[US CFTC Accuses Cash FX Group of $950 Million Ponzi Scheme, Participants Lost at Least $406 Million] Odaily Planet Daily News – The U.S. Commodity Futures Trading Commission (CFTC) has filed a lawsuit against Cash FX Group S.A., its CEO Huascar Jose Lopez Castillo, The Conversion Pros Inc., its CEO Ronald Pope, and Justin Halladay, accusing the defendants of operating a multi-level marketing Ponzi scheme. The scheme allegedly raised over $950 million from the public, including U.S. residents, under the pretense of retail forex contract trading. The CFTC stated that the defendants falsely claimed that the funds were traded by professional traders, proprietary algorithms, and AI, promising returns of up to 15% per week. In reality, Cash FX conducted only minimal forex trading, with nearly all participant funds misappropriated. Funds from new participants were used to pay fictitious trading profits to other participants, while millions of dollars were paid to the defendants themselves. The CFTC further alleged that Cash FX provided participants with false account statements to maintain the illusion of high trading returns, resulting in participants losing at least $406 million. The CFTC is seeking restitution for victims, disgorgement of ill-gotten gains, civil monetary penalties, as well as trading and registration bans and permanent injunctions against the defendants.