Belize Regulator Suspends Oasis Global FX Over Alleged Fraud

The IFSC took the step shortly after the firm was named in a CFTC investigation

The International Financial Services Commission Belize (IFSC) released a document on Wednesday saying that it has suspended the license of Oasis Global FX, S.A. (Oasis).

That suspension comes two weeks after Oasis was named as one of the companies that had helped facilitate an alleged Ponzi scheme in Florida.

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On April 22nd, the Commodity Futures Trading Commission (CFTC) announced that it was pursuing civil enforcement action in federal court in Florida against a number of companies and individuals.

According to the CFTC, the defendants raised approximately $75 million from over 700 investors. Of that $75 million, the defendants blew $47 million on flashy cars, large houses and expensive holidays.

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The CFTC claims that the alleged fraudsters promised investors massive returns from two foreign exchange (FX) investment pools. In its release announcing the civil enforcement action, the financial regulator said that the defendants did try to trade in the FX markets but lost all of the $21 million that they attempted to invest.

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One of the pools that they deposited money into was operated by Oasis.

And, the day after the CFTC said it would be pursuing enforcement action, the Belize regulator sent a letter to the company asking why it should not suspend its license to trade in financial and commodity-based trading instruments.

On Wednesday, the regulator released another statement saying that Oasis had not replied to its request and that it would be suspending the company’s trading license.

“After due consideration,” the regulator said in its statement, “the [ISFC] gives notice that the license granted to [Oasis]….is suspended until further notice.”

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