Scammers in Ireland say their Ponzi scheme “alleviates homelessness.”
How could a Ponzi scheme with unmanageable ROI liabilities serve the homeless?
According to John Mooney of the Sunday Times, advocates of an unregulated get-rich-quick cryptocurrency scheme are raising money for Irish homelessness.
Declan Dowling is CashFX Group’s Irish face, says Mooney. Dowling claims he is utilizing CashFX to “rid Ireland of homelessness” through supporting the Homefullness (Ireland) Project, or HPI.
Dowling seems to be targeting Ireland’s homeless, but it’s actually a “charity” scam.
Dowling recommended individuals invest in CashFX rather than a bank account to assist with humanitarian initiatives. In another video, Dowling stated that he made millions from the plan.
That’s it. Suggest anything to sign up new suckers and steal money.
That’s how MLM Ponzi schemes work. Homeless aid is a disgusting marketing ploy.
Homefullness (Ireland) Project isn’t a registered charity, as expected. In July 2021, the Central Bank of Ireland warned about CashFX Group fraud. Scammers like Dowling have not yet been punished.
CashFX Group is slow month-to-month. Over 1 million people visit the Ponzi scheme’s website monthly. Due to Dowling’s efforts, CashFX Group investor recruitment in the UK has surged.
SimilarWeb says the UK is CashFX Group’s biggest traffic source (24 percent). In February, the UK ranked fourth. Early in December 2019, UK authorities warned of CashFX Group fraud.
In mid-2021, Financial Mail’s Tony Hetherington contacted the FCA about CashFX Group promoter Jojar Dhinsa (FCA).
The FCA regulates securities fraud in the UK.
Mark Steward, Head of Enforcement, wouldn’t say why the FCA hadn’t gone after CashFX Group promoters for financial fraud.
Dhinsa promotes CashFX Group to support the destitute. “Impacting a Million Lives” is Dhina’s scam.
I assume Dowling’s blatant charity marketing is fashioned after this.
Declan Dowling’s CashFX Group comments show his charity scam is a tax avoidance. Since the Homefullness (Ireland) Project isn’t a registered charity, I think Declan is using shell businesses to launder money.
Ireland’s “Charities Regulator” oversees charities. Given Homefullness Project isn’t a registered charity, they told John Mooney. They’re following the FCA’s lead on aggressive fraud regulation.