CFTC sues Cash FX Group for $950 million Ponzi scheme

The US Commodity Futures Trading Commission (CFTC) has sued Cash FX Group S.A. and its CEO Huascar Jose Lopez Castillo, The Conversion Pros Inc. and its CEOs Ronald Pope and Justin Halladay, accusing them of operating a Ponzi scheme to raise over $950 million. The defendant falsely promised high returns and misappropriated participant funds to pay fictitious profits, resulting in at least $406 million in losses for the participants. The CFTC is seeking compensation, recovery of illegal gains, fines, and enforcement of injunctions.