FINMA puts swiss pb in liquidation, second bust Swiss forex brokerage after Crown Forex

Just like with the notorious Crown Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term FINMA took over swiss pb's website and put the following announcement there:

"With an order dated March 25th, 2011 the Swiss Financial Supervisory Authority FINMA has adjudicated the Bankruptcy Bankruptcy Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co Read this Term of swiss pb AG in Liquidation as per March 28th, 2011. The Swiss Financial Market Supervisory Authority (FINMA) has nominated the former liquidators Prof Dr. Daniel Staehelin, Attorney-at-Law and Notary-public and Ines Poeschel, Attorney-at-Law, Kellerhals Attorneys-at-Law, as bankruptcy liquidators.

Due to the bankruptcy a new creditors call will be published on April 6th, 2011 in the Swiss Gazette of Commerce (www.shab.ch). Creditors may file their claims until May 13th, 2011 to: swiss pb AG in Liquidation, Löwenstrasse 29, CH-8001 Zürich, Switzerland

Claims that have been filed during the first creditors call and claims that are recorded in the company’s books do not have to be filed again (Art. 36 BankG; Swiss Federal Law on Banks and Savings Banks).After the stated period, the bankruptcy liquidators will review the claims and create a schedule of claims (statutory ranking of claims). Deposits of up to CHF 100‘000 per beneficial owner will be paid out upfront. Get more information on the bankruptcy process from our FAQs (frequently asked questions): Link to the FAQs. Clients which have not yet filed a request for the transfer of the securities and the (protected) funds, will soon receive a form by mail."

Back in 2009, FINMA took over Crown Forex which turned out to be a major scam involving some $190 million in lost funds. Crown Forex allegedly cooperated with a now convicted scam artist Trevor Cook who admitted to bilking over 1,000 investors out of their money. Trevor Cook plead guilty to charges of mail fraud and tax evasion and was sentenced to 25 years in prison.

swiss pb was a very small Swiss brokerage which mostly dealt with securities and marginally with forex. It had only a few dozens of clients and according to FINMA it cancelled swiss pb’s securities dealer licence because of non-compliance with certain requirements relating to equity, controlling shareholders and assets under management. Check out FINMA's FAQ here or go to swiss pb's website here to find appointed liquidators' details.

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