💸 $950 million "forex pool" — not much forex in it

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💸 $950 million "forex pool" — not much forex in it Cash FX Group spent years promising investors their money was managed by expert traders and AI, delivering up to 15% weekly. The algorithm, it turns out, was mostly just spending their deposits. The CFTC sued the company and three individuals in a Florida federal court, alleging a classic Ponzi: $950 million raised for supposed forex trading, almost none done, new money recycled to pay fictitious profits to earlier participants. Real losses: at least $406 million. The extra detail that stings — Cash FX ran on multilevel marketing. Participants didn't just lose money. They recruited the next round themselves. Enthusiastically. Cointelegraph

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