CFX Legacy has been added to the UK’s CashFX Group securities fraud warning.

CFX Legacy, operating from the domain “cfxlegacy.com”, emerged as a CashFX Group Ponzi spinoff mid 2023.

BehindMLM documented CFX Legacy in August 2023. We noted the reboot was tied to The Conversion Pros, owned by CashFX Group co-founder Ron Pope.

Since then the CFX Legacy website has been updated with an exit-scam goodbye…

The Forex Academy based company, Cash Forex Group (“CFX”), which launched in 2019 with a unique concept in the Network Marketing Industry, is making it official that its current business model has ended.

…and false promise of enabling investor withdrawals.

CFX, as a decentralized company-platform, is honoring every single member with an active membership (Academy-Pack) left, for their Profit and Losses (PnL), thus facilitating the ongoing withdrawals through traditional regulated methods of payment.

As noted in the FCA’s August 1st updated fraud warning, CashFX Group or CFX Legacy

may be providing or promoting financial services or products without our permission.

You should avoid dealing with this firm and beware of scams.

Unfortunately CashFX Group makes for a good case study into the UK’s woeful ineptness when it comes to regulating MLM Ponzi schemes.

While the FCA was one of the first regulators to issue a CashFX Group fraud warning in 2019, since then the regulator has done nothing (up until noting CFX Legacy this month).

When asked point-blank why the FCA had done nothing about CashFX Group in 2021, Mark Steward, then Head of Enforcement at the FCA, claimed “the FCA is limited in what it can do about overseas businesses or internet promotions”.

When pressed specifically on CashFX Group and rampant promotion across the UK, Steward “refused to comment”.

Steward left the FCA last year.

In August 2023 Essex Police announced they had launched a criminal investigation into CashFX Group, codenamed “Operation Hent”.

Five months later Essex Police announced they had found no “evidence to support allegations that anyone in the UK has committed criminal offenses”. The investigation was subsequently closed.

OneCoin is of course another example of UK authorities utterly failing to regulate MLM related fraud.

CashFX Group was fronted by Dominican Republic national Huascar Lopez.

Lopez disappeared shortly after CashFX Group disabled withdrawals in late 2021. Shortly after Lopez turned up in Europe but hasn’t made any public appearances since 2022.