Huascar Jose Lopez Castillo

Founder and chief executive of Cash FX Group

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CFTC sues Cash FX over alleged $950 million forex Ponzi scheme

Named defendant in CFTC civil enforcement action

The Commodity Futures Trading Commission filed suit September 24 accusing Cash FX Group S.A. of running a $950 million multilevel marketing Ponzi scheme. The Panama-incorporated company told more than 400,000 account holders their money would be traded by expert forex professionals using proprietary algorithms and artificial intelligence—with weekly returns up to 15%—but the CFTC says Cash FX conducted almost no trading at all.

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