Portugal’s financial regulators have warned the public again about CashFX Group securities fraud.
As per a January 17th warning from the Comissão do Mercado de Valores Mobiliários (CNVM);
According to paragraphs a) and b) of paragraph 1 of article 295 of the Portuguese Securities Code, the Portuguese Securities Market Commission (CMVM) wants people to know that Cash Forex Group/Cash FX Group/CFX is not authorized or registered with the CMVM to do any kind of financial intermediation in Portugal.
The CMVM also warns that this entity is not allowed by law to advertise or try to find customers with the goal of getting them to sign contracts for financial intermediation.
The warning from the CNVM comes after a warning from the Bank of Portugal about 2021 CashFX Group securities fraud.
Aside from Portugal, 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, the UK, and the US have all warned CashFX Group about securities fraud.
CashFX Group was a Ponzi scheme based on forex that started in 2019. Investors were promised a 200% to 400% return on their money.
After having trouble with withdrawals now and then, BehindMLM predicted that CashFX Group would go out of business in November 2021.
The owner of CashFX Group, Huascar Lopez, is from the Dominican Republic. He hasn’t been seen in public since the end of 2021.
Lopez’s current status is unknown, but it is thought that she is at least being looked into.
Even though CashFX Group went out of business, their website is still online. Top recruiters still try to sell the now-defunct Ponzi scheme to people who don’t know what they’re getting into.
SimilarWeb says that the UK (34%), Australia (8%), and the US (7%) are the top three places where people visit CashFX Group’s website.