CashFX Group securities fraud warning from New Zealand
CashFX Group has received a securities fraud warning from New Zealand’s Financial Markets Authority (FMA).
By adding CashFX Group to its list of warnings and alerts, the FMA confirms the company is not licensed to offer securities in New Zealand.
Securities fraud is illegal in New Zealand. Accordingly the FMA ‘recommends exercising caution before dealing with Cash Forex Group/ CashFX Group.’
New Zealand is the eleventh jurisdiction to issue a securities fraud warning against CashFX Group.
Securities fraud warnings have also been issued in the UK, Norway, the Bahamas, Panama, British Columbia (Canada), Quebec (Canada), Saskatchewan (Canada), Manitoba (Canada), New Brunswick (Canada) and Jersey.
CashFX Group is run by Huascar Lopez from the Dominican Republic.
The Ponzi scheme’s top promoters, Luigi Bruni and Justin Halladay, operate from Canada and the US respectively.
Despite the above cited regulatory warnings, CashFX Group is primarily being promoted in the UK, the US and Norway (Alexa traffic estimates).
So much bullshit on this company, they are legit as can be, (Ozedit: whacky conspiracy theories removed)
There’s nothing legitimate about Ponzi schemes and securities fraud.
Back to your cave whackadoodle!
I am concerned that the regulators in Australia and South Africa have so far issued no warnings against investing in CashFX, despite the red flag warnings issued elsewhere around the world.
ASIC might as well not exist. They’re technically a securities regulator but in practice all they do is rubber-stamp corporate registrations (ala Companies House in the UK).
South African regulators can’t even prison domestic scammers (MTI, Finalmente Global). They aren’t going to do anything against offshore scammers. Not even the bare “here’s a securities fraud notice” minimum.