Towards the backdrop of affiliate investor withdrawals being blocked, CashFX executives and prime promoters went off on a cruise.
These unable to withdraw can put two and two collectively to determine how the cruise was funded.
That was late November, now it’s again to dealing with the Ponzi schemes issues.
To that finish CashFX Group Advertising and marketing Director John Kinnear fronted a Q&A on December 4th.
Subjects lined embrace CashFX Group’s withdrawals, regulatory issues, cryptocurrency and… A.I. buying and selling?
When queried on CashFX Group’s stalled withdrawals, Kinnear parroted the earlier “we bought hacked” excuse.
[11:38] When the safety group has to handle one thing like that, all operations, primarily, aside from buying and selling operations, should stop.
(That is) so the programmers are in whole management of the backoffice area.
No withdraws are going out from the backoffice.
This after all is not sensible, as a result of later Kinnear additionally parrots the declare that CashFX Group wasn’t compromised.
[12:39] Whoever’s behind them has important funds, six figures or extra and throw an terrible lot of time and power at making an attempt to crack into this safety.
You’ve additionally heard me point out many occasions that there’s 4 separate firewalls across the CFX backoffice, and nobody’s ever breached the primary of these 4.
That also stands true. That’s the case proper now.
I’ll reiterate the purpose I made in our unique article overlaying the “we bought hacked” excuse: it makes zero sense to say withdrawals are disabled due to a hack, while concurrently claiming the hack was unsuccessful.
It’d be like if BehindMLM was being DDOS’ed, so I pulled the location right down to cope with the assault, which I claimed was unsuccessful.
To be clear I’m not suggesting CashFX Group was hacked. I keep it’s a Ponzi scheme that’s been working out of cash all through 2021.
Huascar Lopez has publicly acknowledged CashFX Group might be caught up on withdrawal requests by the top of This fall, 2021.
With respect to CashFX Group’s YouTube channel disappearing, Kinnear blames “tHe HaTeRz”.
[14:50] There’s a group, there’s a gaggle on FaceBook, an anti-CFX FacBook group … they’ve thrown a wrench within the works of some various things over the course of the final two and a half years.
And I feel this was a mixed effort by that individual group and soliciting and petitioning YouTube, to have the CFX YouTube website shut down.
Kinnear claims “the one who’s answerable for” CashFX Group’s YouTube channel has “reached out to YouTube to get that rectified”.
I feel it ought to be apparent that no variety of complaints goes to get a YouTube channel deleted – as seems to be the case.
There must be trigger, a particular motive for YouTube to take motion. And that’s the place Kinnear’s scapegoating falls aside.
CashFX buyers have additionally apparently observed their every day returns are static from day after day.
Kinnear attributed this abnormality to the amount of cash in CashFX Group, COVID-19 and threat administration.
Transferring onto the Q&A piece of the video, one of many first questions Kinnear fields is CashFX Group working within the US.
[19:02] I can inform you the technique that’s going for use to get that executed, within the US and Canada, is with the attorneys in Vancouver proper now.
They and their counterparts within the US market … are placing the ending touches on the technique that’s going for use to get the market open.
I actually just like the technique, I’m enthusiastic about it. I can’t share.
That is after all baloney.
First off you possibly can’t lawyer away two and a half years of securities fraud.
Second, when you’re an MLM firm advertising and marketing a passive funding alternative, you’re providing a safety.
There isn’t a “technique” for securities regulation within the US. You register with the SEC and supply audited monetary stories. Canada is not any totally different, with the exception you must register in every province.
Kinnear is mendacity by way of his enamel on CashFX Group and securities regulation within the US and Canada.
He goes on to lie about securities regulation outdoors of the US and Canada.
[20:43] Yeah principally the Philippines market, there’s additionally a really stable regulation agency there … and um they’re holding off on another license that’s coming by way of Panama, to then be a part of their assembly with the SEC within the Philippines to have that warning eliminated.
Kinnear is referencing the Philippine SEC issuing a securities fraud advisory towards CashFX Group from April. The SEC additionally acknowledged CashFX Group “exhibits indication of a potential Ponzi scheme”.
No license from Panama or wherever else will overturn this warning.
If CashFX Group desires to function legally within the Philippines, they’ll should register with the SEC, identical as wherever else on the earth.
Mining Metropolis is an MLM Ponzi scheme that thought they may overturn a Philippine SEC fraud warning.
They discovered the exhausting approach that the SEC wasn’t going to be finessed. Mining Metropolis stays banned within the Philippines.
[21:06] And likewise as soon as that’s eliminated within the Philippines, the Canadian lawyer feels they’ll get the warnings eliminated in Canada.
And that’s going to start out a domino impact and see them begin to get eliminated all over the place.
Once more, that’s not how securities regulation works.
Both you’re registered with monetary regulators and offering audited monetary stories, otherwise you’re not. And getting licenses in hidey-hole jurisdictions like Panama doesn’t equate to regulators in different nations dropping securities fraud warnings.
Wanting ahead, Kinnear talks up CashFX Group’s “AI buying and selling”, and leaping on the crypto fraud bandwagon.
[9:50] How a lot is it going to extend our every day earnings?
Once I requested Edwin, he simply smiled and he winked.
[23:16] You’re gonna see (a) cryptocurrency product.
CashFX Group’s AI buying and selling is meant to go reside Q1, 2022.
When requested for particulars on CashFX Group’s buying and selling brokers, Kinnear dodged the query.
In line with his LinkedIn profile, Kinnear relies out of British Columbia, Canada.
The British Columbia Securities Fee issued a securities fraud warning towards CashFX Group in December 2020.