CashFX Group has received a securities fraud warning from New Zealand’s Financial Markets Authority (FMA).
By adding CashFX Group to its list of warnings and alerts, the FMA confirms the company is not licensed to offer securities in New Zealand.
Securities fraud is illegal in New Zealand. Accordingly the FMA ‘recommends exercising caution before dealing with Cash Forex Group/ CashFX Group.’
New Zealand is the eleventh jurisdiction to issue a securities fraud warning against CashFX Group.
Securities fraud warnings have also been issued in the UK, Norway, the Bahamas, Panama, British Columbia (Canada), Quebec (Canada), Saskatchewan (Canada), Manitoba (Canada), New Brunswick (Canada) and Jersey.
CashFX Group is run by Huascar Lopez from the Dominican Republic.
The Ponzi scheme’s top promoters, Luigi Bruni and Justin Halladay, operate from Canada and the US respectively.
Despite the above cited regulatory warnings, CashFX Group is primarily being promoted in the UK, the US and Norway (Alexa traffic estimates).