The Commodity Futures Trading Commission (CFTC) has filed a lawsuit against Cash FX Group and three individuals connected to the company, accusing them of operating a fraudulent forex investment scheme that collected more than $950 million from the public.

The complaint was filed on September 25, 2026, in the US District Court for the Middle District of Florida. It names Cash FX Group S.A. and its chief executive officer, Huascar Jose Lopez Castillo, who is based in Brazil. Also named as defendants are The Conversion Pros and its CEO, Ronald Pope, who is based in Oregon, as well as Justin Halladay of Florida.

The CFTC announced the enforcement action publicly on September 25, 2026:

. @CFTC Charges Cash FX Group S.A., and CEO; Three Others With $950 Million Fraud Scheme: — CFTC (@CFTC) September 25, 2026

The agency's official press release is available at

What the CFTC Is Alleging

According to the complaint, the defendants ran a multilevel marketing scheme that functioned like a Ponzi structure. They allegedly solicited and accepted funds from the public for the stated purpose of trading retail foreign currency contracts through a commodity pool. Both retail foreign currency contracts and commodity pools fall under the CFTC's jurisdiction under the Commodity Exchange Act, the same statute the agency now invokes in seeking a permanent injunction.

The CFTC alleges the group falsely claimed that investor funds were being managed by expert traders using proprietary algorithms and artificial intelligence. Participants were reportedly promised returns as high as 15% per week.

In practice, the agency says, actual forex trading activity was minimal. Instead, most of the money collected was allegedly misappropriated. New investor funds were reportedly used to pay out fictitious profits to earlier participants, a structure consistent with a Ponzi scheme. The CFTC also claims that millions of dollars were funneled to each of the named defendants personally.

Cash FX is additionally accused of issuing false account statements intended to convince participants that real trading profits were being generated.

Because this is a civil enforcement action, the complaint sets out allegations that the CFTC will need to establish in court, and the defendants will have the opportunity to respond as the litigation proceeds.

Losses and Regulatory Response

The CFTC says participants lost at least $406 million as a result of the alleged scheme. That figure represents the confirmed losses tied to the case so far, and is distinct from the more than $950 million the complaint says was collected from the public.

David I. Miller, Director of Enforcement at the CFTC, commented on the case, saying the agency's enforcement division has refocused on protecting the public from fraud and manipulation. Miller described the action as reflecting the agency's commitment to addressing fraud wherever it is found.

The CFTC is seeking restitution, disgorgement, and civil monetary penalties against the defendants. It is also seeking trading and registration bans, along with a permanent injunction against further violations of the Commodity Exchange Act.

Broader Regulatory Context

The lawsuit comes shortly after another CFTC development involving crypto markets. Cointelegraph reported on September 18 that the agency had submitted a new regulatory action covering crypto asset transactions for White House review. Details of that planned regulation have not been made public. The submission followed the Senate's failure to advance the CLARITY Act, a bill aimed at creating a federal framework for crypto market regulation.

The Cash FX case adds to a growing list of enforcement actions involving crypto-linked investment schemes. As of the filing date, the CFTC's complaint remains active in federal court, where forthcoming filings and any response from the defendants will help determine how the requested remedies are ultimately weighed.