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Home›Crypto›Regulation›CFTC files lawsuit over alleged $950M crypto-linked FX…

CFTC files lawsuit over alleged $950M crypto-linked FX Ponzi scheme

The CFTC says Cash FX allegedly conducted minimal forex trading while misappropriating most participant funds.

Reported · Written up by our desk · Regulation

The U.S. Commodity Futures Trading Commission has sued Cash FX Group and three individuals, alleging a $950 million foreign-exchange investment scheme tied to cryptocurrency, Cointelegraph reports.

According to the CFTC, the defendants included Cash FX and its CEO, Huascar Jose Lopez Castillo of Brazil, The Conversion Pros and its CEO, Ronald Pope of Oregon, and Justin Halladay of Florida.

The agency said Cash FX conducted minimal forex trading and, instead, misappropriated most of the participant funds, while soliciting and accepting more than $950 million for purported retail foreign-exchange trading.

The CFTC said its complaint was filed Friday in the U.S. District Court for the Middle District of Florida.

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Sources

CointelegraphCFTC sues Cash FX, alleges $950M crypto-linked forex scheme

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