The Australian Securities and Investments Commission (ASIC) issued a securities fraud warning against CFX Legacy on December 12, 2024, adding the entity to its Investor Alert List. ASIC stated CFX Legacy likely offers financial services to Australian consumers without holding the necessary Australian financial services licence or Australian credit licence. The absence of these licenses means CFX Legacy operates outside regulatory oversight.
Industry monitoring platforms first noted CFX Legacy in August 2023, identifying it as a suspected reboot of the CashFX Group. CashFX Group, a prominent MLM Ponzi scheme, was co-founded by Huascar Lopez, a Dominican Republic national, and Ron Pope, a US national. The original CashFX Group collapsed for a second time in late 2021.
Huascar Lopez has not been seen publicly since the 2021 collapse. Ron Pope, however, also serves as the founder and CEO of Conversion Pros. When CFX Legacy initially surfaced in 2023, Conversion Pros was responsible for hosting its website infrastructure.
The appearance of CFX Legacy coincided with an email distributed to former CashFX Group investors. The entity initially launched on the domain "cfxlegacy.com." Web browsers today display fraud warnings when attempting to access this original domain.
The UK's Financial Conduct Authority (FCA) added CFX Legacy to its existing CashFX Group fraud warning in August 2024. The FCA warning specifically cited the original "cfxlegacy.com" domain. ASIC's warning, however, references a newer domain, "cfxlegacy.pro," privately registered on August 17, 2024.
Attempts to visit "cfxlegacy.pro" now redirect users to "cfxlegacy.site," a domain privately registered on November 2, 2024. This pattern of domain switching is common among fraudulent operations attempting to evade detection and maintain online presence.
CFX Legacy's current operation functions as a recovery scam. It targets former CashFX Group victims with promises of "fund reimbursement." The website instructs users: "We're addressing the issues of pending withdrawals here on our new website. If you are having issues logging into your account, kindly click on the register button below to register your email, after that, log into your account and follow the recovery instructions on your dashboard to restore your old funds."
This "recovery" process requires victims to deposit new money, effectively incurring additional losses to whichever scammers are behind this third iteration of CashFX Group fraud. The CashFX Group victim database has likely been sold multiple times, allowing various scam operations to target the same individuals.
Regarding the original CashFX Group Ponzi, the last known update came in December 2023, when the UK abandoned its criminal investigation into the scheme. No official regulatory updates have been released since that time.
Victims of schemes like CashFX Group or CFX Legacy can report fraudulent activity to their national financial regulators, such as ASIC in Australia or the Financial Conduct Authority in the UK, and avoid any offers promising fund recovery for an upfront fee.