Norway’s Financial Supervisory Authority (Finanstilsynet) has issued a securities fraud warning against the CashFX Group Ponzi scheme.
The FSA’s warning was issued way back on September 4th. I wasn’t aware of it until a reader reached out.
As per the FSA’s warning;
Finanstilsynet wishes to make it clear that Cash FX Group is not authorised to provide investment services in Norway, and therefore lacks the licence required under Norwegian law.
Finanstilsynet therefore recommends investors not to enter into agreements with or transfer assets to Cash FX Group.
This is the equivalent of a securities fraud warning in other jurisdictions.
Norway follows the UK, who issued their own CashFX Group securities fraud warning last December.
As per CashFX Group’s business model, affiliates invest funds on the promise of an advertised 200% to 400% ROI.
At the time of publication Alexa ranks the UK (24%), US (13%) and Nigeria (12%), as the top three sources of traffic to CashFX Group’s website.
UK authorities have as of yet taken no further action against the company. Whether US authorities launch a CashFX Group investigation remains to be seen.
CashFX Group is promoted across the US by Justin Halladay and Luigi Bruni. Up until recently, serial scammer Faith Sloan was also marketing the Ponzi scheme.