CFTC Sues Cash FX over Alleged $950 Million Forex Ponzi Scheme
By Tanya Chepkova
AI summary of the source article
The Commodity Futures Trading Commission has sued Cash FX Group and four associated defendants, alleging they operated a $950 million multilevel marketing forex Ponzi scheme that caused over $406 million in investor losses. According to the complaint, the firm diverted nearly all participant funds rather than trading forex, while falsely promising returns of up to 15% per week. The CFTC is seeking restitution, disgorgement of gains, civil monetary penalties, and permanent bans against the defendants.