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Crowd1 CEO Johan Stael von Holstein has abandoned Crowd1 and its investors!

The abrupt announcement was made earlier today (11/12), via a press-release issued by Mattias Tönnheim. Tönnheim works for Crowd1 PR. As per his press-release; As of November 23, 2020, Johan Staël von Holstein steps down as CEO and sole administrator of TIM (Tecnología de Impacto Multiple) and leaves both the Crowd1 and the ICT (Impact Crowd Technology) organization due to health reasons. Holstein is being replaced by Johan Westerdahl, promoted up from Crowd1’s Chief Commercial Officer.

Whether Holstein had fled Spain is unclear. For their part Crowd1 has advised; "No further comments will be made on the above issue at this point". 

In the last week alone Crowd1 has received 4 new securities fraud warnings across Europe (Slovakia, Hungary, Peru and the Czech Republic). All in all 13 countries have issued securities fraud warnings against Crowd1. Unfortunately neither Spain or Sweden have taken any action, at least not publicly.

Update! After investigation EverFX disclosed not having an agreement with CashFX or financial transactions between the companies. Read more

Update! Trustpilot warns about Cash Forex Group (CashFx). Read more

MLM company Cash FX is accused of being a pyramid scheme! In addition, Finansinspektionen in Sweden and other parts of the world warns the public about the company.

One company that apparently does not offer any real product other than membership recruitment is the Panama-based company Cash Forex Group (abbreviated Cash FX Group), which Finansinspektionen warned the public about at the end of last year.

British FI: Could be investment fraud
Finansinspektionen's announcement to the public regarding Cash FX Group refers to a warning from its British counterpart, the Financial Conduct Authority (FCA).

In its warning, FCA writes that there is reason to believe that Cash FX Group conducts business that is subject to registration without having the necessary permits. It also warns that many companies that conduct financial activities without a permit are so-called investment frauds.

Reviewer: Cash FX Group is a pyramid scheme
Behind MLM is a website that reviews companies in the borderland between MLM and pyramid schemes. They believe that there is no evidence whatsoever that Cash FX Group would conduct foreign exchange trading to pay its members.

Instead, the company must pay its members with new members' money. A classic pyramid scheme, says Behind MLM.

Delayed payments
Cash FX Group is led by Huascar Lopez, who is the CEO of the company. In early April, Hauscar Lopez acknowledged that the company had recently had trouble paying its members. He blamed this on bitcoin's fluctuating price and the ongoing corona crisis.

According to Behind MLM, the late payments may be a sign that the company is collapsing - something that, according to the laws of mathematics, eventually happens in all pyramid schemes.

FCA warning against CashFx Group: "This firm is not authorised by us and is targeting people in the UK. CashFX is not authorized within the EEA."  Several countries has now issued regulatory warnings e.g. Spain, Norway, Bahamas, Canada, Great Britain (UK). Cash FX Group is not registered to offer securities in the US.

This page will give warnings about scams and share alerts and reviews about cryptocurrency and MLM businesses. Learn how to distinguish scams. MLM + passive investment opportunity is securities offering. If not regulated means it's an investement fraud. Read more about Securities Act of 1933.

Every day new MLM companies pop up on the market. Some are probably good players, many are not. Coincorner is an independent site and can hardly cover every business on the planet. There are many warnings out there, e.g. Finansinspektionen in Sweden has 12 000 warnings registered!

Warnings does not mean Coincorner necessarily share others opinion in every case and in detail.

MLM can be a legitimate business. However it depends on how it is run. Do your own due diligence to not to fall in the hands of scammers.

Companies that;

• Sells educational (online) packages through network marketing (MLM),
• Not selling physical products,
• Commissions are paid from solicitation and not physical products, 
• Are considered Pyramid schemes (Ponzi schemes),
• Those bussineses are illegal (in most parts of the world).

Make the right decisions and don't be hasty. Always do a deeper research before investing anything! To get investments back from scammers is often useless to even try. Being scammed, always report to the authorities. They have the power to shut these scams down!

If it sounds to good to be true then it's probably also not true. No one give anything away for free - not even rich people. You have now been warned. Good Luck!