The Commodity Futures Trading Commission sued Cash FX Group and three individuals in the US District Court for the Middle District of Florida for a $950 million cryptocurrency-linked foreign exchange investment case. The defendants, including Cash FX, its CEO Huascar Jose Lopez Castillo of Brazil, The Conversion Pros and its CEO Ronald Pope of Oregon, and Justin Halladay of Florida, allegedly operated a multilevel marketing Ponzi scheme promising weekly returns of up to 15 percent. The agency claims Cash FX engaged in minimal forex trading and misappropriated most participant funds, resulting in losses of at least $406 million. Director of Enforcement David I. Miller stated that this action reflected the agency’s commitment to protecting the public from fraud.
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