CFTC sues Cash FX, alleges $950M crypto-linked forex scheme
The CFTC claimed that Cash FX engaged in minimal forex trading and misappropriated most of the participant funds.
The CFTC claimed that Cash FX engaged in minimal forex trading and misappropriated most of the participant funds.
The Commodity Futures Trading Commission said it is suing Cash FX Group and three individuals in a $950 million foreign-exchange investment case involving cryptocurrency.
The defendants are 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 CFTC alleged that Cash FX engaged in minimal forex trading and misappropriated most of the participant funds, using new contributions from participants to pay fictitious trading profits while directing millions of dollars to each defendant.