meta_id 3529329

On September 25, 2026, the Commodity Futures Trading Commission (CFTC) filed a complaint in the U.S. District Court for the Middle District of Florida against Cash FX Group S.A., its chief executive Huascar Jose Lopez Castillo of Brazil, The Conversion Pros, Inc., its chief executive Ronald Pope of Oregon, and Justin Halladay of Florida. The CFTC alleges the defendants operated a multilevel marketing Ponzi scheme that fraudulently solicited and accepted over $950 million from the public, including individuals in the United States, purportedly for trading retail foreign currency contracts in a commodity pool. The defendants falsely represented that pool funds would be traded by expert traders using proprietary algorithms and artificial intelligence, promising participants up to 15 percent weekly returns. In reality, Cash FX engaged in minimal forex trading and misappropriated nearly all participant funds. The scheme used new contributions from participants to pay fictitious trading profits to existing participants while paying millions of dollars to each defendant. Cash FX provided false account statements to participants to sustain the fraudulent narrative of substantial trading returns. The scheme resulted in participant losses of at least $406 million. The CFTC's Division of Enforcement is pursuing restitution, disgorgement, civil monetary penalties, trading and registration bans, and a permanent injunction against further violations of the Commodity Exchange Act and CFTC regulations. David I. Miller, Director of Enforcement, said the action reflects the CFTC's commitment to addressing fraud and protecting the public from fraudulent schemes. REFERENCE: Commodity Futures Trading Commission, "CFTC Charges Cash FX Group S.A., and CEO; Three Others With $950 Million Fraud Scheme," September 25, 2026, https://www.cftc.gov/PressRoom/PressReleases/9304-26