CashFX Group securities fraud warning issued in Portugal
CashFX Group has received a securities fraud warning from the Bank of Portugal.
As per the Bank of Portugal’s 27th September warning;
Cash Fx Group S.A.” with headquarters in Panamá, operating through the website cashfxgroup.com, is not, and never was, authorised to carry out in Portugal any financial activity subject to the supervision of Banco de Portugal.
The Bank of Portugal is Portugal’s SEC equivalent. Their warning is the equivalent of a securities fraud notice in other jurisdictions.
Portugal is the seventeenth jurisdiction to issue a securities fraud warning against CashFX Group.
The Bank of Portugal’s warning follows similar regulatory action by Sweden, Ireland, South Africa, the Philippines, Belgium, New Zealand, Jersey, Canada (New Brunswick, Manitoba, Saskatchewan, Quebec and British Columbia), Panama, the Bahamas, Norway and the UK.
Huascar Lopez operates CashFX Group from the Dominican Republic.
It is noted CashFX Group recently announced it had opened up a head office in Panama.
Traffic to CashFX Group’s is in decline. Alexa’s ranked top sources of traffic are Nigeria (26%), Australia (17%) and the US (10%).
To date authorities in the these countries, as well as the Dominican Republic and Panama, have failed to take action against Lopez or his co-conspirators.