Faith Sloan confirms CashFX Group securities fraud
Serial securities law offender Faith Sloan has confirmed CashFX Group is engaged in securities fraud.
In doing so, she’s also confirmed repeated violation of her 2019 TelexFree final judgment.
Sloan admitted CashFX Group is an investment opportunity in an October 9th Facebook live event.
[10:04] CashFX is a platform where many people have made some money.
It’s not everyone. Y’know when you talk about the investors that are out there, I had a hard time getting quote unquote investors in. It was easier for networkers but for some, not so easy.
The networkers they didn’t like giving up 30%. Let’s say they want to come in for $100,000; they weren’t happy with 30% of that, or $30,000 going into the product, which to this day isn’t there yet.
[10:38] And then another 20% taken out on the withdrawal. When in essence that 200% (return) ends up being about 160%. So that’s about 60% in ten months, right.
So a lot of investors didn’t like that.
At [59:35] Sloan refers to CashFX Group as an “investment deal”.
That CashFX Group is committing securities fraud is not a revelation. BehindMLM pointed out securities fraud in our July 2019 CashFX Group review.
What makes Sloan’s admission of interest is her 2019 TelexFree final judgment.
The case played out for five years, concluding last year in a $778,455 final judgment.
As part of the judgment Sloan was prohibited from violating Section 5 of the Securities Act.
Under Section 5 of the Securities Act of 1933, all offers and sales of securities must be registered with the SEC or qualify for some exemption from the registration requirements.
As a general rule, MLM companies running passive investment schemes do not qualify for registration exemption.
Neither CashFX Group or owner/operator Huascar Lopez are registered with the SEC. In violation of her TelexFree judgment, Sloan has committed securities fraud by promoting CashFX Group since mid 2019.
If you’re wondering what prompted Sloan to confirm CashFX Group’s securities fraud, it appears two days she was terminated for cross-recruitment. Accounts set up for Sloan’s mother and daughter have also been terminated.
Sloan claims she wasn’t directly informed of the account terminations.
Instead she found out when a message, purportedly circulated in a CashFX Group WhatsApp group a few days ago, was shared with her by CashFX affiliates.
A few weeks back Sloan began promoting QubitTech, another passive investment MLM opportunity.
As with CashFX Group, neither QubitTech or CEO Greg Limon are registered with the SEC.
Since Sloan’s TelexFree final judgment was handed, she has and continues to make a mockery of it.
By October 2019 Cloud Token affiliates began experiencing withdrawal problems.
Those, like Sloan, at the top of the Cloud Token Ponzi quickly abandoned ship. It wasn’t however until May 2020 that Cloud Token officially collapsed.
After Cloud Token Sloan focused on CashFX Group. Now that’s over it’s QubitTech.
Sloan’s Cloud Token earnings are unknown. In her CashFX Group Facebook live video, Sloan discloses she had a downline of 11,000 affiliate investors.
[18:18] I get about $50,000 to $70,000 a month in CashFX.
As claimed by Sloan, the 11,000 investors in her CashFX Group downline collectively invested over $17 million dollars.
Sloan states she’s now “doing well” via “another deal” with QubitTech.
[44:20] With QubitTech, in five and a half weeks, I’ve made $90,000.
To date the SEC has failed to follow up on Sloan’s ongoing TelexFree judgment violations.