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CFTC Press Releases·

CFTC Charges Cash FX Group S.A., and CEO; Three Others With $950 Million Fraud Scheme

  • The CFTC filed a complaint in U.S. District Court against Cash FX Group S.A., its CEO Huascar Jose Lopez Castillo, The Conversion Pros, Inc., its CEO Ronald Pope, Justin Halladay, and others.
  • The defendants are accused of operating a multilevel marketing Ponzi scheme that fraudulently solicited over $950 million for purported retail foreign currency trading.
  • Defendants falsely claimed funds were managed by expert traders, algorithms, and AI while promising up to 15% weekly returns.
  • Cash FX engaged in minimal forex trading, misappropriated nearly all participant funds, used new contributions to pay fictitious profits, and provided false account statements.
  • Participants lost at least $406 million as a result of the scheme.
  • The CFTC is seeking restitution, disgorgement, civil monetary penalties, trading bans, registration bans, and a permanent injunction against further violations.