Panama’s Superintendency of the Securities Market (SMV), has issued a securities fraud warning towards CashFX Group.
The warning from SMV is important, as CashFX Group pretends to function out of Panama by a neighborhood workplace.
CashFX Group is registered as a Panama shell firm by Money FX Group SA.
As famous by the SMV;
The corporate CASH FX GROUP, SA , registered in folio 155665763 of the Public Registry and that maintains the web site cashfxgroup.com/about, is just not and has not been the holder of a license or registration issued by the SMV, due to this fact that shouldn’t have authorization to hold out actions associated to the inventory market, together with, securities brokerage enterprise, funding recommendation, FOREX brokerage, funding supervisor in or from the Republic of Panama, inside the regulatory framework enshrined within the Regulation of the marketc of values.
Underneath the above circumstances, the SMV warns the general public, making an allowance for the content material of this warning.
As I’ve emphasised above, the important thing take-away from SMV’s warning is CashFX Group engaged in securities fraud.
As we coated in our CashFX Group overview, the corporate commits securities fraud as a result of it’s a Ponzi scheme.
The SMV’s securities warning creates a fairly comical state of affairs.
You’ve got a Ponzi scheme run by Huascar Lopez from the Dominican Republic, primarily promoted by Justin Halladay and Luigi Bruni; US and Canadian residents respectively.
Exterior of probably getting used to defraud banks and for cash laundering functions, the Panamanian shell firm is meaningless.
Panamanian authorities may deregister Money FX Group SA and go after native promoters, however I’m unsure what the cooperation between the SMV, Public Registry and Panamanian regulation enforcement is.
In any occasion CashFX Group pretending to be primarily based out of Panama has been uncovered for what it’s, a ruse by scammers working a Ponzi scheme.
To this point CashFX Group has acquired regulatory warnings within the UK, Norway, Canada and the Bahamas.
Whether or not US authorities launch a CashFX Group investigation stays to be seen.