Second CashFX Group securities fraud warning from Portugal
Financial regulators in Portugal have issued a second CashFX Group securities fraud warning.
As per a January 17th warning from the Comissão do Mercado de Valores Mobiliários (CNVM);
The Portuguese Securities Market Commission (CMVM) draws attention to the fact that Cash Forex Group/Cash FX Group/CFX … (is) not authorized or registered with the CMVM to carry out any activity of financial intermediation in Portugal, pursuant to paragraphs a) and b) of paragraph 1 of article 295 of the Portuguese Securities Code.
The CMVM also warns that said entity is not legally qualified to carry out advertising or customer prospecting aimed at signing financial intermediation contracts.
The CNVM’s warning follows a 2021 CashFX Group securities fraud warning from the Bank of Portugal.
In addition to Portugal, CashFX Group has received securities fraud warnings from Italy, Spain, the Dominican Republic, Singapore, Australia, Sweden, Ireland, South Africa, the Philippines, Belgium, New Zealand, Jersey, Canada (New Brunswick, Manitoba, Saskatchewan, Quebec, British Columbia and Ontario), Panama, the Bahamas, Norway and the UK.
CashFX Group was a forex themed Ponzi scheme launched in 2019. Investors were lured in on the promise of a 200% to 400% ROI.
Following on and off withdrawal problems, BehindMLM called CashFX Group’s collapse in November 2021.
Dominican Republic national Huascar Lopez, owner of CashFX Group, hasn’t been seen in public since late 2021.
Presumed to be at the very least under investigation, Lopez’s current status is unknown.
Despite collapsing, CashFX Group’s website is still online. Top recruiters continue to market the collapsed Ponzi scheme to unsuspecting consumers.
SimilarWeb currently tracks top sources of traffic to CashFX Group’s website as the UK (34%), Australia (8%) and the US (7%).