CashFX Group has received a securities fraud warning from Sweden’s Finansinspektionen.
As per Finansinspektionen’s August 9th warning, CashFX Group
does not have a permit from FI to conduct securities business or other financial activities in Sweden.
FI warns investors and others to trade with companies that do not have a license to conduct financial activities.
This is the equivalent of a securities fraud warning in other jurisdictions.
Finansinspektionen, Sweden’s top financial regulator, identifies national promotion of CashFX Group taking place from the domain “cfxisverig.se”.
The domain has been disabled sometime over the past few days.
The scammer behind the domain corresponds to the CashFX Group affiliate account “cfxisverigeab”.
“AB” is the Swedish equivalent of LLC, so this likely corresponds to a shell company.
Another promoter of CashFX Group operates from “cfxsverige.se”.
Given the similar naming, this might be the same scammer.
BehindMLM reviewed CashFX Group in July 2019. Based on its business model we concluded it was a Ponzi scheme.
Sweden is the sixteenth jurisdiction to issue a securities fraud warning against CashFX Group.
Finansinspektionen’s warning follows similar regulatory action by Ireland, 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 information and belief owner Huascar Lopez operates CashFX Group from the Dominican Republic.
To date authorities in the Dominican Republic have failed to take action against Lopez or his co-conspirators.