strange…
- they don´t post open/closed trades to the investors
- they make an incredible profit “always”, no losses, and even with commissions, prizes, etc… to all the investors
- advises from many countries against them
- the founders were in some other ponzis before and now they dissapeared
- they are only registered as a company in Panama, no other regulation or financial license
- they are changing the bank accounts quickly
etc…
You know what happened with programs like this one before ;)
September 12th, 2008 at 9:43 am
Hmm, I see. Yeah, I don’t see a reason not to disclose the broker they’re using.
If they end up being a ponzi scheme then my concern is why or how could Crowne Gold be associated with them. Why would they let Finanzaz Forex investors deposit directly into Crowne Gold’s bank account(s) and so on.
I dunno, just some concerns. As always, time will -almost always- flush out the truth.
Thanks for your comments and for visiting my blog Jose :)
Happy trading, btw, hope you’re getting a bit of the short EURO action.
September 12th, 2008 at 2:15 pm
I think that they were using Crowne Gold as many other programs were using e-gold before, nothing more: sending the funds to this “e-currency” based in precious metals and as an intermediary to receive and send funds. So CF was gaining money with them.
Maybe I am wrong but that´s what it seems if you read Crowne Gold website. And as you know USA went against e-gold and now against this similar program.
It would be great if the Admin of CF could tell us something more about it and about the process against FF.
September 12th, 2008 at 2:18 pm
Ha ha Alan, yes… not only with eur/usd: eurjpy, gbbjpy, gbpusd and chfjpy.
I gained 15% this last week and $1780 going to my Bank account from mbtrading just now ;-)
September 12th, 2008 at 3:29 pm
Re: Comment #19
Sean Trainor has commented on my blog before, so it’s not as if he’s not willing to. I doubt though that he’s going to comment here as for sure he is too busy dealing with his company’s present situation.
Perhaps someone can correct me if I’m wrong, but I was under the impression that Finazas Forex was not using Crowne Gold in the same way as they might with e-gold. FF was directing customers to send money to Crowne Gold’s OWN bank account, meaning the funds were to the title of Crowne Gold! So Crowne Gold was acting as a middle man or a third party money transmitter - something authorities in the States surely have an issue with.
September 12th, 2008 at 3:30 pm
Re: Comment #20
:)) Glad to hear that Jose. Looks like you’ve made it as a forex trader. I hope you’re making consistent profits (which in my opinion should be the first and #1 goal of any aspiring forex trader - the amount is irrelevant, first achieve consistency)
September 13th, 2008 at 12:13 pm
Yes Alan,
I am making consistent profits yet without opening positions ;-)
I hate drawdowns.
Yesterday some more money to my account.
September 13th, 2008 at 12:13 pm
Very interesting what you posted in your 19th comment about FF and CG.
September 13th, 2008 at 8:55 pm
Well I got that from first hand experience as someone invited me into this program, and out of curiosity I joined. When I went to the deposit page via wire transfer it has Crowne Gold as the name of the recipient. It was c/o FF but the account belonged to CG. So they had some entangling alliance or something like that for sure.
I did not make a deposit and I don’t think I ever will. I don’t even think I even have the login link anymore. To me FF smells fishy and I think it’s best to stay away from it.
September 24th, 2008 at 4:11 am
Have some 250 oz of gold with crown and they are trying to get me to sign out for delivery to me of 75 oz with all paper work the all is final and any past contracts with them are not applicable and I would have not right to any future funds. I ask why was I charged storage fees for 250 oz and you only returning 75 Jim S explained we had IRS problems and they took lots of gold and paper so this is what you get. I have ask for a accounting of the funds.
This could be a big scam and using the IRS as a excuse to walk off with lots of Gold. Nothing is being present by them to show other wise. Been advised to take what you can and be happy you get that. I don’t want to sign the paper which give them all if this is a scam.
September 25th, 2008 at 5:59 pm
[…] them all if this is a scam. Here is what one person commented on my Crowne Gold blog posting (Crowne-Gold in serious financial trouble? | Alan’s Money Blog) If anyone else has a similar experience to share or any other info I and the rest of Crown Gold’s […]
September 25th, 2008 at 6:03 pm
Hi Coco. Thanks for sharing your experience.
I started a forum thread where we can all share experiences and details about this troubling turn of events for Crowne Gold. You can find it over here:
http://www.moneyguruforum.com/other-e-currencies/20271-crowne-gold-serious-financial-trouble.html
October 16th, 2008 at 7:42 am
FF deposits funds via Suntrust, Florida to Superior International Investments Corp. It is owned by Pete Benevides who also owns Skyview Exotic Car Rentals, LLC in Orlando FL.
http://www.sunbiz.org/
The managed accounts at dukascopy conservative strategies avg 14%- 16% per year (not month). Moderate strategies avg 22%-24% per year with possible negative months.
http://www.dukascopy.com/swiss/english/management/funds/low/
NOTE: I have friends who already invested with FF over 6 months ago and have been drawing out their monthly gains. Acct start 50K now 99K have drawn out 10K and recently requested 16K from last months 16% gain.
Case vs Crowne Gold,Inc - Why is Crowne Gold the plaintiff??? If FF was sending them the money why is FF the defendant??
Thanks to your info I was able to perform better due diligence.
October 16th, 2008 at 7:55 am
I’d much rather invest directly with Dukaskopy than with FF or via FF. I just don’t trust any pooled forex funds, and that’s just my personal belief. Others can do whatever they want with their money but I am still suspicious about FF.
What’s with them changing banks every other week? They’re changing them like dirty socks.
As for FF vs Crowne Gold, I think that business relationship turned sour somehow. Perhaps Crowne Gold knows something about FF that we don’t. I can’t pretend to be well informed in this matter, so I’ll leave it at that. As always time will tell whether my suspicions about FF are reasonable or not.
Also I should mention that just because they are paying now does not mean that they will continue to do so in the future. It could very well be just a cleverly setup Ponzi scheme.
Has FF posted any loses? Ask yourself how they can keep on paying out those high monthly returns when most managed forex accounts are suffering heavy drawdowns.
October 16th, 2008 at 8:15 am
EMG & FF are not authorized to provide investment services in France according to AMF as of 6.6.08 or Spain according to the CNMV as of 7.4.08.
http://www.cnmv.es/index.htm
Panama states banking laws don’t allow EMF & FF to do banking within or from Panama. Eventhough the company news states:
NEW BANK ACCOUNT
Panama, December the 6th, 2007
Our new Bank Account in Panama is now available to accept Deposits. You can now find in Deposits section our new Account in Multi Credit Bank Inc., where you can transfer your deposits, from USD100, from any country.
http://www.superbancos.gob.pa/advertencia/advisory.asp
Can someone spread this message all over the web so more people can be advised?
Information can lead to better decisions.
October 16th, 2008 at 8:33 am
FF has cut off any add’l investors from Spain joining them in response to the CNMV notification from their own news release.
Resolución sobre Territorio Español
——————————————————————————–
República de Panamá, 10 de Octubre de 2008
Estimados inversores:
Como todos Ustedes ya conocen, nuestra empresa está legalmente constituida en Panamá con todas las licencias y permisos requeridos por las autoridades, y nuestra llegada de inversores se produce porque llegan a conocernos por ellos mismos a través de Internet.
Igualmente saben que en los últimos tiempos se produjo por parte de algunos inversores, de manera de manera aislada, una promoción no autorizada por la empresa, en aquellos países donde se requiere una licencia específica, lo cual ha causado quejas por parte de las autoridades regulatorias pertinentes.
Por este motivo, se ha decidido NO ADMITIR NUEVOS INVERSORES PROCEDENTES DEL TERRITORIO ESPAÑOL.
Todos los actuales inversores, teniendo su inversión en Panamá, pueden continuar en la compañía de modo indefinido sin ninguna variación o solicitar su capital invertido. No se podrá realizar promoción alguna en España ni en cualquier otro país para el cual se exija una licencia preceptiva para el desarrollo de esta actividad y no la tengan; tal como se menciona en las normas de la empresa.
Estas medidas adoptadas por la empresa se van a COMUNICAR A LAS AUTORIDADES COMPETENTES DE ESPAÑA, particularmente a la Comisión Nacional del Mercado de Valores.
Please help me look for add’l info on FF state of affairs.
October 16th, 2008 at 9:00 am
Ed G. I’ll help out by making a blog posting with the info you just mentioned. Hopefully enough people will be alerted.
Thanks for your DD effort! Much appreciated.
April 20th, 2009 at 11:07 pm
Alan,
Due to the forum provided by you, many bloggers made statements (true or not) that have caused the US Federal government to raid and seize assets and client data from CG. AS your aware CG has endured 7 years of legal pressure from the IRS and the DOJ in the USA. We had successfully defended our case and model throughout this time. Even though this position has caused us great financial duress we felt the cause was worthwhile. However in June of last year the ever changing seas of regulations and bank liabilities proved to be to great for us to continue our operations and provide security for our clients. Hence the wind down began. Rest assured we provided gold and silver to all of our client base possible before being raided again in February.
Many of your readers were concerned about our legal activities between CG and some of its clients. This was strictly due to the activities of attorneys who swarmed around the needs of all involved and the attorneys inability to provide good legal service for all parties. These legal activities had nothing to do with the actual business between CG and its clients. Yes sad but true. As you know we value client privacy as much as anyone and the CG client would never be discussed with a “blog” site by CG. Your readers and contributors seem to not take these types of items into consideration when making bold false allegations about CG and or any of its clients.
So now in an effort to defend (what I consider to be a valuable business model) we hope your readers will be happy to be interviewed by our attorneys in an effort to help CG defend its business model against newly laid out allegations by the US Federal government that are being based on your bloggers statements allwed to be published by your forum.
We will be asking for blogger details in an order to contact them for their input in this matter.
It seems Mr. Jose Leon was a blogger who made many allegations (with or without facts) about CG and its clients. Of course in an effort to legally defend our case we would like to have his factual account and supporting data he used in support of his blogging efforts that have know seemingly caused this allegation to be born onto CG.
My attorney will be seeking out the other bloggers and their details in an effort to interview them as well. Can you help us with this?
April 30th, 2009 at 8:42 pm
Sean I am sorry to hear about this Sean. I was an avid supporter of Crowne-Gold ever since I heard about it. However I am afraid there isn’t much I can help you with. All I have is the IP address of the people who posted and sometimes their e-mail. But I am not going to disrespect their right to privacy and give that information over to your attorneys. If someone who commented here would like to freely be interviewed by your attorney they are free to provide their contact information.
If you want please post the e-mail address where they can reach your attorneys or any other pertinent contact info.
I still find it hard to believe that the Feds raided your company due to the forum I’ve provided. I’d expect them to do so for a more substantial reason than just some comment on a blog posting.
Anyways, if there is anything I can help you with feel free to ask.
December 29th, 2009 at 12:09 pm
Jose Leon’s comments giving opinion on FF wotht taking into account. Why does he think that FF after confronting alleged difficulties of USA authorities bloquing their funds, and their abrupt and sudden suspension of payments, continue to maintain their web page and posting communications to their investors affirming they will return the money to them?? If it is a ponzi and the money is lost, what is the sense of this actions?? Why not just dissapear?? And what about the FF’s investors monies retained by the US authorities, isn’t that proof of the company’s previous lagit activities?? It is all very confusing…Does anyone out there have a plausible explanation??
January 4th, 2010 at 12:34 am
Don’t know Rolf, but I completely forgot about this whole drama.
US authorities retaining money is not proof of a company’s legitimacy IMHO.
My gut tells me that “investors” won’t get their money back. FF probably was a ponzi (personal speculation, so all you FF fan boys don’t start with the flames).