{"investigation":{"slug":"the-conversion-pros-inc","entity_name":"The Conversion Pros Inc.","trust_score":2,"severity_base":null,"score_modifier":-16,"confidence":0.92,"status":"published","content_type":"investigation","summary":"The Conversion Pros, Inc. (TCP), a Nevada corporation formed in 2016 and run by CEO Ronald Pope, is named as a defendant in a September 2026 CFTC civil fraud complaint alongside Cash FX Group S.A. and its principals, which alleges TCP built and operated the 'back office' technology behind an over $950 million multilevel-marketing Ponzi scheme that cost participants at least $406 million. The complaint alleges Cash FX transferred at least $15.4 million to wallets controlled by 'Pope and/or TCP,' and that Pope appeared in promotional videos as an official representative of Cash FX. These are civil allegations that have not been adjudicated, and TCP and Pope have not publicly responded. A note on scope: this investigation covers only The Conversion Pros, Inc. and Ronald Pope's alleged role in it; Cash FX Group, its CEO Huascar Jose Lopez Castillo, and co-defendant Justin Halladay are separate subjects warranting their own review.","sections":[{"content":"On September 24, 2026, the U.S. Commodity Futures Trading Commission (CFTC) filed a civil enforcement complaint in the U.S. District Court for the Middle District of Florida, Jacksonville Division (Case No. 3:26-cv-02573), naming Cash FX Group S.A. and its CEO Huascar Jose Lopez Castillo; The Conversion Pros, Inc. (TCP) and its CEO Ronald Pope; and promoter Justin Halladay. The CFTC publicly announced the filing the following day, September 25, 2026. The complaint alleges that, from at least June 28, 2019 through at least December 20, 2023, the defendants operated a multilevel-marketing Ponzi scheme that fraudulently solicited and accepted over $950 million from more than 400,000 funded accounts (more than 6,000 belonging to U.S. residents), and that approximately 81% of participants collectively lost at least $406 million. The complaint alleges Cash FX engaged in, at most, de minimis forex trading and used new participant funds to pay purported returns to earlier participants. TCP is described as a Nevada corporation formed in 2016 with its principal place of business in Carson City, Nevada; it has never been registered with the CFTC, and Pope — a resident of Henderson, Nevada during the alleged scheme and later of Salem, Oregon — has also never been registered. The complaint alleges Pope served as TCP's President and CEO, operated and controlled TCP, and appeared in multiple videos as an official representative of Cash FX (including one captioned 'Ron Pope, Cash FX'), acting as an associated person (AP) of Cash FX. These are allegations in a civil complaint; no court has made findings of liability, and the defendants have not been found to have violated any law.","heading":"CFTC Civil Fraud Complaint (September 2026)","sources":[{"url":"https://www.cftc.gov/media/14676/ENF_CashFXCompliant092426/download","name":"CFTC v. Cash FX Group S.A. et al., civil complaint (Case No. 3:26-cv-02573, M.D. Fla., filed Sept. 24, 2026)","type":"court_filing","credibility":1},{"url":"https://www.cftc.gov/PressRoom/PressReleases/9304-26","name":"CFTC Press Release 9304-26: CFTC Charges Cash FX Group S.A., and CEO; Three Others With $950 Million Fraud Scheme","type":"regulatory","credibility":1},{"url":"https://www.mlex.com/mlex/financial-services/articles/2530322/cash-fx-conversion-pros-others-face-us-cftc-claims-over-alleged-ponzi-scheme","name":"Cash FX, Conversion Pros, Others Face US CFTC Claims Over Alleged Ponzi Scheme","type":"news_article","credibility":2},{"url":"https://www.investmentnews.com/regulation-legal-compliance/never-a-losing-day-cftc-alleges-950-million-forex-ponzi-scheme/268363","name":"Never a losing day: CFTC alleges $950 million forex Ponzi scheme","type":"news_article","credibility":2}],"severity":"critical"},{"content":"The complaint alleges that Cash FX engaged TCP to build and run the Cash FX 'back office' — the platform that recorded participant deposits, calculated commissions and purported trading returns, displayed account balances, and processed withdrawal requests — and that TCP's agreement with Cash FX provided that Cash FX would pay TCP a monthly fee for each active pool participant. The complaint alleges that, through accounts controlled by co-defendant Lopez, Cash FX transferred at least $15.4 million of misappropriated participant funds to wallets controlled by 'Pope and/or TCP,' with payments continuing at least through October 7, 2023; the complaint does not allege that the full $15.4 million went to Pope personally, only that it went to Pope and/or his company jointly or in the alternative. The CFTC further alleges Pope knew or was reckless in not knowing that the commissions he and TCP received were misappropriated because the underlying claim of profitable Cash FX forex trading was false.","heading":"TCP's Alleged Role in Cash FX's 'Back Office' and Payments to Pope/TCP","sources":[{"url":"https://www.cftc.gov/media/14676/ENF_CashFXCompliant092426/download","name":"CFTC v. Cash FX Group S.A. et al., civil complaint","type":"court_filing","credibility":1}],"severity":"critical"},{"content":"The complaint alleges that on or about February 26, 2021, Pope witnessed Lopez retroactively falsify Cash FX's trade return data. According to the complaint, an employee messaged Lopez and Pope that an 'admin' account had retroactively reduced a previous day's stated trade rate from 1.110% to 0.910%; Lopez reportedly called it a 'system glitch,' and the employee responded that logs showed it was Lopez's account and that a safeguard would be added. The complaint quotes Pope's reply as: 'So to be clear Wednesday 0.910% Thursday 1.110.' The CFTC cites this exchange as evidence that Pope was aware trade data was being manipulated. This is an unproven allegation from a civil complaint.","heading":"Alleged Internal Communications About Falsified Trade Data","sources":[{"url":"https://www.cftc.gov/media/14676/ENF_CashFXCompliant092426/download","name":"CFTC v. Cash FX Group S.A. et al., civil complaint","type":"court_filing","credibility":1}],"severity":"high"},{"content":"Multiple foreign regulators warned the public about Cash FX Group well before the CFTC's 2026 complaint, though these warnings targeted Cash FX Group rather than TCP or Pope by name. The UK Financial Conduct Authority (FCA) first published a warning about Cash FX Group on December 11, 2019, noting it may have been providing financial services without authorization. Australia's securities regulator, ASIC, issued a public alert on October 6, 2021, stating Cash FX Group appeared to be carrying on a financial services business likely to attract Australian consumers without the required licence. Other regulators, including in Ireland, South Africa, Norway, Sweden and the Bahamas, issued similar warnings in subsequent years. Separately, in approximately December 2024, ASIC reportedly added an entity called 'CFX Legacy' — described in secondary reporting as a suspected successor or 'recovery scam' targeting prior Cash FX Group investors, operating from the domain cfxlegacy.pro — to its investor alert list; the UK FCA updated its Cash FX Group warning page around August 2024 to reference CFX Legacy as well. This December 2024 ASIC action concerned CFX Legacy specifically, and available reporting does not establish any direct link between CFX Legacy and either TCP or Ronald Pope; this item rests on a single tier-3 secondary source (BehindMLM) that could not be independently verified against ASIC's own alert list, so it is flagged as low-confidence.","heading":"Prior Regulatory Warnings About Cash FX Group","sources":[{"url":"https://www.fca.org.uk/news/warnings/cash-fx-group","name":"FCA Warning: Cash FX Group","type":"regulatory","credibility":1},{"url":"https://asic.gov.au/about-asic/news-centre/articles/alert-suspicious-investment-opportunity-from-cash-fx-group/","name":"ASIC: Alert: Suspicious investment 'opportunity' from 'Cash FX Group'","type":"regulatory","credibility":1},{"url":"https://behindmlm.com/companies/cashfx-group/cfx-legacy-securities-fraud-warning-from-australia","name":"CFX Legacy securities fraud warning from Australia","type":"community_report","credibility":3}],"severity":"medium"}],"timeline":[{"date":"2016","event":"The Conversion Pros, Inc. is formed as a Nevada corporation, later maintaining its principal place of business in Carson City, Nevada.","source":"CFTC civil complaint","source_url":"https://www.cftc.gov/media/14676/ENF_CashFXCompliant092426/download"},{"date":"2018-05-22","event":"Cash FX Group S.A.'s predecessor, Dulop More Rich Investments, S.A., is incorporated in Panama.","source":"CFTC civil complaint","source_url":"https://www.cftc.gov/media/14676/ENF_CashFXCompliant092426/download","date_evidence":"was incorporated in Panama City, Panama, on May 22, 2018"},{"date":"2019-06-28","event":"Alleged start of the Cash FX/TCP scheme period, per the CFTC complaint.","source":"CFTC civil complaint","source_url":"https://www.cftc.gov/media/14676/ENF_CashFXCompliant092426/download","date_evidence":"From at least June 28, 2019 through at least December 20, 2023 (the \"Relevant Period\")"},{"date":"2019-07-24","event":"Dulop More Rich Investments, S.A. is renamed Cash FX Group S.A.","source":"CFTC civil complaint","source_url":"https://www.cftc.gov/media/14676/ENF_CashFXCompliant092426/download","date_evidence":"On July 24, 2019, Dulop More Rich Investments, S.A. was renamed Cash FX Group S.A."},{"date":"2019-12-11","event":"UK Financial Conduct Authority first publishes a consumer warning about Cash FX Group.","source":"FCA Warning: Cash FX Group","source_url":"https://www.fca.org.uk/news/warnings/cash-fx-group","date_evidence":"First published: 11/12/2019"},{"date":"2021-02-26","event":"Alleged internal exchange in which Pope is told trade return data was retroactively altered.","source":"CFTC civil complaint","source_url":"https://www.cftc.gov/media/14676/ENF_CashFXCompliant092426/download","date_evidence":"On or about February 26, 2021, Pope witnessed Lopez retroactively falsify trade return data."},{"date":"2021-10-06","event":"Australia's ASIC publishes a public alert about Cash FX Group.","source":"ASIC alert","source_url":"https://asic.gov.au/about-asic/news-centre/articles/alert-suspicious-investment-opportunity-from-cash-fx-group/","date_evidence":"6 October 2021"},{"date":"2022-10-27","event":"Cash FX Group begins dissolution, though the CFTC alleges it continued operating afterward.","source":"CFTC civil complaint","source_url":"https://www.cftc.gov/media/14676/ENF_CashFXCompliant092426/download","date_evidence":"On or about October 27, 2022, Cash FX began dissolution"},{"date":"2023-10-07","event":"Last alleged date on which Cash FX is said to have paid Pope and/or TCP.","source":"CFTC civil complaint","source_url":"https://www.cftc.gov/media/14676/ENF_CashFXCompliant092426/download","date_evidence":"Cash FX continued to pay Pope and/or TCP at least through October 7, 2023."},{"date":"2023-12-20","event":"Alleged end of the Relevant Period in the CFTC complaint.","source":"CFTC civil complaint","source_url":"https://www.cftc.gov/media/14676/ENF_CashFXCompliant092426/download","date_evidence":"From at least June 28, 2019 through at least December 20, 2023 (the \"Relevant Period\")"},{"date":"2024-12","event":"ASIC reportedly adds 'CFX Legacy,' a suspected Cash FX Group successor/recovery-scam operation, to its investor alert list (concerns CFX Legacy, not confirmed to involve TCP or Pope; sourced to a single tier-3 report).","source":"BehindMLM","source_url":"https://behindmlm.com/companies/cashfx-group/cfx-legacy-securities-fraud-warning-from-australia"},{"date":"2026-09","event":"CFTC civil complaint against Cash FX Group, TCP, Pope, Lopez and Halladay is filed in the U.S. District Court for the Middle District of Florida.","source":"CFTC civil complaint (docket stamp)","source_url":"https://www.cftc.gov/media/14676/ENF_CashFXCompliant092426/download","date_evidence":"Filed 09/24/26","date_original":"2026-09-24"},{"date":"2026-09-25","event":"CFTC publicly announces the lawsuit via press release.","source":"CFTC Press Release 9304-26","source_url":"https://www.cftc.gov/PressRoom/PressReleases/9304-26","date_evidence":"September 25, 2026"}],"sources_used":[{"url":"https://www.cftc.gov/media/14676/ENF_CashFXCompliant092426/download","name":"CFTC v. Cash FX Group S.A. et al., civil complaint (Case No. 3:26-cv-02573, M.D. Fla., filed Sept. 24, 2026)","type":"court_filing","credibility":1},{"url":"https://www.cftc.gov/PressRoom/PressReleases/9304-26","name":"CFTC Press Release 9304-26: CFTC Charges Cash FX Group S.A., and CEO; Three Others With $950 Million Fraud Scheme","type":"regulatory","credibility":1},{"url":"https://www.mlex.com/mlex/financial-services/articles/2530322/cash-fx-conversion-pros-others-face-us-cftc-claims-over-alleged-ponzi-scheme","name":"Cash FX, Conversion Pros, Others Face US CFTC Claims Over Alleged Ponzi Scheme","type":"news_article","credibility":2},{"url":"https://www.investmentnews.com/regulation-legal-compliance/never-a-losing-day-cftc-alleges-950-million-forex-ponzi-scheme/268363","name":"Never a losing day: CFTC alleges $950 million forex Ponzi scheme","type":"news_article","credibility":2},{"url":"https://www.fca.org.uk/news/warnings/cash-fx-group","name":"FCA Warning: Cash FX Group","type":"regulatory","credibility":1},{"url":"https://asic.gov.au/about-asic/news-centre/articles/alert-suspicious-investment-opportunity-from-cash-fx-group/","name":"ASIC: Alert: Suspicious investment 'opportunity' from 'Cash FX Group'","type":"regulatory","credibility":1},{"url":"https://behindmlm.com/companies/cashfx-group/cfx-legacy-securities-fraud-warning-from-australia","name":"CFX Legacy securities fraud warning from Australia","type":"community_report","credibility":3},{"url":"https://www.financemagnates.com/forex/cftc-sues-cash-fx-over-alleged-950-million-forex-ponzi-scheme/","name":"CFTC Sues Cash FX over Alleged $950 Million Forex Ponzi Scheme","type":"news_article","credibility":2}],"source_tags":[],"addresses":[],"reviewed":true,"reviewed_by":null,"model_used":"claude-code-investigator","created_at":"2026-09-30T17:06:27.90242+00:00","updated_at":"2026-11-02T18:00:34.181+00:00"},"source_quality":{"total":8,"tier1":4,"tier2":0,"tier3":0,"unrated":4},"follower_count":null,"content_updated_at":"2026-11-02T18:00:34.941Z","last_fact_checked_at":"2026-11-02T18:00:34.504Z","fact_check_next_allowed_at":"2026-11-09T18:00:34.504Z","update_next_allowed_at":"2026-11-09T17:13:46.506Z"}