Back in late 2019 CashFX Group held a “Grand Launch” event in Panama.
Present at the event were CashFX Group’s supposed traders; Hildo Emerenciana, Javier Leito, John Wilson and John Loefstop.
The above is what CashFX’s “about” page on its website looked circa January 2020.
When people started asking questions, CashFX Group removed all executive information from its website.
Hosting the Panama event was Edwin Abad, CashFX Group’s VP Trading of Operations [sic].
Before rebranding himself as a forex trading expert, Abad was busy shilling failed crypto shitcoins on Twitter.
Outside of that Abad (right) doesn’t have much of a digital footprint. He was a relative nobody prior to co-founding CashFX Group in 2019.
On stage in Panama Abad referred to the company’s traders as an “essential part of the CashFX family”.
Between us we have about twenty-five years experience in (the) forex market.
What follows is an awkward exchange, in which Abad and his purported traders struggle to string together a fabricated backstory.
After fumbling around for a few minutes, Javier Leito is credited as finding “the bad things” within the developed forex trading strategies.
Abad: [6:22] Ah Javier it was. Yes, you see they built a team and within the team they self styled themselves … so anyway they started doing this and they said, “You will be the indicator”.
Javier was the indicator. And why was Javier the indicator John, please explain that to me.
John Wilson: I really don’t remember that right now. (nervous laughter)
Whatever script they were supposed to be working off, only Abad seems to have taken the time to commit it to memory properly.
[7:06] John Wilson: Oh yes, I know why. Javier was the one that was most… he was the one that doesn’t take… he takes no risk.
Yeah Javier is the one that don’t like risk. So whenever he says “yes”, we go… because it’s gotta be right.
So that’s the indicator.
If you’re watching the video past this exchange, the awkwardness continues.
One thing to note is that although the five men represent they have known each other for years, none of them appear aware of each other’s linguistic limitations (this contributes to much of the awkwardness).
Despite supposedly “leading” CashFX Group’s group of traders, at one point Edin Abad states he “doesn’t really understand” how they trade ([11:33]).
Anyway to dismantle CashFX Group’s supposed trading team we’re going to hone in on Javier Leito, “the indicator”.
One would assume someone working within a team generating upwards of 400% for investors might have a prestigious trading history.
But no. Before he was hand-selected to front CashFX Group’s fictional trading team, Leito was just another investor.
During Leito’s social media transition from CashFX Group affiliate to “Master Trader”, he listed his position starting from January 2013.
So what exactly was Leito up to prior to “Master Trading” for CashFX Group?
Meet Javier Leito, the luxury taxi driver:
Leito has been a taxi driver since at least 2015. While driving people around, Leito has also had a run of failed stints in various MLM opportunities.
There’s EmGoldex (~2013): (click to enlarge)
Total Life Changes (Feb 2015):
and InCruises (~2019):
Emerenciana, another of CashFX Group’s “Master Traders”, was also promoting InCruises.
Emerenciana was still still InCruises as late as June 2019:
This is around the time CashFX Group launched. BehindMLM caught wind of and reviewed CashFX Group on July 23rd, 2019.
Sometime after June 2019 Leito and Emerenciana left InCruises and signed up as CashFX Group distributors.
Sometime between then and the Decembet 2019 “Grand Launch” event, they, along with John Wilson and John Loefstop, were promoted to play CashFX Group’s non-existent trading team.
I first became aware of some of this a few months back via an email tip-off.
On March 12th a YouTube video by “CashFX Scam” honed in on the Leito taxi driver link.
A few days ago this was fleshed out further in a video uploaded by Ruoall Chapman.
Chapman joined CashFX Group on or around October 2020. He describes himself as a former “highly contributing member of the CashFX community”.
In response to Chapman’s video, CashFX Group terminated his account.
This includes the loss of any funds held in Chapman’s account.
Under threat of termination, CashFX Group has also banned affiliates discussing and/or asking questions about the content of the video on their official social media channels.
Richard Maude (right), a member of CashFX Group’s “President’s Club”, claimed Chapman’s video was “laughable”.
You know me, the way I talk about doing your due-diligence and stuff.
One of the important factors of doing due-diligence is doing due-diligence and then coming to a conclusion that makes sense.
So what that gentleman did was he did all this stuff … and he came to a very unusual, very strange conclusions.
Illustrating his mastery of due-diligence, Maude dismisses CashFX’s lack of trading and instead asks;
If CashFX was a Ponzi, is it likely they would spend all that money, all that time and effort to put in a payment processor when a third-party payment processor would be just as good?
Needless to say whether CashFX Group has set up a payment processor, has no bearing on it being a Ponzi scheme.
Over time Ponzi schemes find it more and more difficult to launder stolen funds. To date CashFX Group has received securities fraud warnings in no less than ten jurisdictions.
One solution is to get hold of a dodgy payment merchant, and create banking channels through fresh shell companies. This is what Maude is incorrectly referring to as CashFX Group “creating it’s own PayPal”.
This band-aid solution “works” until the new accounts are flagged as suspicious again.
A recording of Maude threatening to boot anyone discussing Chapman’s video in his CashFX Group is available on the website CashFX Lol.
Maude is a prominent promoter of CashFX Group in the UK. In December 2019 the FCA issued a securities fraud warning against CashFX Group.
Despite continued promotion across the country, to date no further action against CashFX Group, Richard Maude or any other UK promoters has been taken.
There has been no public response to CashFX Group committing securities fraud or pretending they have a group of Master Traders.