Norwegian authorities have issued a 3rd CashFX Group fraud warning.
The Monetary Supervisory Authority of Norway’s discover follows a warning from the Lotteries Authority earlier this 12 months.
As per the Monetary Supervisory Authority’s October twentieth warning;
In Norway, CFX Workforce Norway, amongst others, markets the corporate’s operations.
The corporate just isn’t licensed to supply funding providers in Norway, and Finanstilsynet warns shoppers in opposition to investing via Money FX.
When you make investments on this firm, you possibly can threat dropping all of your cash.
Finanstilsynet, because the FSA is thought in Norwegian, issued a related CashFX Group securities fraud warning in November 2020.
This was adopted by the Lotteries Authority issuing a CashFX Group unlawful pyramid scheme warning in February.
We get many ideas and inquiries with questions on whether or not Money FX may be an unlawful pyramid scheme.
Primarily based on the knowledge we’ve got acquired up to now, we see that it has a number of similarities with unlawful pyramid schemes
Our greatest recommendation is to steer clear of this firm.
Along with Norway, eighteen jurisdictions have issued CashFX Group fraud warnings. The newest of which BehindMLM reported on was Singapore simply over every week in the past.
Huascar Lopez operates CashFX Group from the Dominican Republic.
It’s famous CashFX Group just lately introduced it had opened up a head workplace in Panama.
Visitors to CashFX Group’s is in decline. Alexa’s ranked prime sources of visitors are Nigeria (20%), Australia (20%) and the US (13%).
The Australian Securities and Investments Fee issued a CashFX Group securities fraud warning on October sixth.
Thus far authorities within the US and Nigeria, in addition to the Dominican Republic and Panama, have didn’t take motion in opposition to Lopez or his co-conspirators.
Replace twentieth November 2021 – The Norwegian Client Company (Forbrukertilsynet), has issued a press-release stating they agree with the Monetary Supervisory Authority’s and Lotteries Authority’s warnings.