CashFX Group Securities Fraud, The British Columbia Securities Commission has issued a securities fraud warning against CashFX Group.
As per the BCSC’s November 10th warning;
CFX claims to be based in Panama, and it claims to offer forex trading services through its online portal.
We are aware that CFX accepts British Columbia (BC) residents as clients.
CFX is not registered to trade in, or advise on, securities or derivatives in BC.
We urge BC residents to exercise caution when dealing with firms that are not registered to trade or advise in BC.
This is securities fraud warning is important since one of the top promoters of the CashFX Group, Luigi Bruni, lives in Montreal, Quebec. It is matter of time that the Quebec securities commission follow suits and issues a securities fraud warning against CashFX Group.
CashFX Group Securities Fraud UK, FCA Warning
The UK’s Financial Conduct Authority (FCA) has issued a securities fraud warning against Cash FX Group.
The FCA is the UK’s equivalent of the SEC. MLM companies need to be registered with the FCA to offer securities across the UK legally.
Cash FX Group, who offer passive returns of up to 400%, is not registered with the FCA.
As per the FCA’s December 11th warning;
We believe this firm has been providing financial services or products in the UK without our authorisation.
Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by us.
However, some firms act without our authorisation and some knowingly run investment scams.
This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.
Norway’s Financial Supervisory Authority (Finanstilsynet), FSA Warning
Norway’s Financial Supervisory Authority (Finanstilsynet) has issued a securities fraud warning against the CashFX Group Ponzi scheme.
The FSA’s warning was issued way back on September 4th.
As per the FSA’s warning;
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 the equivalent of a securities fraud warning in other jurisdictions.
Panama’s Superintendency of the Securities Market, SMV Warning
Panama’s Superintendency of the Securities Market (SMV), has issued a securities fraud warning against CashFX Group.
This warning is more serious than the others, cause CashFX Group claiming to have an office in Panama and operates from there.
As noted by the SMV;
The company CASH FX GROUP, SA , registered in folio 155665763 of the Public Registry and that maintains the website cashfxgroup.com/about, is not and has not been the holder of a license or registration issued by the SMV, therefore that do not have authorization to carry out activities related to the stock market, including, securities brokerage business, investment advice, FOREX brokerage, investment manager in or from the Republic of Panama, within the regulatory framework enshrined in the Law of the marketc of values.
Under the above circumstances, the SMV warns the public, bearing in mind the content of this warning.
The Important thing here is that CashFX Group engaged in securities fraud.
Securities Commission of the Bahamas Warning
The Securities Commission of the Bahamas has also issued a securities fraud warning against CashFX Group.
As per the Securities Commission of the Bahamas, CashFX Group is operating in violation of ‘the Securities Industry Act, 2011, the Investment Funds Act, 2019 and the Financial and Corporate Service Providers Act, 2000’.
The Commission hereby advises the public that neither Cash Forex Group, nor its agents and/or its consultants, are registrants of the Commission and they have not made application for registration with the Commission.
Therefore, any conduct of registrable activity by this organization, its agents or consultants in or from this jurisdiction is a violation of one or more of the Acts.
If this organization, its agents or consultants in any way hold themselves out as fully compliant and bona fide operating securities, or financial services business in or from this jurisdiction, they are committing an offence and are liable for criminal prosecution and/or regulatory sanctions under the relevant laws of The Bahamas.
Again this is the same as security fraud warning in other jurisdictions.
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