Cash FX Group: CFTC lawsuit (Sep 2026)

The CFTC alleged that Cash FX Group S.A. and its CEO Huascar Jose Lopez Castillo, together with The Conversion Pros, Inc., its CEO Ronald Pope and Justin Halladay, ran a multilevel-marketing Ponzi scheme that took more than $950 million from the public, including U.S. residents, for a commodity pool said to trade retail forex. According to the complaint, participants were told their money was traded by expert traders, proprietary algorithms and artificial intelligence, with returns of up to 15% a week; the CFTC says little trading took place, fictitious profits were paid from new deposits, and participants lost at least $406 million.

The CFTC is seeking restitution, disgorgement, civil monetary penalties, trading and registration bans and a permanent injunction.

Charges are allegations; the company has not been found liable unless a court or agency later rules so.

Questions

What did the CFTC say Cash FX Group did?

The CFTC alleged that Cash FX Group ran a Ponzi scheme marketed as AI- and algorithm-driven forex trading, took more than $950 million and left participants with losses of at least $406 million.

What is the CFTC asking the court for?

Restitution, disgorgement, civil monetary penalties, trading and registration bans and a permanent injunction.

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