CashFX Group securities fraud warning issued in Panama
Panama’s Superintendency of the Securities Market (SMV), has issued a securities fraud warning against CashFX Group.
The warning from SMV is significant, as CashFX Group pretends to operate out of Panama through a local office.
CashFX Group is registered as a Panama shell company through Cash FX Group SA.
As noted by the SMV;
The company CASH FX GROUP, SA , registered in folio 155665763 of the Public Registry and that maintains the website cashfxgroup.com/about, is not and has not been the holder of a license or registration issued by the SMV, therefore that do not have authorization to carry out activities related to the stock market, including, securities brokerage business, investment advice, FOREX brokerage, investment manager in or from the Republic of Panama, within the regulatory framework enshrined in the Law of the marketc of values.
Under the above circumstances, the SMV warns the public, bearing in mind the content of this warning.
As I’ve emphasized above, the key take-away from SMV’s warning is CashFX Group engaged in securities fraud.
As we covered in our CashFX Group review, the company commits securities fraud because it’s a Ponzi scheme.
The SMV’s securities warning creates a rather comical scenario.
You have a Ponzi scheme run by Huascar Lopez from the Dominican Republic, primarily promoted by Justin Halladay and Luigi Bruni; US and Canadian residents respectively.
Outside of potentially being used to defraud banks and for money laundering purposes, the Panamanian shell company is meaningless.
Panamanian authorities could deregister Cash FX Group SA and go after local promoters, but I’m not sure what the cooperation between the SMV, Public Registry and Panamanian law enforcement is.
In any event CashFX Group pretending to be based out of Panama has been exposed for what it is, a ruse by scammers running a Ponzi scheme.
To date CashFX Group has received regulatory warnings in the UK, Norway, Canada and the Bahamas.
Whether US authorities launch a CashFX Group investigation remains to be seen.
Woah, Panama too? Crazy.
Completely untrue. People have been to their office and they extend an invite to all members and non members to visit. I know we few that have been down there.
What’s not true? People visiting a building somewhere doesn’t change the fact Panama issued a CashFX Group securities fraud warning.
It also doesn’t make CashFX Group any less of a Ponzi scheme.
Social media marketing is not a substitute for regulatory registration and audited financial reports.
Until CashFX can become legally compliant with the SEC and registered as a securities offering … Then they will continue to operate ILLEGALLY!!! CASE CLOSED!!
I nuked George’s comments. He’s a salty Torque Trading scammer and/or CashFX Group shill posting under multiple aliases.
@George, I am calling “bullocks” on your claim that a young couple bought a house and are making $6K/mo from the money they are stealing in CashX.
I would be embarrassed that they bought a house and pull in $6K/mo and all you got is a boat with your stolen money.
Keep those “stories” coming as they are hilarious. Your Ponzi cash cow is about to bite the dust.
But one thing is for sure…you know the Ponzi speak. Just remember, when they run with the money you need to learn: to claim that you thought it was real; you were duped like everyone else into believing it wasn’t a Ponzi; if you knew it was a Ponzi you would have never joined.
Start practicing now so you can say it with conviction when they run with everyone’s money. And those whom you lied to in getting them to join just might believe you.
But you know that we all know you are full of BS.
Bollocks, not “bullocks”. We’re all old enough now to remember the Sex Pistols
I know quiet a few in CashFx all blinded by the greed and how the guy/gal who got in 6 months ago is making thousands !!
And yes they are BUT! It’s all ‘stolen money!!! From the same people they have brought into the fraud!
They are running a game of musical chairs, all in a rush to make the big bucks before it goes boooooom!
And Huascar and Co run happily ever after to a non extradition treaty country ( I am thinking Dubai) with 1/2 a billion worth in BTC.
Cash Fx is a scam? Issued Warning? Why not close them down right away when they are a scam.
Scam from Panama? I wouldnt want to invest in a building floor in Panama if i am running a scam there.
It is safer to run and scam and ponzi scheme in a house somewhere.
Check the facts properly before commenting or even posting these posts.
Because these countries are specifically chosen for their lack of active MLM fraud regulation.
Why not? See above.
The fact is CashFX Group is a Ponzi scheme. Stop making excuses for scammers.