CashFX Group has obtained a securities fraud warning from the Central Financial institution of Eire.
The Central Financial institution of Eire is Eire’s high monetary regulator (assume SEC within the US).
As per the July fifth warning, the Central Financial institution of Eire writes;
It has come to the eye of the Central Financial institution of Eire (‘Central Financial institution’) that Money FX Group … as been working as an funding agency/funding enterprise agency within the State within the absence of applicable authorisations.
It’s a felony offence for an unauthorised agency/individual to supply monetary companies in Eire that might require an authorisation below the related laws which the Central Financial institution is the accountable physique for imposing.
That is the equal of a securities fraud warning in different jurisdictions.
Whereas securities fraud usually solely attracts civil penalties, in Eire it’s a felony offense.
BehindMLM reviewed CashFX Group in July 2019. Primarily based on its enterprise mannequin we concluded it was a Ponzi scheme.
CashFX Group stopped withdrawals in late Might. Affiliate buyers proceed to go unpaid, with CashFX Group lately threatening anybody who complains with account termination.
Eire is the fifteenth jurisdiction to situation a securities fraud warning towards CashFX Group.
The Central Financial institution’s warning follows comparable regulatory motion 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 data and perception proprietor Huascar Lopez operates CashFX Group from the Dominican Republic.
Up to now authorities within the Dominican Republic have didn’t take motion towards Lopez or his co-conspirators.