CashFX Group marketed as way to “alleviate homelessness”
CashFX Group scammers in Ireland are running around telling people their Ponzi “alleviates homelessness”.
As reported by John Mooney for the Sunday Times;
The promoters of an unregulated get-rich-quick cryptocurrency scheme are telling clients they are raising money to alleviate homelessness in Ireland as part of a new marketing drive.
Mooney cites Declan Dowling as the face of CashFX Group fraud in Ireland.
In webinars aimed at promoting CashFX to Irish, European and Australian audiences, Dowling claims he is using CashFX to “rid Ireland of homelessness” through his support and involvement in the Homefullness (Ireland) Project, which he also refers to as HPI.
While it sounds like Dowling might be targeting Ireland’s homeless, it’s actually the old “raising money for charity” grift.
Dowling urged people to invest in CashFX, rather than allowing their money to sit in a bank account, so they could help fund charitable causes.
In another video, Dowling said he had earned vast amounts from the scheme.
That’s what it’s really about. Say anything to get new suckers to sign up and invest so you can continue to steal money.
That’s what every MLM Ponzi scheme is really about. Helping the homeless is just another, albeit particularly shameful, marketing ruse.
Oh and not surprisingly, Irish authorities have confirmed Homefullness (Ireland) Project isn’t a registered charity.
The Central Bank of Ireland issued a CashFX Group securities fraud warning in July 2021. As of yet though, no further action has been taken against scammers like Dowling.
Month on month there’s not much going on CashFX Group. Visits to the Ponzi scheme’s website are over 1 million a month.
As a result of efforts from the likes of Dowling, recruitment of CashFX Group investors in the UK has exploded over the past few months.
SimilarWeb currently pegs the UK as the top source of traffic to CashFX Group’s website (24%). Back in February the UK wasn’t even in the top three.
UK authorities issued a CashFX Group securities fraud warning early on in December 2019.
As part of an investigation into CashFX Group promoter Jojar Dhinsa in mid 2021, the Financial Mail’s Tony Hetherington contacted the Financial Conduct Authority (FCA).
The FCA is the UK’s top financial regulator, charged with regulating, among other things, securities fraud in the UK.
When asked why the FCA hadn’t gone after CashFX Group promoters openly violating UK financial fraud, Mark Steward, Head of Enforcement, refused to comment.
Not surprisingly, Dhinsa also promotes CashFX Group as a means to help the homeless. Dhina’s grift is called “Impacting a Million Lives”.
I suspect this what the likes of Dowling have modeled their own shameless charity marketing efforts on.
Update 1st June 2022 – Comments made by Declan Dowling in a CashFX Group interview, suggest his charity grift is a simple tax dodge.
Given Homefullness (Ireland) Project isn’t a registered charity in Ireland, I’d assume Declan is using other shell companies to launder money through.
Charities in Ireland are regulated by the “Charities Regulator”. When asked, they confirmed to John Mooney that Given Homefullness Project isn’t a registered charity.
Evidently they’re taking cues from the UK’s FCA with respect to active regulation of fraud.
Update June 9th 2022 – Within a few days of this article being published, Declan Dowling’s “my charity is a tax dodge” video above was deleted from YouTube.
I had provided a link to the video in the update above. Due to the video being deleted I’ve disabled the link.