CASH FX/CASH FX GROUP/CFX are soliciting investment in the Philippines WITHOUT THE NECESSARY LICENSE AND/OR AUTHORITY from the Commission.
Date Posted: 27 April 2021
CASH FX
Based on information gathered by the Commission, individuals or groups of
persons representing
CASH FX/CASH FX GROUP/CFX
are soliciting investment in the
Philippines
WITHOUT THE NECESSARY LICENSE AND/OR AUTHORITY
from the
Commission.
Based on
the aforementioned information and reports from the public,
CASH
FX/CASH FX GROUP/CFX
’s
CEO
is one
HUASCAR LOPEZ
, with principal office located
at
RBS Tower
–
Ave Balboa,
Ramon H. Jurado St, 9
th
floor, Punta Paitilla, Panama.
As posted on their Website, Facebook Page
(CFX GROUP PHILIPPINES
and
CFX
FOREX TRADING)
and
video uploaded in YouTube Channel, you can start a business by
registering first, then you can choose fro
m any of the three (3) plans or trading packs
which are,
ELEMENTAL PLANS ($300 up to $3,000.00), ADVANCE PLANS ($5,000.00
up to
$20,000.00),
and
SUPREME PLANS ($30,000.00
up to
$100,000.00)
accordingly.
CASH FX/CASH FX GROUP/CFX
is supposedly offering seminars and tutorials on
how to invest in the forex market or foreign exchanges.
The investor or future investor
will buy the said plans or trading packs. Thirty percent (30%) of the said plans will go to
academy products/program an
d the remaining Seventy percent (70%) will go to the
trade pool deposit.
CASH FX/CASH FX GROUP/CFX
will be the one to trade the Seventy
Percent (70%) in the forex market or foreign exchanges.
The investor can earn approximately more or less Php200.00
–
Php2
,100.00 daily
or up to Php4,000.00
–
Php42,000.00
monthly depending on what plan packages they get
or purchased
(ELEMENTAL PLANS)
.
An investor
can also earn from 50% fast Start Bonus
and 50% Uni
–
Level Bonus.
The aforementioned investment scheme of
CASH
FX/CASH FX GROUP/CFX
involves the offering and/or sale of securities in the form of an “investment contract” as
defi
ned under Section 3.1
of the Securities Regulation Code. The investor makes an
investment of money in the minimum amount of Three Hundred Do
llars ($300.00)
or
Fifteen Thousand Pesos (Php
15,000.00) and a maximum of One Hundred Thousand
Dollars ($100,000.00) or Five Million Pesos (Php5,000,000.00) in a common enterprise
which is
CASH FX/CASH FX GROUP/CFS
and expects to earn profits primarily fro
m the
efforts of others.
Considering that the scheme of
CASH FX/CASH FX GROUP/CFX
involves the offer
and sale of securities, it is required to have a secondary license from the Commission
pursuant to Sections 8 and 12 of the SRC.
Based on records, these entities are
NOT
REGISTERED
with the Commission and
are
NOT AUTHORIZED
to solicit, accept or take investments/placements from the public
nor to issue investment contracts and other forms of securities defined under Section 3
of the
Securities Regulation Code (SRC) in the Philippines.
None of their agents, representative, and/or members
have appropriate
registration and/or license to offer or sell securities to the public as well.
Foreign regulators have likewise issued warnings
and investor alerts against
CASH FOREX GROUP/CASH FX/CFX
such as t
he Financial
Conduct Authority of UK (December 11, 2019), The Financial Supervisory Authority of
Norway (September 4, 2020), Securities Commission of The Bahamas (Dece
mber 2,
2020), Financial Markets Authority
of New Zealand (April 9, 2021), Canadian regulators
like The
British Columbia Securities Commission (November 10, 2020), The Financial
and Consumers Affairs Authority of Saskatchewan (January 27, 2021)
and
Autorit
é Des
Marchés Financiers
of Quebec
and even the
Superintendencia del Mercado Del Valores
of
Panama (September 1, 2020) where Cash FX supposedly originates from.
Further, t
he scheme employed by
CASH FX GROUP/CFX
shows
indication of a possible
“Ponzi Scheme”
where
monies from new investors are used in
paying “fake profits” to prior investors
and is designed mainly to favor its top recruiters
and prior risk takers and is detrimental to subsequent members in case of scarcity of new
investors.
The offering and selling of securities in the form of investment contracts using
the
“Ponzi Scheme”
which is fraudulent and unsustainable, is
NOT
a
registrable security.
The Commission will not issue a License to Sell Securities to the Public to persons
or
entities that are engaged in this business or scheme.
In view thereof, the public is hereby advised to
STOP INVESTING
in the
investment scheme being offered by
CASH FX/CASH FX GROUP/CFX
and its
representatives.
Those who act as salesmen, brokers, dealers, or agents in selling or convincing
people to invest in the investment scheme being offered by
CASH FX
GROUP/CFX
including soliciting investments or recruiting investors through the internet
may be held c
riminally liable under Section 28 of the SRC and penalized with a
maximum
fine of Five Million Pesos (Php5,000,000.00) or imprisonment of Twenty One (21)
years or both pursuant to Section 73 of the SRC
(
SEC vs. Oudine Santos, G.R. No. 195542,
19 March 2014
).
Furthermore, the names of all those involved will be reported to the Bureau of
Internal Revenue (BIR) so that the appropriate penalties and/or taxes be
correspondingly assessed.
Should you have any information regarding the operation of
CASH F
X
GROUP/CFX
and its representatives,
you are encouraged to
send your report through
email at [email protected]
For the information and guidance of the public.
Pasay City, 27 April 2021