The Philippines SEC has issued a securities fraud advisory towards CashFX Group.
As per the SEC’s April twenty seventh advisory;
CASH FX/CASH FX GROUP/CFX are soliciting funding within the Philippines WITHOUT THE NECESSARY LICENSE AND/OR AUTHORITY from the Fee.
Contemplating that the scheme of CASH FX/CASH FX GROUP/CFX entails the supply and sale of securities, it’s required to have a secondary license from the Fee pursuant to Sections 8 and 12 of the SRC.
Based mostly on data, these entities are NOT REGISTERED with the Fee and are NOT AUTHORIZED to solicit, settle for or take investments/placements from the general public nor to subject funding contracts and different types of securities outlined below Part 3 of the Securities Regulation Code (SRC) within the Philippines.
That is the equal of securities fraud in different jurisdictions.
In step with BehindMLM’s personal CashFX Group overview, the SEC goes on to warn
the scheme employed by CASH FX/CASH FX GROUP/CFX exhibits indication of a doable “Ponzi Scheme”.
Promoters of CashFX Group within the Philippines face fines of as much as 5 million PHP or twenty-one years imprisonment.
The Philippines is the thirteenth jurisdiction to subject a fraud warning towards CashFX Group.
The Philippine SEC’s advisory follows comparable regulatory motion from Belgium, New Zealand, Jersey, Canada (New Brunswick, Manitoba, Saskatchewan, Quebec and British Columbia), Panama, the Bahamas, Norway and the UK.
On info and perception proprietor Huascar Lopez operates CashFX Group from the Dominican Republic.
Up to now authorities within the Dominican Republic have did not take motion towards Lopez or his co-conspirators.