New Brunswick’s Financial and Consumer Services Commission (FCNB) issued a securities fraud warning on February 1st against CashFX Group (CFX). The commission stated it recently learned CFX may have been marketing and selling its products and services to New Brunswick residents.
CFX is not registered to trade in or advise on securities or derivatives within New Brunswick. Operating without registration in this capacity violates the province’s securities laws. This marks the fifth Canadian province to issue such a warning against CashFX Group, following similar alerts from British Columbia, Quebec, Saskatchewan, and Manitoba.
The widespread regulatory action may be linked to top CashFX Group promoter Luigi Bruni, who resides in Quebec. Bruni, along with his US associate Justin Halladay, is understood to be among the company's highest earners. Canadian authorities have so far confined their actions to issuing warnings rather than pursuing direct enforcement against promoters like Bruni.
CashFX Group’s unregistered operations have drawn scrutiny beyond Canada. Norway, the Bahamas, and Panama have also issued securities fraud warnings concerning the company. The FCNB advises New Brunswickers to exercise extreme caution and verify registration status before investing.