CashFX Group securities fraud warning issued in Australia
CashFX Group has received a securities fraud warning from the Australian Securities and Investments Commission.
Identifying the Ponzi scheme as a “suspicious investment opportunity, ASIC wrote on October 6th;
Cash FX Group also known as ‘Cash Forex Group’ or ‘CFX’ is not licensed to provide financial services in Australia.
This is the equivalent of a securities fraud warning in other jurisdictions.
Do not transfer money (or more money) to Cash FX Group.
Contact your financial institution immediately to see if they can assist in tracing payments made.
When payments are made via crypto-assets, unfortunately there is less chance of recovering the money.
You do not need to lodge a report with ASIC as we have sufficient information at this time.
ASIC is also unable to assist in recovering your money.
It is extremely rare for ASIC to issue a securities fraud warning against an MLM company.
Australia is the eighteenth jurisdiction to issue a securities fraud warning against CashFX Group.
ASIC’s warning follows similar regulatory action by Portugal, 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 (23%), Australia (15%) and the US (13%).
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.
ASIC issued a warning? Things must be bad.
I’d written them off as useless. Kind of like the UK FCA and South African whatever-they-call-themselves now.
Can we please see some prosecutions?
While I’m on the subject, why has nothing been done about Thanh Ndong turning Southern Aus into one of the biggest OnCoin hubs and bragging about it almost daily on facebook?
Come on Adelaide, you want to host this greasy slimeball who preys on vulnerable Vietnamese immigrants?
Why ASIC have to copy and paste info from other sides?
There are no grounds on the claims. Completely fact twisting.
They are not a financial institution in the first place. And they work with regulated brokers. Come on guys… you can do better than this.
CashFX Group offers a security. CashFX Group is not registered to offer securities in Australia (or anywhere else).
Offering unregistered securities = fraud. What are you not understanding here?
I invest $x in CashFX Group and collect an $x+ passive return. You can call CashFX Group whatever you want, it’s still securities fraud.
Mattew tell us; who are the regulated brokers of Cashfx?
Screw the fraud warnings! These regulators shouldn’t even issue one-they should just hit the company unannounced and shut them down, and they should start putting top promoters in jail!
Perhaps if they were to do these things, instead of just issuing warnings, they could start to slow down the proliferation of all the illegal bitcoin, crypto, trading, and passive income related MLM deals…
Most companies and distributors just shrug these warnings off as no big deal, and half the public doesn’t seem to take them to heed either…
Trusty old Javier, the head forex trader with 8 years experience while moonlighting as a taxi driver got the boot. He was one of the best.
Many are still waiting on outstanding payments. Looks like the pullout and crash is happening. Expect the boys to close shop in May.