forex
Every record this desk has filed under forex, newest first, each with the number of sources it can still show you.
The CFTC says the daily returns of a forex pool Cash FX sold as run partly by AI were typed into its back office by its chief executive, routinely in advance, and never showed a losing day in four years; participants funding more than 400,000 accounts paid in over $950 million, and about 81% of them collectively lost at least $406 million.
On September 24 the Commodity Futures Trading Commission sued Cash FX Group S.A., its CEO Huascar Jose Lopez Castillo, The Conversion Pros, Inc., its CEO Ronald Pope, and Justin Halladay in federal court in Jacksonville, Florida (No. 3:26-cv-02573). The complaint alleges that from June 2019 to December 2023 they ran a multilevel-marketing Ponzi scheme selling a forex trading pool said to be run by professional traders, 'bots' and AI, with up to 15% weekly returns. Participants funding more than 400,000 accounts, over 6,000 of them owned by U.S. residents, paid over $950 million, at least $27 million of it from U.S. residents. The CFTC says less than one percent of the money was used for trading, that the CEO entered the pool's daily return rate himself, routinely ahead of time, and that approximately 81% of participants collectively lost at least $406 million. These are allegations; no court has found any fact. The CFTC seeks restitution, disgorgement, civil penalties, trading and registration bans and a permanent injunction. Nothing has been ordered, and neither the complaint nor the release describes any claims process.
Also filed undercftcenforcementfraudponzi-schemeartificial-intelligencemultilevel-marketing
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