CFTC sues Cash FX over an alleged $950M Ponzi scheme.
The regulator says Cash FX collected more than $950M from 400,000+ accounts worldwide while promising forex returns of up to 15% per week.
The CFTC alleges less than 1% of the funds were actually used for forex trading, with new participant funds used to pay supposed profits to earlier participants.
At least $406M was allegedly lost.
The regulator says Cash FX collected more than $950M from 400,000+ accounts worldwide while promising forex returns of up to 15% per week.
The CFTC alleges less than 1% of the funds were actually used for forex trading, with new participant funds used to pay supposed profits to earlier participants.
At least $406M was allegedly lost.
