The US Commodity Futures Trading Commission filed a federal court complaint against Cash FX Group S.A., The Conversion Pros Inc., their chief executives and another individual, alleging they operated a multilevel marketing Ponzi scheme that accepted more than USD 950 million for purported retail foreign exchange trading through a commodity pool. Participants allegedly lost at least USD 406 million. The complaint alleges Cash FX promised weekly returns of up to 15% and falsely claimed that expert traders, proprietary algorithms and artificial intelligence managed participants’ funds. It conducted minimal foreign exchange trading and instead allegedly used new contributions to pay fictitious profits, issued false account statements and paid millions of dollars to the defendants. The CFTC is seeking restitution, disgorgement, civil monetary penalties, trading and registration bans, and a permanent injunction against further violations of the Commodity Exchange Act and CFTC regulations.
2026-09-25Commodity Futures Trading Commission
US Commodity Futures Trading Commission sues Cash FX defendants over alleged USD 950 million forex Ponzi scheme
The US Commodity Futures Trading Commission sued Cash FX and related defendants over an alleged multilevel marketing Ponzi scheme that accepted more than USD 950 million for purported foreign exchange trading. The scheme allegedly promised weekly returns of up to 15%, conducted minimal trading and caused at least USD 406 million in participant losses. The CFTC is seeking financial remedies, industry bans and a permanent injunction.