The Securities Fee of the Bahamas has issued a securities fraud warning towards CashFX Group.
As per the Securities Fee of the Bahamas, CashFX Group is working in violation of ‘the Securities Trade Act, 2011, the Funding Funds Act, 2019 and the Monetary and Company Service Suppliers Act, 2000’.
The Fee hereby advises the general public that neither Money Foreign exchange Group, nor its brokers and/or its consultants, are registrants of the Fee they usually haven’t made software for registration with the Fee.
Subsequently, any conduct of registrable exercise by this group, its brokers or consultants in or from this jurisdiction is a violation of a number of of the Acts.
If this group, its brokers or consultants in any method maintain themselves out as totally compliant and bona fide working securities, or monetary providers enterprise in or from this jurisdiction, they’re committing an offence and are responsible for legal prosecution and/or regulatory sanctions beneath the related legal guidelines of The Bahamas.
That is the equal of a securities fraud warning in different jurisdictions.
BehindMLM reviewed CashFX Group in July 2019. Based mostly on its enterprise mannequin, we concluded CashFX Group is a Ponzi scheme.
Alexa presently ranks the UK (25%), Nigeria (15%) and US (15%), as the highest three sources of site visitors to CashFX Group’s web site.
Such to the extent CashFX Group is being promoted within the Bahamas is unclear. The Securities Fee nevertheless claims CashFX Group
continues to tell of coming into into contracts with Bahamian residents to commerce on their behalf, with out having a license from the Fee to do the identical.
The Fee urges the general public to train extraordinary precautionary measures earlier than participating in any enterprise actions with (CashFX Group).
To this point CashFX Group has obtained regulatory warnings within the UK, Norway and Canada.
Regardless of the UK being the highest supply of site visitors to CashFX Group’s web site, and subsequently presumably the Ponzi scheme’s major supply of recent funding, UK authorities have as of but taken no additional motion towards the corporate.
CashFX Group is promoted throughout the US by Justin Halladay and Luigi Bruni. Halladay resides within the US, Bruni in Canada.
Whether or not US authorities launch a CashFX Group investigation stays to be seen.