26 Feb 2015

A question about : Crown Currency Exchange investigation published

Hi folks,

As promised in October, we commissioned an independent report into Crown Currency Exchange’s business dealings by David Kaye of Crawford accountant – read full details of this in our news story: MSE hires insolvency practitioner.

This is now complete, and the final report is available to read. It is in PDF format, so you will need a copy of Adobe Acrobat (or similar).

Read Crown Currency Exchange report



Plus you can read all MSE news articles on Crown

If you have any further big questions about this, please post them in the discussion thread below. Some of the information isn't available, but if we get a bunch then in the future we can look at adding to the report.

It would be great if this thread can be kept clear for those questions, and specific discussion of the report.

Thanks

Dan

Cheers

Best answers:

  • Para 13.4 is incorrect. Should be Edward James not Jones.
    So forget chasing FSA and Barclays, the only hope is to get some money back from Benstead and James and possibly from the Cornwall residents who got a preferential payout
    I liked the view that James does not escape by backdating his resignation.
    Any idea on the timescale for calling in the Serious Fraud squad? It has to happen.
  • Good spot on James/Jones Cardew, will update pdf
  • Thanks MSE it was worth the wait!!! it's going to be a long fight
  • thank you for the post, it is very useful
  • Has the author seen the leaked internal Barclays's E-mails which show Barclays had serious concerns in May at the earliest that Crown Currency Excahnge was in trouble?
  • Paragraph 11.3 is wrong, BERR was renamed to BIS (Dept for Business Innovation & Skills) in June 2009
  • As a creditor (customer) I am appalled by the information that has come from the investigation. We did all we could to check out the company and still lost over Ј5,000. I am now in France without my euros and I understand Benstead has a house in Bergerac, only 50 miles from me. Any chance of finding the address so I can go and squat?
    I also would like to know where the 'missing millions' have gone. Mind you, at the end of the day, we have no chance of recovering any significant amounts and sending Benstead to prison will not help, only make us feel better. All his assets should be seized and make him apply for social housing.
    Very bitter and angry
    Coling
  • Is this another form of Ponzi scheme, I wonder?
  • Thanks for the opportunity to follow this up. Is there any follow up on the large number of "OFFERS" and "Cancelled contracts" that appeared in peoples in boxes, from this company, in the weeks before the collapse?
  • COntradictory -
    Quote:
  • Hmm, did Lizzy get her own way in the end then? I'm sure his/her sole purpose was to get the original thread closed.
  • All - there is a new thread that continues the old thread. Please lets go over there and leave this one for questions about the report.
    Here https://forums.moneysavingexpert.com/....php?t=2837036
Category: 
Crown Currency Exchange Help & Discussion
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