A former director of Crown Currency Exchange – which went bust in 2010 leaving thousands of traders and travellers without £20 million of their money – has been jailed for more than three years.
A limited number of customers of failed currency firm Crown Currency Exchange who sent back unspent overseas money they'd bought from the firm will be refunded. The cash will be returned in full in sterling at the current exchange rate.
Two men were arrested today by detectives investigating the collapse of a failed currency company that went into administration owing around £20 million to customers.
The administrators investigating the collapsed foreign exchange group Crown Currency Exchange could try to seize some assets of director Peter Benstead to add to the pool of cash to pay victims.
Victims of the Crown Currency Exchange collapse who ordered money shortly before the company's demise have been given a glimmer of hope of getting their cash back.
The Government has ruled out tightening the regulation of currency firms despite the failure of Crown Currency Exchange, which has left 13,000 consumers fearing for millions of pounds of missing cash.
6 October 2010
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