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CFTC Sues Cash FX Group Over Alleged $950M Forex Scheme Involving Crypto

Guavy AI Editorial Team
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The Commodity Futures Trading Commission (CFTC) has filed a lawsuit against Cash FX Group, The Conversion Pros, and three individuals for operating a multi-level marketing scheme that collected over $950 million through forex investment programs.

According to the CFTC, the operation ran from at least June 2019 through December 2023 and involved more than 400,000 accounts. Over 6,000 U.S. accounts allegedly contributed at least $27 million.

The agency alleges that most funds were not used for forex trading, but rather to pay earlier participants' returns or to fund the company's operations.

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