Crown Currency Exchange -reviews?

gnats_chuff

Tor Currency Exchange is also owned by the Bensteads. If you have money with them you might like to consider getting it back QUICK.... This is a classic example of a Ponzi scheme - a small company offering better value than the rest of the market - looks too good? It is!

inspect0r90

TMS and Crown are all trading names or Mr & Mrs Benstead according to beepmoney dot com. Not sure about Tor FX but i would keep away of companies based in Cornwall for a while.

tummy6

Seems as if their Daughters are heavily involved in ToxFx as well as other old business partners.

StuieUK34

Ballifs on route to that address, as if i dont pay my bank for my loan, they send debt collectors/ballifs round, so seeing as he aint give me my money, i'll do the same as a bank! Dibbs on the sofa if its a nice one!

wantanswers

After reading an article by Steve Hawkes, Business Editor of Sun City, 8-10-2010 and doing a little research I find this article incredible in so much as the warning signs where there as far back as November 2009 and in the meantime… once again nothing was done with the consequence many people are now faced with losing significant finances.

Martin Lewis of Money Saving Expert. Com apparently stated “something needs to be done on regulation now”

It sure does Martin.



19. Re: Which would you use? Crown Currency or Travel Money Services
Nov 06, 2009, 12:57 PM
These are one and the same. I suggest you do a google for "Investors Chronicle" +Crown Currency and also do a google for "Peter Benstead" who is one of the leading lights at Crown Currency.
One sends money off and there is no security for the money, no compensation fund, no ombudsman and the clients money does not need to go into a seperate clients trust account. These areas of customer comfort and the Financial Services Authority strict operating/supporting assets rules do not compulsary apply to "Crown" or indeed any of these currency exchange entities. Surprisingly "Crown" have opted not to have their accounts audited. In any event the last balance sheet I saw at Company House of Crown was quite weak. I am not saying that Crown is doing anything wrong .Let's face it the financial position of banks and some building societies have been poor and have been a disaster for many. The points i make are my opinion

http://www.investorschronicle.co.uk/Columnists/NoFreeLunch/article/20090909/0873f056-9d2e-11de-b65c-0015171400aa/When-segregation-is-good.jsp

eljago

If Mail on Sunday warned of this company a year ago, why was Money Saving Expert putting them on their money maximiser. I always trust them and felt reassured. I have been a fan for years so hope they can help us. Eljago

saf7670

When I was planning an extended period abroad I too was flattered by the high exchange rate offered by this company , but there was a nagging doubt at the back of my mind, basically how could they offer such a vastly better rate than ALL the competitors.

I then carried out a quick search at companies house and noticed that they had been repeatedly late in submitting accounts, and this years accounts had not been published.
The company also claimed to company house that it had assetts of just a few thousand pounds , and was according to accounts showing very little money in the bank, actually less than I was planning to exchange with them.
It then became clearly obvious to me that this company if the accounts was to be believed was bearly solvent and to risk money on a speculation, months in advance was clearly not what I intended. I then cancelled the transaction with them, paid a little more and exchanged with a bank.

How can a company repeatedly fail to submit accounts, and when they do show only a minimum amount in assetts continue to trade? where are the millions that is now claimed by creditors in the accounts? it looks to me like a significant case of false accounting, fraud and money laundering...but will we see a criminal case? I doubt it.

My advise is if you are going to send significant amounts of money to a company offereing a high return...check the company out with companies house and see who owns what ! and alarm bells will ring if accounts have not been filed !!

DENBOW

saf7670 wrote: »

When I was planning an extended period abroad I too was flattered by the high exchange rate offered by this company , but there was a nagging doubt at the back of my mind, basically how could they offer such a vastly better rate than ALL the competitors.

I then carried out a quick search at companies house and noticed that they had been repeatedly late in submitting accounts, and this years accounts had not been published.
The company also claimed to company house that it had assetts of just a few thousand pounds , and was according to accounts showing very little money in the bank, actually less than I was planning to exchange with them.
It then became clearly obvious to me that this company if the accounts was to be believed was bearly solvent and to risk money on a speculation, months in advance was clearly not what I intended. I then cancelled the transaction with them, paid a little more and exchanged with a bank.

How can a company repeatedly fail to submit accounts, and when they do show only a minimum amount in assetts continue to trade? where are the millions that is now claimed by creditors in the accounts? it looks to me like a significant case of false accounting, fraud and money laundering...but will we see a criminal case? I doubt it.

My advise is if you are going to send significant amounts of money to a company offereing a high return...check the company out with companies house and see who owns what ! and alarm bells will ring if accounts have not been filed !!

Sorry !! you seem to good to be true !! The real Mathusala !!! if thats how you spell it - wiser after the event seems to spring to mind !!!