CFX Legacy has been added to the UK’s CashFX Group securities fraud warning.
CFX Legacy, working from the area “cfxlegacy.com”, emerged as a CashFX Group Ponzi spinoff mid 2023.
BehindMLM documented CFX Legacy in August 2023. We famous the reboot was tied to The Conversion Execs, owned by CashFX Group co-founder Ron Pope.
Since then the CFX Legacy web site has been up to date with an exit-scam goodbye…
The Foreign exchange Academy based mostly firm, Money Foreign exchange Group (“CFX”), which launched in 2019 with a novel idea within the Community Advertising Trade, is making it official that its present enterprise mannequin has ended.
…and false promise of enabling investor withdrawals.
CFX, as a decentralized company-platform, is honoring each single member with an lively membership (Academy-Pack) left, for his or her Revenue and Losses (PnL), thus facilitating the continuing withdrawals by means of conventional regulated strategies of cost.
As famous within the FCA’s August 1st up to date fraud warning, CashFX Group or CFX Legacy
could also be offering or selling monetary providers or merchandise with out our permission.
It’s best to keep away from coping with this agency and watch out for scams.
Sadly CashFX Group makes for an excellent case research into the UK’s woeful ineptness on the subject of regulating MLM Ponzi schemes.
Whereas the FCA was one of many first regulators to situation a CashFX Group fraud warning in 2019, since then the regulator has achieved nothing (up till noting CFX Legacy this month).
When requested point-blank why the FCA had achieved nothing about CashFX Group in 2021, Mark Steward, then Head of Enforcement on the FCA, claimed “the FCA is proscribed in what it will probably do about abroad companies or web promotions”.
When pressed particularly on CashFX Group and rampant promotion throughout the UK, Steward “refused to remark”.
Steward left the FCA final yr.
In August 2023 Essex Police introduced that they had launched a felony investigation into CashFX Group, codenamed “Operation Hent”.
5 months later Essex Police introduced that they had discovered no “proof to assist allegations that anybody within the UK has dedicated felony offenses”. The investigation was subsequently closed.
OneCoin is in fact one other instance of UK authorities totally failing to manage MLM associated fraud.
CashFX Group was fronted by Dominican Republic nationwide Huascar Lopez.
Lopez disappeared shortly after CashFX Group disabled withdrawals in late 2021. Shortly after Lopez turned up in Europe however hasn’t made any public appearances since 2022.