Cash FX Group securities fraud warning issued in UK
The UK’s Financial Conduct Authority has issued a securities fraud warning against Cash FX Group.
The FCA is the UK’s equivalent of the SEC. MLM companies need to be registered with the FCA to offer securities across the UK legally.
Cash FX Group, who offer passive returns of up to 400%, are not registered with the FCA.
As per the FCA’s December 11th warning;
We believe this firm has been providing financial services or products in the UK without our authorisation.
Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by us.
However, some firms act without our authorisation and some knowingly run investment scams.
This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.
At the time of publication Alexa estimates the UK is the largest source of traffic to Cash FX Group’s website (25%). South Africa (24%) and the US (18%) come in at second and third.
Cash FX Group is not registered to offer securities in South Africa or the US either.
As is typical of the UK, it’s unlikely that any further action against Cash FX Group will be taken.
Still, the FCA’s warning might spur other governments to issue similar warnings and take further action.
Cash FX Group is run by Huascar Lopez, who is believed to be operating out of the Dominican Republic.
This is pimped by the be scammers as Cloud Token:
Luigi Bruni
Justin Halladay
Faith Sloan
Being shilled by MattyCrypto, same guy that scam us in Arbitraging, Moonberg, Novachain, and many more.
Matt Coleman
(removed)
Gladys
Virginia
24554
US
(removed)
UK Daily Mail article – mainstream fraud warnings now: thisismoney.co.uk/money/experts/article-9046201/Is-CashFX-real-trading-outfit-just-Panama-pyramid.html
I like this guy.
I am doing thorough due diligence on CFX, but it also seems right and fair to do due diligence on those who claim it is a scam.
BehindMLM titles each geographical article ‘Cash FX Group securities fraud warning’ followed by the location. How many actually click on the link and read the details.
None of those countries used the words ‘Securities fraud’. Why? My guess is that this can only be used after the conviction of illegal activity.
I fully support due diligence, but Behind MLM has failed their own test in making false claims. Faith Sloane has got a judgment against her and is the only article where claims of PREVIOUS securities fraud and be named.
Then you have to follow the story. She joined CFX under her mother’s name.
When this was revealed she was thrown out of CFX. If you don’t allow this honest comment you will have revealed that you have a biased and misleading aim.
Because securities fraud goes by different names in different jurisdictions. Herp derp.
It all boils down to the same underlying fraud though; MLM investment schemes operating illegally because they haven’t registered with financial regulators and provided audited financial reports.
Your guess is wrong. Stop making excuses for scams.
Faith Sloan is permanently restrained from committing further acts of securities fraud as per her TelexFree settlement. It doesn’t matter if she signs up under her mother’s name.
Pretending this is the reason CashFX Group booted out on of their top net-winners is malarkey.
They did it because money. Stop making excuses for scams and scammers.
Thank you for your replies. As expected, the tone you use is vengeful at best.
You have offered no substance whatsoever to your claims. You have chosen to exaggerate your language for your personal aims.
My guess was correct. I have checked the law on defamation. I am more than happy to leave this up and allow others to read this to see that you are making wild claims with motivated aims.
Not being authorised does not mean fraud, or illegal. This is the only place you will see those exaggerated terms used.
You have attempted to make your web presence official. One could easily claim you are a scam yourself, but that is your language.
You are one individual on a mission. That is not going to satisfy due diligence.
One thing for sure. Your only attempt at success is in the spreading of negativity. I can’t even wish you luck with that.
Ignorance of securities laws, I can understand.
But – wilful ignorance nah, that’s just plain stupidity.
As for “defamation law” references laugh, guffaw, snark, chortle, snicker.
I’m haven’t made any claims. I’ve provided you with facts.
Dismissing facts as having substance or not and coming up with fiction to justify scams is just embarrassing on your part. Ditto writing paragraphs of waffle without actually saying anything.
Yes, yes it does. Securities fraud is illegal the world over.
Q. How do you identify a Ponzi scammer in BehindMLM’s comments section?
A. They want to discuss anything other than the fact MLM + securities fraud = Ponzi scheme.
Might want to look up Vengeance first while you’re looking up things,since Vengeful is derived from it
Ironic, since every damn Ponzi here offers no substance to their claims, yet, they all fail eventually and unsurprisingly due to… them being scams.
And since regulated businesses are supposed to provide evidence of what they do in the form of audited and verified statements, which surprisingly are unavailable, it’s more than likely they are operating illegally.
Add to that that Multiplation/ponzi/pyramid “opportunities” are illegal in general and especially when they don’t sell an actual product.
It’s only defamation (I say this loosely) if it’s proven to be incorrect, so feel free to provide the requisite audited financials and proof of trade.
Actually, if you aren’t allowed to sell a product or service in a country, and you do so, that’s pretty illegal.
And why not go legal? Especially after a year? Because it’s likely a fraud – simple.
A scam needs a victim, and a benefit to the scammer.
That mission is shared by many, victims of previous ponzis as well as others that disagree with the idea of stealing from others under the auspices of “legitimate business”.
BehindMLM is the first stop for many before they even try to do any further due diligence on any “opportunities”, as the work’s been done, and the community will check and doublecheck it first.
That said,i’d go as far as saying you are either:
*Dumber than a stack of bricks
*A paid disinformation-spreader
*A CashFX leader/sponsor/supporter wanting to boost his own profits at the expense of those under you
I think my favorite cognitive dissonance from our friend Ian was to take this quote from the UK’s FCA:
…and respond with…
As Oz said in #6:
I mean, come on, no one is that dense, right? I call scamming shill, not victim.
Different story or another leg of CashFX?
fca.org.uk/news/warnings/cashfx-group-ltd-cashmt4
@cat
Different website domain so I’d say unrelated. Also the “cashmt4fx.com” domain has since been disabled.