CashFX Group has received a securities fraud warning from the Central Bank of Ireland.
The Central Bank of Ireland is Ireland’s top financial regulator (think SEC in the US).
As per the July 5th warning, the Central Bank of Ireland writes;
It has come to the attention of the Central Bank of Ireland (‘Central Bank’) that Cash FX Group … as been operating as an investment firm/investment business firm in the State in the absence of appropriate authorisations.
It is a criminal offence for an unauthorised firm/person to provide financial services in Ireland that would require an authorisation under the relevant legislation which the Central Bank is the responsible body for enforcing.
This is the equivalent of a securities fraud warning in other jurisdictions.
Whereas securities fraud typically only attracts civil penalties, in Ireland it is a criminal offense.
BehindMLM reviewed CashFX Group in July 2019. Based on its business model we concluded it was a Ponzi scheme.
CashFX Group stopped withdrawals in late May. Affiliate investors continue to go unpaid, with CashFX Group recently threatening anyone who complains with account termination.
Ireland is the fifteenth jurisdiction to issue a securities fraud warning against CashFX Group.
The Central Bank’s warning follows similar regulatory action by South Africa, the Philippines, Belgium, New Zealand, Jersey, Canada (New Brunswick, Manitoba, Saskatchewan, Quebec and British Columbia), Panama, the Bahamas, Norway and the UK.
On information and belief owner Huascar Lopez operates CashFX Group from the Dominican Republic.
To date authorities in the Dominican Republic have failed to take action against Lopez or his co-conspirators.