{"investigation":{"slug":"fx-winning","entity_name":"FX Winning","trust_score":3,"severity_base":null,"score_modifier":0,"confidence":0.8,"status":"draft","content_type":"investigation","summary":"FX Winning (operating as FxWinning Ltd. / FXWinning Limited, via fxwinning.net) was an online forex and cryptocurrency investment brokerage founded around 2020 by Rafael Brito Cutie and David Merino (Quintana), promising customers high monthly returns of 8-15% or more from an 'exclusive' algorithmic trading strategy. The company restricted customer withdrawals beginning in February 2023 and ceased operations entirely in June 2023, after which it was sued by multiple investors alleging fraud. A Miami-Dade County civil court entered default judgments against FxWinning Ltd. and its CEO in 2024, and a final judgment of more than $85 million was entered against two of its principals in March 2025. The entity was never authorized by any recognized financial regulator and displays multiple hallmarks associated with Ponzi-type investment fraud.","sections":[{"content":"FxWinning Ltd. (marketed as FxWinning, doing business at fxwinning.net) was an online foreign exchange and cryptocurrency investment brokerage with a Hong Kong corporate registration and a stated office presence in Miami, Florida. It was founded around 2020 by Rafael Brito Cutie, who served as CEO, and David Merino Quintana, described in litigation as the platform's founder/owner, with Roman Cardenas identified as vice president. The platform solicited customers, in part through social media, to deposit cryptocurrency, which was allegedly converted to U.S. dollars through a partner exchange and traded using a proprietary algorithm, promising returns of 8-15% or more per month. According to broker-review aggregator WikiFX, FxWinning Limited was registered in Saint Vincent and the Grenadines and held no valid license from any recognized financial regulator such as the FCA, ASIC, or CySEC, and WikiFX assigned it a very low composite risk score of 1.46 out of 10, citing a 'regulatory vacuum' and undisclosed operational details.","heading":"What FX Winning Was","sources":[{"url":"https://silvermillerlaw.com/current-investigations/fxwinning-ltd-and-david-merino/","name":"Silver Miller Law - FXWinning, Ltd. and David Merino investigation page","type":"other","credibility":2},{"url":"https://www.financemagnates.com/forex/investors-sue-5-owners-of-defunct-broker-fxwinning-for-28m-allege-fraud/","name":"Finance Magnates - Investors Sue 5 Owners of Defunct Broker FxWinning for $28M, Allege Fraud","type":"news_article","credibility":2},{"url":"https://www.wikifx.com/en/dealer/safety/fxwinning-safe-or-scam","name":"WikiFX - Is FxWinning Safe or a Scam? Review","type":"research","credibility":3}],"severity":"high"},{"content":"Starting in February 2023, FxWinning allegedly began denying or delaying customer withdrawal requests, according to court filings cited by law firm Nelson Mullins, initially attributing the delays to a purported 'Know Your Customer/Anti-Money Laundering audit.' Plaintiffs in a Miami-Dade County lawsuit alleged that withdrawal processing times stretched from under a week to more than two weeks during this period, which they characterized as a pretext. The company abruptly ceased operations in June 2023, allegedly instructing customers to close positions and withdraw funds, but many investors reported that their withdrawal requests were never honored. Law firm Silver Miller Law, which separately investigated the matter on behalf of alleged victims, stated that Merino and his associates allegedly 'stole tens of millions of dollars from account holders' and used the funds to purchase luxury real estate in Miami and Miami Beach; this specific allegation of personal enrichment is unverified beyond the law firm's own claim and should be treated as alleged.","heading":"Withdrawal Restrictions and Shutdown","sources":[{"url":"https://www.nelsonmullins.com/insights/news/press_releases/nelson-mullins-secures-usd85m-judgement-in-global-crypto-forex-fraud-scheme","name":"Nelson Mullins - Nelson Mullins Secures $85M Judgement in Global Crypto-Forex Fraud Scheme","type":"news_article","credibility":2},{"url":"https://blocktribune.com/court-defaults-key-defendants-in-alleged-fxwinning-investment-scam-lawsuit/","name":"BlockTribune - Florida Court Defaults Key Defendants in Alleged FxWinning Investment Scam Lawsuit","type":"news_article","credibility":2},{"url":"https://silvermillerlaw.com/current-investigations/fxwinning-ltd-and-david-merino/","name":"Silver Miller Law - FXWinning, Ltd. and David Merino investigation page","type":"other","credibility":2}],"severity":"critical"},{"content":"Multiple civil lawsuits were filed against FxWinning and its principals in Florida following the platform's collapse. A group of five plaintiffs sued in mid-to-late 2023 seeking over $28 million, alleging fraud and deceptive trade practices. Separately, CFT Solutions, LLC and Renan de Rocha Gomes Bastos filed suit in Miami-Dade County (with a related federal filing in the Southern District of Florida) alleging wrongful withholding of more than $80 million held across ten accounts, claiming FxWinning breached its own terms of service by refusing withdrawals despite those terms containing no such restriction. On August 1, 2024, Miami-Dade County civil court Judge Lisa Walsh granted default judgments against several defendants, including Hong Kong-registered FxWinning Ltd. and Cyprus-based defendant Olga Huzhva, and against then-CEO Rafael Brito Cutie, citing the company's failure to obtain legal counsel; defendant David Merino was given additional time to respond. A jury trial in December 2024 subsequently found FxWinning liable for defrauding investors. On March 7, Miami-Dade County civil court Judge Lisa Walsh entered a final judgment in the CFT plaintiffs' favor against two of FxWinning's principals, Rafael Brito Cutie and David Merino Quintana, awarding more than $85 million in damages. No U.S. federal regulator such as the SEC or CFTC was identified in available sources as having brought a parallel enforcement action; the litigation identified is civil, plaintiff-driven litigation rather than a government regulatory action.","heading":"Litigation and Court Judgments","sources":[{"url":"https://www.nelsonmullins.com/insights/news/press_releases/nelson-mullins-secures-usd85m-judgement-in-global-crypto-forex-fraud-scheme","name":"Nelson Mullins - Nelson Mullins Secures $85M Judgement in Global Crypto-Forex Fraud Scheme","type":"news_article","credibility":2},{"url":"https://blocktribune.com/court-defaults-key-defendants-in-alleged-fxwinning-investment-scam-lawsuit/","name":"BlockTribune - Florida Court Defaults Key Defendants in Alleged FxWinning Investment Scam Lawsuit","type":"news_article","credibility":2},{"url":"https://www.financemagnates.com/forex/investors-sue-5-owners-of-defunct-broker-fxwinning-for-28m-allege-fraud/","name":"Finance Magnates - Investors Sue 5 Owners of Defunct Broker FxWinning for $28M, Allege Fraud","type":"news_article","credibility":2},{"url":"https://finance.yahoo.com/news/lawsuit-against-forex-broker-fxwinning-194400313.html","name":"Yahoo Finance - Lawsuit Against Forex Broker FXWinning, Is Being Globally Pursued by Renan Bastos Of CFT Solutions","type":"news_article","credibility":2},{"url":"https://www.govinfo.gov/content/pkg/USCOURTS-flsd-1_23-cv-23139/pdf/USCOURTS-flsd-1_23-cv-23139-2.pdf","name":"U.S. District Court for the Southern District of Florida - Case No. 1:23-cv-23139 filing","type":"court_filing","credibility":1}],"severity":"critical"},{"content":"Reported figures for the scale of the alleged fraud vary considerably across sources, which is itself a point of caution for readers. Individual lawsuits sought $28 million and over $80 million respectively; the eventual court judgment specified 'more than $85 million' in damages against two individual defendants. Separately, BlockTribune described the scheme, as characterized in court filings, as 'globe-sprawling' and totaling over $2.8 billion, a figure dramatically larger than the amounts named in the specific judgments and lawsuits reviewed. This $2.8 billion figure could not be independently corroborated against a primary court document in this investigation and may reflect either a claimed aggregate global operation size, a reporting error, or an unverified plaintiff allegation; it is presented here as alleged and should be treated with low confidence pending verification against underlying court records.","heading":"Scale of the Alleged Scheme and Data Discrepancies","sources":[{"url":"https://blocktribune.com/court-defaults-key-defendants-in-alleged-fxwinning-investment-scam-lawsuit/","name":"BlockTribune - Florida Court Defaults Key Defendants in Alleged FxWinning Investment Scam Lawsuit","type":"news_article","credibility":2},{"url":"https://www.nelsonmullins.com/insights/news/press_releases/nelson-mullins-secures-usd85m-judgement-in-global-crypto-forex-fraud-scheme","name":"Nelson Mullins - Nelson Mullins Secures $85M Judgement in Global Crypto-Forex Fraud Scheme","type":"news_article","credibility":2}],"severity":"medium"},{"content":"Available broker-review sources indicate FxWinning Limited was registered in Saint Vincent and the Grenadines, a jurisdiction commonly used for international business companies with minimal oversight of forex brokerage activity, and that it held no license or authorization from mainstream regulators such as the UK FCA, Australia's ASIC, or Cyprus's CySEC. WikiFX's broker-safety assessment assigned FxWinning a composite risk score of 1.46 out of 10 and advised users to 'proceed with caution,' citing a 'fundamental regulatory vacuum' and non-disclosure of basic operational details such as minimum deposit requirements and trading platforms offered. No specific public warning notice from a named regulator (e.g., an FCA warning list entry) was located during this investigation; this absence should not be read as evidence of legitimacy, only as a gap in available sourcing.","heading":"Regulatory Status and Consumer Warnings","sources":[{"url":"https://www.wikifx.com/en/dealer/safety/fxwinning-safe-or-scam","name":"WikiFX - Is FxWinning Safe or a Scam? Review","type":"research","credibility":3}],"severity":"high"}],"timeline":[{"date":"2020","event":"FxWinning Ltd. is founded by Rafael Brito Cutie and David Merino (Quintana) as an online forex/crypto brokerage.","source":"Yahoo Finance / Nelson Mullins","source_url":"https://finance.yahoo.com/news/lawsuit-against-forex-broker-fxwinning-194400313.html"},{"date":"2023-02","event":"FxWinning allegedly begins denying or delaying customer withdrawal requests, citing a purported KYC/AML audit.","source":"Nelson Mullins press release","source_url":"https://www.nelsonmullins.com/insights/news/press_releases/nelson-mullins-secures-usd85m-judgement-in-global-crypto-forex-fraud-scheme","date_evidence":"Starting in February 2023, FxWinning allegedly began denying withdrawal requests from its customers."},{"date":"2023-06","event":"FxWinning ceases operations entirely; customers report withdrawal requests are never processed.","source":"Nelson Mullins press release / Finance Magnates","source_url":"https://www.financemagnates.com/forex/investors-sue-5-owners-of-defunct-broker-fxwinning-for-28m-allege-fraud/"},{"date":"2023-07","event":"A group of five plaintiffs files suit against FxWinning's owners seeking over $28 million in damages for fraud.","source":"Finance Magnates","source_url":"https://www.financemagnates.com/forex/investors-sue-5-owners-of-defunct-broker-fxwinning-for-28m-allege-fraud/"},{"date":"2023-09","event":"CFT Solutions, LLC and Renan de Rocha Gomes Bastos file suit against FxWinning alleging wrongful withholding of more than $80 million.","source":"Yahoo Finance","source_url":"https://finance.yahoo.com/news/lawsuit-against-forex-broker-fxwinning-194400313.html"},{"date":"2024-08-01","event":"Miami-Dade County court grants default judgments against FxWinning Ltd., Olga Huzhva, and Rafael Brito Cutie.","source":"BlockTribune","source_url":"https://blocktribune.com/court-defaults-key-defendants-in-alleged-fxwinning-investment-scam-lawsuit/","date_evidence":"On August 1, 2024, Miami-Dade County civil court Judge Lisa Walsh granted default judgments against several defendants in the fraud lawsuits, including a default judgment against Hong Kong-registered FxWinning Ltd., citing the company's lack of legal counsel."},{"date":"2024-12","event":"A jury trial finds FxWinning liable for defrauding investors.","source":"Nelson Mullins press release","source_url":"https://www.nelsonmullins.com/insights/news/press_releases/nelson-mullins-secures-usd85m-judgement-in-global-crypto-forex-fraud-scheme"},{"date":"2025-03","event":"Final judgment of more than $85 million entered against Rafael Brito Cutie and David Merino Quintana.","source":"Nelson Mullins press release","source_url":"https://www.nelsonmullins.com/insights/news/press_releases/nelson-mullins-secures-usd85m-judgement-in-global-crypto-forex-fraud-scheme","date_evidence":"On March 7, Miami-Dade County civil court Judge Lisa Walsh entered a final judgment in the CFT plaintiffs' favor against two of FxWinning's principals, Rafael Brito Cutie and David Merino Quintana, awarding more than $85 million in damages.","date_original":"2025-03-07"}],"sources_used":[{"url":"https://www.nelsonmullins.com/insights/news/press_releases/nelson-mullins-secures-usd85m-judgement-in-global-crypto-forex-fraud-scheme","name":"Nelson Mullins - Nelson Mullins Secures $85M Judgement in Global Crypto-Forex Fraud Scheme","type":"news_article","archive_url":"https://web.archive.org/web/20260913232553/https://www.nelsonmullins.com/insights/news/press_releases/nelson-mullins-secures-usd85m-judgement-in-global-crypto-forex-fraud-scheme","credibility":2,"archive_timestamp":"2026-09-13T23:25:53+00:00"},{"url":"https://silvermillerlaw.com/current-investigations/fxwinning-ltd-and-david-merino/","name":"Silver Miller Law - FXWinning, Ltd. and David Merino investigation page","type":"other","archive_url":"http://web.archive.org/web/20260612201012/https://silvermillerlaw.com/current-investigations/fxwinning-ltd-and-david-merino/","credibility":2,"archive_timestamp":"2026-06-12T20:10:12+00:00"},{"url":"https://www.financemagnates.com/forex/investors-sue-5-owners-of-defunct-broker-fxwinning-for-28m-allege-fraud/","name":"Finance Magnates - Investors Sue 5 Owners of Defunct Broker FxWinning for $28M, Allege Fraud","type":"news_article","archive_url":"http://web.archive.org/web/20251026232559/https://www.financemagnates.com/forex/investors-sue-5-owners-of-defunct-broker-fxwinning-for-28m-allege-fraud/","credibility":2,"archive_timestamp":"2025-10-26T23:25:59+00:00"},{"url":"https://blocktribune.com/court-defaults-key-defendants-in-alleged-fxwinning-investment-scam-lawsuit/","name":"BlockTribune - Florida Court Defaults Key Defendants in Alleged FxWinning Investment Scam Lawsuit","type":"news_article","archive_url":"https://web.archive.org/web/20260913205821/https://blocktribune.com/court-defaults-key-defendants-in-alleged-fxwinning-investment-scam-lawsuit/","credibility":2,"archive_timestamp":"2026-09-13T20:58:21+00:00"},{"url":"https://finance.yahoo.com/news/lawsuit-against-forex-broker-fxwinning-194400313.html","name":"Yahoo Finance - Lawsuit Against Forex Broker FXWinning, Is Being Globally Pursued by Renan Bastos Of CFT Solutions","type":"news_article","archive_url":"http://web.archive.org/web/20260913185412/https://finance.yahoo.com/news/lawsuit-against-forex-broker-fxwinning-194400313.html","credibility":2,"archive_timestamp":"2026-09-13T18:54:12+00:00"},{"url":"https://www.govinfo.gov/content/pkg/USCOURTS-flsd-1_23-cv-23139/pdf/USCOURTS-flsd-1_23-cv-23139-2.pdf","name":"U.S. District Court for the Southern District of Florida - Case No. 1:23-cv-23139 filing","type":"court_filing","archive_url":"https://web.archive.org/web/20260913210443/https://www.govinfo.gov/content/pkg/USCOURTS-flsd-1_23-cv-23139/pdf/USCOURTS-flsd-1_23-cv-23139-2.pdf","credibility":1,"archive_timestamp":"2026-09-13T21:04:43+00:00"},{"url":"https://www.wikifx.com/en/dealer/safety/fxwinning-safe-or-scam","name":"WikiFX - Is FxWinning Safe or a Scam? Review","type":"research","archive_url":"https://web.archive.org/web/20260913185917/https://www.wikifx.com/en/dealer/safety/fxwinning-safe-or-scam","credibility":3,"archive_timestamp":"2026-09-13T18:59:17+00:00"},{"url":"https://tradersunion.com/scam-or-safe/fxwinning-review/","name":"TradersUnion - Is FxWinning a Safe or Scam?","type":"research","archive_url":null,"credibility":3,"archive_error":"error:no-request","archive_status":"unarchivable","archive_timestamp":null}],"source_tags":[],"addresses":[],"reviewed":false,"reviewed_by":null,"model_used":"claude-code-investigator","created_at":"2026-09-13T17:09:10.775971+00:00","updated_at":"2026-09-14T01:17:47.59376+00:00"}}