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Arrests over failed forex specialist

8 Dec 10

Directors at the centre of police inquiry into collapse of heavily indebted Crown Currency Exchange

Police have arrested two former directors of the failed foreign exchange company Crown Currency Exchange (CCE), reportedly identified as Peter Benstead and Edward James. The latter is a Conservative councillor and former Mayor of Glastonbury.

Cornwall-based Crown Currency Exchange, which specialised in the pre-ordering of foreign currency at a set price, collapsed in October with debts of more than £16m.

The inquiry, expected to last several months, has already seen Devon and Cornwall Police search a number of addresses in Cornwall and Glastonbury.

"It is anticipated that there are approximately 13,000 victims," said detective inspector Paul Bean, from Devon and Cornwall Police serious and organised crime branch. "Police are liaising with both MCR, the administrators responsible for the affairs of CCE, and the Crown Currency Action Group in order to obtain contact details of these victims."

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