Cash FX
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Cash FX Group S.A (CFX) is registered in Panama under company number 155665763.[1] On September 1st 2020 The Superintendence of the Securities Market of the Republic of Panama issued a warning about CFX, detailing it is not registered to offer its services inside or from Panama.[Regulatory warnings 1]
CFX is marketed as a Forex trading platform with "Trading packs" which cost between $300 and $100,000. 70% of the cost of these packages is entered into the trading side of the business with the remaining 30% for the forex education.[2] On July 23rd 2019, The MLM (Multi-level marketing) reporting website BehindMLM classified CFX as a Ponzi scheme and Pyramid scheme.[3]
EverFX[edit]
CFX tried to get legitimacy by association by claiming to invest funds with the registered broker EverFX which they said had 'a productive business relationship' and a 'strategic alliance' with. EverFX have denied any financial transactions between the two companies.[4]
EverFX has since been suspected by Spanish police of being involved in an estimated £2 billion fraud.[5]
Owners and Directors[edit]
Huascar Jose Lopez Castillo, CEO.
Churchil Jose Gonzalez Fontana, Director.
Edwin Abad, VP Trading of Operations.
John Kinnear, Marketing Director. [1][6]
Promoters[edit]
Jojar Dhinsa[edit]
Dhinsa appeared in CFX presentations endorsing CFX by using a false analogy on Pyramid schemes "every organization on the planet is a pyramid, including my own." and claims he had his company look at the business, but then back tracked in a live interview on NTV (Bangladeshi TV channel) Unscripted on August 19th claiming his research was "a bit of slap dash approach".[7][8]
Richard Maude[edit]
Maude, who previously promoted the Pyramid scheme Banners Broker was one of the most active recruiters in Britain. He claimed the returns came from trading through their partner broker EverFX even though EverFX had denied any relationship with CFX. Maude had been rewarded with a Porsche for his efforts in promoting the company.[4]
Declan Dowling[edit]
Dowling, a retired banker from Ireland claimed to have a downline of 18,000 people and recuited members through webinars with a percentage of the returns going into his unregistered charity.[2]
The Conversion Pros[edit]
"The Conversion Pros, Inc ("TCP") run by Ron Pope (President/CEO), Jamie Beck (CTO) and David Dubbs (CMO) built and maintained the infrastructure for CFX to operate and grow its user base.[6]
Regulatory Warnings[edit]
CFX have received over two dozen public warnings from countries and financial regulators.[9]
2019[edit]
11th December - United Kingdom.[Regulatory warnings 2]
2020[edit]
1st September - Panama.[Regulatory warnings 1]
4th September - Norway.[Regulatory warnings 3]
11th October - Canada, British Columbia.[Regulatory warnings 4]
28th October - Canada, Quebec.[Regulatory warnings 5]
2nd December - Bahamas.[Regulatory warnings 6]
2021[edit]
19th January - Dutch Caribbean Bonaire.[Regulatory warnings 7]
27th January - Canada, Saskatchewan.[Regulatory warnings 8]
1st February - Canada, New Brunswick.[Regulatory warnings 9]
8th February - Jersey.[Regulatory warnings 10]
3rd March - Canada, Manitoba.[Regulatory warnings 11]
9th April - New Zealand.[Regulatory warnings 12]
26th April - Belgium.[Regulatory warnings 13]
27th April - Philippines.[Regulatory warnings 14]
11th June - Singapore.[Regulatory warnings 15]
26th June - Netherlands.[Regulatory warnings 16]
2nd July - South Africa.[Regulatory warnings 17]
5th July - Ireland.[Regulatory warnings 18][10]
27th September - Portugal.[Regulatory warnings 19]
6th October - Autralia.[Regulatory warnings 20]
3rd November - Dominican Republic.[Regulatory warnings 21]
16th November - Spain.[Regulatory warnings 22]
2022[edit]
March 28th - Canada, Ontario.[Regulatory warnings 23]
References[edit]
- ↑ 1.0 1.1 "CASH FX GROUP S.A." opencorporates.com. OpenCorporates Limited. Retrieved 26 June 2023.
- ↑ 2.0 2.1 John Mooney (22 May 2022). "Investors told crypto scheme is helping the homeless". The Sunday Times. Retrieved 26 June 2023.
- ↑ "Cash FX Group Review: 200% to 400% ROI trading bot securities fraud". behindmlm.com. BehindMLM.
- ↑ 4.0 4.1 Tony Hetherington (12 December 2020). "Is CashFX a REAL trading outfit... or just another Panama pyramid? TONY HETHERINGTON investigates". Financial Mail on Sunday. Retrieved 26 June 2023.
- ↑ Ben Ellery (12 December 2022). "Britons lose life savings to 'Ali Baba and the cryptocurrency scammers'". The Times. Retrieved 26 June 2023.
- ↑ 6.0 6.1 "CashFX-About". Archived from the original on 16 January 2021. Retrieved 16 June 2023. Unknown parameter
|url-status=ignored (help) - ↑ Tony Hetherington (26 June 2021). "TONY HETHERINGTON: Mystery of the 'billionaire' Jojar Dhinsa behind forex trading group CashFX". Financial Mail on Sunday. Retrieved 26 June 2023.
- ↑ "Jojar Dhinsa lies about scamming people via CashFX Group". behindmlm.com. BehindMLM.
- ↑ Tony Hetherington (20 November 2021). "Why is television's Rustie Lee backing son in CashFX currency scam? TONY HETHERINGTON investigates". Financial Mail On Sunday. Retrieved 28 June 2023.
- ↑ John Mooney (20 May 2022). "Cryptocurrency site promoted online after Central Bank warning". The Times. Retrieved 28 June 2023.
Warnings[edit]
- ↑ 1.0 1.1 "CASH FX GROUP S.A. – PUBLIC RELEASE". supervalores.gob.pa. The Superintendence of the Securities Market of the Republic of Panama. 1 September 2020. Retrieved 26 June 2023.
- ↑ "Unauthorised Firms". fca.org.uk. Financial Conduct Authority (FCA). 11 December 2019. Retrieved 26 June 2023.
- ↑ "Cash FX Group / CFX team Norge". Finanstilsynet. 4 September 2020. Retrieved 26 June 2023.
- ↑ "Cash Forex Group (CFX)". bcsc.bc.ca. British Columbia Securities Commission. 11 October 2020. Retrieved 26 June 2023.
- ↑ >"Cash FX Group". lautorite.qc.ca. Autorité des marchés financiers. 28 October 2020. Retrieved 26 June 2023.
- ↑ "Investor Alerts and Notices". scb.gov.bs. Securities Commission of the Bahamas. 2 December 2020. Retrieved 26 June 2023.
- ↑ "Waarschuwing: 'CashFX' biedt zonder vergunning diensten aan op Bonaire". koninkrijk.nu. 19 January 2021. Retrieved 26 June 2023.
- ↑ "Cash FX Group S.A., Cash Forex Group, CashFX, CFX". saskatchewan.ca. The Financial and Consumer Affairs Authority (FCAA). 27 January 2021. Retrieved 26 June 2023.
- ↑ "Investor Alert: Cash Forex Group (CFX)". fcnb.ca. Financial and Consumer Services Commission. 1 February 2021. Retrieved 26 June 2023.
- ↑ "Warning: unauthorised CashFX targets islanders". .jerseyfsc.org. Jersey Financial Services Commission. 8 February 2021. Retrieved 26 June 2023.
- ↑ "Investor Caution: Cash FX and cashfxgroup.com". recognizeinvestmentfraud.com. The Manitoba Securities Commission. 3 March 2021. Retrieved 26 June 2023.
- ↑ "Cash Forex Group/CashFX". fma.govt.nz. Financial Markets Authority. 9 April 2021. Retrieved 26 June 2023.
- ↑ "Watch out for companies that offer trading software (expert advisors)". fsma.be. The Financial Services and Markets Authority. 26 April 2021. Retrieved 26 June 2023.
- ↑ "CASH FX/CASH FX GROUP/CFX are soliciting investment in the Philippines WITHOUT THE NECESSARY LICENSE AND/OR AUTHORITY from the Commission". sec.gov.ph. Securities and Exchange Commission. 27 April 2021. Retrieved 26 June 2023.
- ↑ "Investor Alert List". mas.gov.sg. The Monetary Authority of Singapore (MAS). 11 June 2021. Retrieved 26 June 2023.
- ↑ "Waarschuwing van een buitenlandse toezichthouder". afm.nl. Autoriteit Financiële Markten. 29 June 2021. Retrieved 26 June 2023.
- ↑ "FSCA warns the public against Cash FX Group (CFX)" (PDF). fsca.co.za. Financial Sector Conduct Authority. 2 July 2021. Retrieved 26 June 2023.
- ↑ "Warning on Unauthorised Firm – Cash FX Group". centralbank.ie. Central Bank of Ireland. 5 July 2021. Retrieved 26 June 2023.
- ↑ "Entity that is not authorised to carry out any financial activity under the supervision of Banco de Portugal: Cash FX Group". bportugal.pt. Banco de Portugal. 27 September 2021. Retrieved 26 June 2023.
- ↑ "Alert: Suspicious investment 'opportunity' from 'Cash FX Group'". asic.gov.au. Australian Securities and Investments Commission. 6 October 2021. Retrieved 26 June 2023.
- ↑ "Beware of cryptocurrency fraud: Dominican official". November 3, 2021. Retrieved 26 June 2023.
- ↑ "WWW.CASHFXGROUP.COM". CNMV. 20 December 2021. Retrieved 26 June 2023.
- ↑ "investors/warnings/cash-fx-group". osc.ca. The Ontario Securities Commission. 28 March 2022. Retrieved 26 June 2023.
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