Third CashFX Group fraud warning issued in Norway
Norwegian authorities have issued a third CashFX Group fraud warning.
The Financial Supervisory Authority of Norway’s notice follows a warning from the Lotteries Authority earlier this year.
In Norway, CFX Team Norway, among others, markets the company’s operations.
The company is not licensed to offer investment services in Norway, and Finanstilsynet warns consumers against investing through Cash FX.
If you invest in this company, you could risk losing all your money.
Finanstilsynet, as the FSA is known in Norwegian, issued a similar CashFX Group securities fraud warning in November 2020.
This was followed by the Lotteries Authority issuing a CashFX Group illegal pyramid scheme warning in February.
We get many tips and inquiries with questions about whether Cash FX can be an illegal pyramid scheme.
Based on the information we have received so far, we see that it has several similarities with illegal pyramid schemes
Our best advice is to stay away from this company.
In addition to Norway, eighteen jurisdictions have issued CashFX Group fraud warnings. The latest of which BehindMLM reported on was Singapore just over a week ago.
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 (20%), Australia (20%) and the US (13%).
The Australian Securities and Investments Commission issued a CashFX Group securities fraud warning on October 6th.
To date authorities in the US and Nigeria, as well as the Dominican Republic and Panama, have failed to take action against Lopez or his co-conspirators.
Update 20th November 2021 – The Norwegian Consumer Agency (Forbrukertilsynet), has issued a press-release stating they agree with the Financial Supervisory Authority’s and Lotteries Authority’s warnings.