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BANKRUPT BANKER

Crown Currency Exchange collapses - what a surprise - Investigations

Posted by Fraser Trevor Friday 8 October 2010

Crown Currency Exchange collapses - what a surprise - Investigations: "Crown Currency Exchange, has gone belly up owing a reported £20m to 13,000 victims. The firm's based in Cornwall but Benstead, 67, lives in a nice country pile near Bergerac, France. There was always an accident waiting to happen in the unregulated currency trading market where there are no rules on ring-fencing cash owed to customers who pre-book foreign currency, often months in advance.
Crown Currency's most recent accounts, signed off by director Edward James barely a month ago, show the firm was £188,000 in the red last November.
He and James, 70, a Tory ­councillor and the former mayor of Glastonbury, need to explain how things went from bad to disastrous in just 10 months."

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