Norway’s Financial Supervisory Authority (Finanstilsynet) has given a securities fraud cautioning against the Cash FX Group Ponzi scheme.
According to the FSA’s notice;
Finanstilsynet wishes to make it clear that Cash FX Group is not authorised to provide investment services in Norway, and therefore lacks the licence required under Norwegian law.
Finanstilsynet therefore recommends investors not to enter into agreements with or transfer assets to Cash FX Group.
This is what could be compared to a securities fraud warning in other jurisdictions.
Norway follows the UK, who issued their own CashFX Group securities fraud warning last December.
Cash FX Group’s website domain (“cashfxgroup.com”) was privately registered on March 4th, 2019.
Cash FX Group has no retailable products or services, with affiliates only able to market Cash FX Group affiliate membership itself.
Once signed up, Cash FX Group affiliates invest funds to participate in the attached MLM opportunity.
Affiliate investment provides access to “Trade Academy education packages”.
Affiliates invest funds on the promise of a 200% or 400% ROI, capped at 15% a week.
Checking Alexa ranking, currently most of the traffic to CashFX Group’s website is coming from UK 24% followed by USA at 13% and Nigeria at 12 %.
UK authorities have as of yet taken no further move against the organization. Regardless of whether US specialists dispatch a CashFX Group examination is not yet clear.
CashFX Group is promoted across the US by Justin Halladay and Luigi Bruni. As of not long ago, serial scammer Faith Sloan was also marketing the Ponzi scheme.
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