Cash FX Group (or Cash Forex Group) is a notorious name in the world of investment scams. Promising high returns through foreign exchange (Forex) trading, this company has drawn in many victims across the globe. As of 2022, Cash FX was ranked among the top 10 cryptocurrency scams by revenue, with an astonishing $145.5 million reportedly swindled from victims.
Despite the allure of its purported forex trading expertise, the company is neither regulated nor licensed by any financial authority, making it illegal to operate in many jurisdictions, including the UK. The Financial Conduct Authority in the UK has publicly warned against Cash FX, labelling it as an unauthorised firm. Similarly, other regulatory bodies have flagged Cash FX for operating without appropriate licenses, issuing public notices cautioning citizens about the company’s fraudulent activities.
Cash FX uses a multi-level marketing scheme where individuals are incentivised to recruit new members with promises of guaranteed returns. Its business model encourages members to invest in “trading packs” and earn returns supposedly generated by professional forex traders. In this setup, new investors’ funds are allegedly used to pay out “profits” to earlier investors, which is characteristic of fraudulent schemes designed to collapse when new money dries up.
Sound familiar? How Wealth Recovery Solicitors can help…
WRS’s recent Cash FX success story:
WRS has recently recovered a substantial amount of lost funds for our client who fell victim to the Cash FX scam. Like other investors, our client was deceived into believing they were dealing with a legitimate company due to its professional set up- where investors were required to provide identification for KYC checks, added to training groups showcasing comprehensive training videos and provided with tailored trading packs setting out their projected investment growth.
Within six months of starting the recovery journey, WRS obtained a substantial bank offer for our client who received back over half of their lost monies. The legal team evidenced how the bank had failed in their duties to protect their customer, whilst our in-house cryptocurrency experts used blockchain analysis software to directly trace our client’s funds to a wallet linked to the scam entity on the blockchain. This went a long way in proving our client’s funds were no longer in their possession and had been lost to the Cash FX scam.
See our client’s testimonial here.
