On September 25, 2026, the Commodity Futures Trading Commission (“CFTC) announced that it filed a complaint in the U.S. District Court for the Middle District of Florida against Cash FX Group S.A. and its CEO, Huascar Jose Lopez Castillo, of Brazil; The Conversion Pros, Inc. and its CEO, Ronald Pope, of Oregon; and Justin Halladay, of Florida.
The complaint alleges the defendants operated a multilevel marketing Ponzi scheme, fraudulently soliciting and accepting over $950 million from the public, including individuals in the United States, for the purported purpose of trading retail foreign currency contracts in a commodity pool.
According to the complaint, the defendants falsely claimed pool funds were traded by expert traders, proprietary algorithms, and artificial intelligence, and promised up to 15% weekly returns on that trading.
Contrary to their representations, according to the CFTC, Cash FX engaged in minimal forex trading. Instead, it misappropriated nearly all participant funds, using new contributions from participants to pay fictitious trading profits to other participants and paying millions of dollars to each defendant. The CFTC reported that Cash FX also provided false account statements to participants to perpetuate the lie that it was generating large trading returns, and Cash FX’s participants lost at least $406 million.
What Does the CFTC Seek?
The CFTC seeks restitution, disgorgement, civil monetary penalties, trading and registration bans, and a permanent injunction against further violations of the Commodity Exchange Act and CFTC regulations.
Source: CFTC Release No. 9304-26.
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Kehoe Law Firm, P.C. is a nationally-recognized, plaintiff-side class action law firm representing investors, consumers, and employees in matters involving securities fraud, corporate misconduct, mergers and acquisitions, antitrust violations, whistleblower claims, data breaches, consumer fraud, employment law violations, and retirement-plan mismanagement. Its attorneys have served as lead or co-lead counsel in major securities cases, recovering more than $10 billion for institutional and individual investors.
All representation is provided on a contingency-fee basis, and plaintiffs are not responsible for attorneys’ fees, court costs, or litigation expenses. Any request for attorneys’ fees and expenses will be subject to court approval.
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