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  • FIRST POST
    • Grumpelstiltskin
    • By Grumpelstiltskin 1st Oct 18, 7:29 AM
    • 2,507Posts
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    Grumpelstiltskin
    It's 8 Years Today
    • #1
    • 1st Oct 18, 7:29 AM
    It's 8 Years Today 1st Oct 18 at 7:29 AM
    As the title says it's 8 years today since the first post on the original C C E thread.


    https://forums.moneysavingexpert.com/showthread.php?t=2763962


    No one who read that first post could imagine how this catastrophe would unfold, and how long it would take for it to unfold.

    Was justice done in the end? Not I think in the eyes of the people who lost large amounts of money.

    It was a story you couldn't have made up, no one would have believed you.
Page 1
    • Mr_Singleton
    • By Mr_Singleton 1st Oct 18, 7:37 AM
    • 1,533 Posts
    • 2,454 Thanks
    Mr_Singleton
    • #2
    • 1st Oct 18, 7:37 AM
    • #2
    • 1st Oct 18, 7:37 AM
    No one who read that first post could imagine how this catastrophe would unfold, and how long it would take for it to unfold
    Originally posted by Grumpelstiltskin
    Care to summarise? Don’t fancy trawling through 100’s of pages to find out it was just another case of disgruntled customers losing money after a company goes bust.
    • Grumpelstiltskin
    • By Grumpelstiltskin 1st Oct 18, 8:13 AM
    • 2,507 Posts
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    Grumpelstiltskin
    • #3
    • 1st Oct 18, 8:13 AM
    • #3
    • 1st Oct 18, 8:13 AM
    I would need days to summarise what happened.

    It can't be covered in a few words.

    Like I said you just wouldn't have believed how the story would pan out and how people would die before the end.
    • Mr_Singleton
    • By Mr_Singleton 1st Oct 18, 8:19 AM
    • 1,533 Posts
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    Mr_Singleton
    • #4
    • 1st Oct 18, 8:19 AM
    • #4
    • 1st Oct 18, 8:19 AM
    I would need days to summarise what happened.

    It can't be covered in a few words.
    Originally posted by Grumpelstiltskin
    Nope, still not going to wade through 100s of pages.
    • Voyager2002
    • By Voyager2002 1st Oct 18, 2:38 PM
    • 13,318 Posts
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    Voyager2002
    • #5
    • 1st Oct 18, 2:38 PM
    • #5
    • 1st Oct 18, 2:38 PM
    So here's an opportunity to write a stunning "true crime" story.
    • photome
    • By photome 7th Oct 18, 10:04 AM
    • 14,238 Posts
    • 9,743 Thanks
    photome
    • #6
    • 7th Oct 18, 10:04 AM
    • #6
    • 7th Oct 18, 10:04 AM
    Nope, still not going to wade through 100’s of pages.
    Originally posted by Mr_Singleton

    no ones asking you to.




    difficult to summarise so guess you will never know
    • StuieUK34
    • By StuieUK34 16th Oct 18, 3:04 PM
    • 1,883 Posts
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    StuieUK34
    • #7
    • 16th Oct 18, 3:04 PM
    • #7
    • 16th Oct 18, 3:04 PM
    disgruntled customers ??
    Whats on the front of a box of Kelloggs cornflakes ? oh that's right!........


    I lost compared to some losing - .....
    I read some members were jailed, big spender topped himself, lost track after that....
    sucks either way !
    • pelirocco
    • By pelirocco 16th Oct 18, 3:16 PM
    • 7,736 Posts
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    pelirocco
    • #8
    • 16th Oct 18, 3:16 PM
    • #8
    • 16th Oct 18, 3:16 PM
    Care to summarise? Dont fancy trawling through 100s of pages to find out it was just another case of disgruntled customers losing money after a company goes bust.
    Originally posted by Mr_Singleton
    You should read up on it , basically a small family firm promising big returns on currency exchange if you let them keep your money for a while ,and that was just the half of it , a very sorry tale that got darker and darker when the history of the owners previous business dealings came out ........through research done by members of this forum mainly . Millions of s 'missing' and not a lot of justice , some people lost there holiday spending money , some people lost their life savings with far reaching consequences and sadly a few lifes lost because of it..........I hadnt any money tied it it . but I had been keeping an eye on the company as they sounded dodgy as hell to me
    Its interesting reading as to how people can be easily de frauded with other cases mentioned and discussed

    Tbh Grumps , it seems a life time ago
    Vuja De - the feeling you'll be here later
    • pelirocco
    • By pelirocco 16th Oct 18, 3:17 PM
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    pelirocco
    • #9
    • 16th Oct 18, 3:17 PM
    • #9
    • 16th Oct 18, 3:17 PM
    Nope, still not going to wade through 100s of pages.
    Originally posted by Mr_Singleton
    well they say ignorance is bliss
    Vuja De - the feeling you'll be here later
    • Grumpelstiltskin
    • By Grumpelstiltskin 17th Oct 18, 8:15 AM
    • 2,507 Posts
    • 2,857 Thanks
    Grumpelstiltskin
    Peli I originally thought it was 10 years ago until I checked.

    Like you say no one could have foreseen what would happen at the beginning of this sorry saga.

    I am still surprised no TV company picked this up and made a programme about it.
    • Cardew
    • By Cardew 25th Oct 18, 10:49 AM
    • 27,974 Posts
    • 13,832 Thanks
    Cardew
    In essence it was a classic Ponzi scam. New client's money covering the losses in paying old customers their promised returns, as well as being hived off by the criminal family.


    The firm didn't need to advertise, internet forums and word of mouth produced droves of customers. Listing the firm in respected publications, without any form of 'health warning' reassured the victims.
    • Glen Clark
    • By Glen Clark 29th Oct 18, 8:54 PM
    • 4,306 Posts
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    Glen Clark
    In essence it was a classic Ponzi scam.
    Originally posted by Cardew
    Oh I dunno. A classic Ponzi scam is where some punters have no chance of getting their money back.
    But Crown Currency could have worked - if the pound had strenghthened instead of weakened, and if Benstead's other business ventures had worked out as he intended.
    Partly incompetence - like importing car park hoists without checking if they were allowed to be sold in the EU. (CE Markings)
    But partly just bad luck - like the exchange rate movements.
    It is difficult to get a man to understand something, when his salary depends on his not understanding it. --Upton Sinclair
    • Cardew
    • By Cardew 2nd Nov 18, 8:54 PM
    • 27,974 Posts
    • 13,832 Thanks
    Cardew
    Oh I dunno. A classic Ponzi scam is where some punters have no chance of getting their money back.
    .
    Originally posted by Glen Clark

    Not sure I understand your point, how does it differ from a Ponzi scheme?



    Initially everyone got their foreign currency at the inflated exchange rate CCE offered.



    The satisfied customers then spread the good news and the money came rolling in from 'investors' taking out contracts with the firm.


    But Crown Currency could have worked - if the pound had strenghthened instead of weakened,

    Generally the exchange rates were a few percent above 'the going rate' offered by other FX firms, including their forward rates; and most contracts were for months ahead - not years.


    The only way it could have worked was if Sterling had strengthened by a few percent every few months; enough to cover the outgoing payments; and importantly for Sterling to have kept on strengthening month after month, year after year.



    Without a 'white knight' to bail out the firm, new client's money went to pay contracts due for payment - a classic Ponzi scheme.
    • Glen Clark
    • By Glen Clark 5th Nov 18, 11:39 PM
    • 4,306 Posts
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    Glen Clark
    Not sure I understand your point, how does it differ from a Ponzi scheme?
    Originally posted by Cardew
    Because Crown Currency could have worked so all the punters got paid.
    - if the exchange rates had not moved against Benstead and his other business ventures had worked.
    My understanding of a Ponzi scheme is that there will always be more money going out of the pot than there is going in, so its inevitable that some won't get paid. The one who sets up the Ponzi scheme will know that some people won't get paid. He is setting out to steal their money.
    Wheras Benstead seems to have taken reckless risks with punters money, rather than deliberately set out to steal it as with a conventional Ponzi scheme.
    It is difficult to get a man to understand something, when his salary depends on his not understanding it. --Upton Sinclair
    • baza52
    • By baza52 6th Nov 18, 2:46 AM
    • 2,469 Posts
    • 2,699 Thanks
    baza52
    I used CCE a couple of times and was lucky to get my USD both times. From what i remember i got a good rate,
    Shame i lost it all in Vegas lol
    • Glen Clark
    • By Glen Clark 6th Nov 18, 1:35 PM
    • 4,306 Posts
    • 3,329 Thanks
    Glen Clark
    I used CCE a couple of times and was lucky to get my USD both times. From what i remember i got a good rate,
    Originally posted by baza52
    Thats my point really. Rather than deliberately setting out to steal it all,
    Much of the money will have gone in paying above market currency exchange rates, and Benstead's ill-fated/stupid business ventures.
    For instance he spent a lot of money importing car hoists to re-sell. Then couldn't sell them because they didn't have EU approval CE Markings.
    It is difficult to get a man to understand something, when his salary depends on his not understanding it. --Upton Sinclair
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