Directors of Crown Currency Exchange appear in court

Crown Currency Exchange Crown Currency Exchange in Hayle collapsed in 2010

Two former directors of a Cornish currency exchange company which collapsed with debts of £20m have appeared in court on fraud charges.

Crown Currency, based in Hayle, went into administration in October 2010.

Peter Benstead, 70, from Penzance and Edward James, 73, from Glastonbury appeared before Westminster magistrates in London charged with fraud and false accounting.

They and six others are due to appear at Southwark Crown Court on 1 October.

Before its collapse, Crown Currency was one of the country's largest personal currency exchange businesses.

It allowed individuals and business customers to pre-order foreign exchange at a set price, up to a year in advance.

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