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  • #19,621
  • Sep 1, 2023 12:49pm Sep 1, 2023 12:49pm
But I heard Canada is also very strict about Casino licenses, if they (MFF) need such a license.
  • #19,622
  • Sep 1, 2023 12:50pm Sep 1, 2023 12:50pm
Quoting tue5
{quote} I just read their statement from August 25th now. It doesn't seem very logical why they would think of anything else when they can block the cheaters. It's like killing the goose that lays the golden eggs. Moreover, the part at the end of the statement that says, "To the cheaters, expect an email shortly." I wonder if the emails were sent and if they achieved their purpose. How relevant could it be to today's situation if they were sent? {image}
In order to make a solid case, the regulators pose as customers and engage the suspect in all sorts of conversations. The regulator then says they received a complaint from a would-be customer of yours....or several. they don't even need actual customers to say anything cause those customers are just deceived investors.
I doubt there is anything illegal about this method.
Like I have said, they have fully investigated MFF and know a lot already. The language counting out the accusations is very strong and determined. It is a matter of the firm turning over it's own docs and confess to everything to see if all sides match. If MFF hides or withholds anything, then watch out.
  • #19,623
  • Sep 1, 2023 12:52pm Sep 1, 2023 12:52pm
Quoting pipmaster77
{quote} So I will use FXIFY and the 5%ers high stakes to begin replacing for now. I only use one firm in the US (TFTP) and everything I do moving forward will be in jurisdictions I deem safe. Of course, anything can happen, but we can be proactively smart about things.

their customer service just sopped talking to me when i asked if they will stay alive for couple of years LOL.....not professional at all

ok , i am done with these liars....if MFF was everyone is! and maybe my English is not that good but what more do you need to do 1+1?

 

  1. For the vast majority of myforexfunds.com investors, trading is simulated by TGG with various rules in place designed to benefit TGG to the detriment of investors;
  2. TGG and Kazmi may have used money received from investors to pay simulated “profits” to other investors and for Kazmi’s personal expenses;

  • #19,624
  • Sep 1, 2023 12:52pm Sep 1, 2023 12:52pm
I do not get it, nearly no one is complaining about MFF except those regulators. So their customers are to 99% happy with the business. It would be too strange to shut down all for a longer time, really.

And I think they pay a lot of taxes to Canada too. If the regulators cannot prove any damages to the consumers/challengers, they would only harm themselves.
  • #19,625
  • Sep 1, 2023 12:56pm Sep 1, 2023 12:56pm
Quoting OutThere
Those charges look very very bad. Just because there is a short expiry, it doesn't mean it will not be extended indefinitely. A world of pain awaits the dude.
-To be fair, these are not charges. This is investigative-only at this point; nothing definitive.

MFF is not stupid. They have a legal team that advises them. It does not matter too much to me, either way, but I do think that there is a lot of speculation here that is based on assumptions.
  • #19,626
  • Sep 1, 2023 1:02pm Sep 1, 2023 1:02pm
FYI I stopped posting here because I am involved since begin this year with a hedge fund. Expecting a payout for August around $14k this month.
But I recently took MFF challenges and now are fully funded and expecting a payout too. So this is concerning me and I am back here (at least for the short time).
  • #19,627
  • Sep 1, 2023 1:04pm Sep 1, 2023 1:04pm
Even though I don't understand this thread, I can surmise what will probably happen. Most prop firms will be shut down due to regulation leaving only 1 left like a forex.com under Obama after mbtrading, fxcm, dbfx, and every other firm got regulated out of the US. They don't want people getting out the slave like jobs they work. Probably zero will be left. Even if you're a really good trader with a 99% win rate, in this environment, you'll still be seeking a 9 to 5 no matter what. The UK will be fine because they have always been a better environment for business regardless of what political environment.
  • #19,628
  • Sep 1, 2023 1:05pm Sep 1, 2023 1:05pm
Quoting pipmaster77
{quote} hmmmm....dated the 29th, yet they were taking $$$$ through the 31st. Big takeaway....the order expires in 15 days, unless they extend it. So, if they prove no wrong doing, they will be back up rather quickly. However, reading the accusations, they are pretty much guilty of ALL of them. Another takeaway....atleast we know it's legit and not fabricated by MFF.

hehehe at least we know they said one truth...and the past 3 years were just professional LIE

how great.

why are you all in denial? how will they prove no wrongdoing!?? how is that even possible to be true to claim you pay out 100 mio per year!!! get real folks
  • #19,629
  • Sep 1, 2023 1:05pm Sep 1, 2023 1:05pm
Quoting TrAndy1
I do not get it, nearly no one is complaining about MFF except those regulators. So their customers are to 99% happy with the business. It would be too strange to shut down all for a longer time, really. And I think they pay a lot of taxes to Canada too. If the regulators cannot prove any damages to the consumers/challengers, they would only harm themselves.
I imagine their tax bill is immense, but is MFF a Ponzi? What proportion of traders are backed in the live market, and do profits satisfy payout demands. Hopefully Nebby can locate the court documents in the future that contain the answers.
  • #19,630
  • Sep 1, 2023 1:05pm Sep 1, 2023 1:05pm
And I did not needed any prop firm. The hedge fund pays 100% always and they have better rules, which are only soft of course. But now I started to increase my income with more prop firms, recently got $1.4 million in live funds and was adding another 1.2 million. And I have been profitable every month this year.
  • #19,631
  • Sep 1, 2023 1:07pm Sep 1, 2023 1:07pm
Quoting Ivy77
{quote} their customer service just sopped talking to me when i asked if they will stay alive for couple of years LOL.....not professional at all ok , i am done with these liars....if MFF was everyone is! and maybe my English is not that good but what more do you need to do 1+1? For the vast majority of myforexfunds.com investors, trading is simulated by TGG with various rules in place designed to benefit TGG to the detriment of investors; TGG and Kazmi may have used money received from investors to pay simulated “profits” to other investors and...
That's not a surprise. We've been talking about that for years in this topic. It's obvious that the business model of props is to do payout mostly with fees from failed challenges.
  • #19,632
  • Sep 1, 2023 1:08pm Sep 1, 2023 1:08pm
Quoting Capablanca
{quote} That's not a surprise. We've been talking about that for years in this topic. It's obvious that the business model of props is to do payout with fees from failed challenges.
To me it looks like a Casino model, to which then they need such Casino license. Hope that is all.

With the hedge fund I am only trading live and executing all trades live. That is different.
  • #19,633
  • Sep 1, 2023 1:10pm Sep 1, 2023 1:10pm
Quoting Nsak3y
{quote}-To be fair, these are not charges. This is investigative-only at this point; nothing definitive. MFF is not stupid. They have a legal team that advises them. It does not matter too much to me, either way, but I do think that there is a lot of speculation here that is based on assumptions.
They are not charges but each line is the title of the subject of an investigation.
MFF is being investigated on multiple charges spanning several years involving many traders and their business conducted globally.
It will be a long time before any result is published. It is not an open and shut case.

Look, I was the target of a mighty regulator (to remain unnamed) a decade ago. That's how I know how it works. I was completely exonerated because I hadn't done anything to even garner any charges whatsoever. At the end I got to personally ream the enforcing officer in charge and literally yell at her and insult everything they stood for right in their headquarters....boy that felt good.
  • #19,634
  • Sep 1, 2023 1:21pm Sep 1, 2023 1:21pm
There is value in such prop firms. You do not have to risk your own money for the full available max. drawdown. That is the good thing. If the regulators are realizing that, that is a good thing to customers, I hope they will let it be like it is after the 15th this month. For me I would need to risk over $140k own money versus just doing a few challenges to get those drawdowns. No way I would change that except I had too many millions on own funds for personal account, so those props would be too small for me. There are several $3 million funded traders around those props nowadays, for traders who can do it consistently. There is real value in those props.

Those regulators would be stupid to try to shutdown such an entire industry, when there is win (prop) win (customer) win (government for taxes) situation.
  • #19,635
  • Sep 1, 2023 1:39pm Sep 1, 2023 1:39pm
Quoting Capablanca
{quote} Why do you say "Need to find their notice as well.". As far as I understood this case, by now, is only related with Canadian supervision, right ? Or is there 2 cases in simultanous ?
Yes, CFTC is involved as well. I assume CFTC, they described it as commodities regulator from the US. Hearing with them is prior to the one in Canada.
  • #19,636
  • Sep 1, 2023 1:46pm Sep 1, 2023 1:46pm
Quoting pipmaster77
{quote} Yes, CFTC is involved as well. I assume CFTC, they described it as commodities regulator from the US. Hearing with them is prior to the one in Canada.
Maybe soon you need an offshore entity to take part on challenges at such prop firms. Being American with the strictest regulation worldwide by distance is not the best place, you know. Just make a Cayman limited and you could take part on all props worldwide (and also brokers or ?) I think, as example.
  • #19,637
  • Sep 1, 2023 1:47pm Sep 1, 2023 1:47pm
Quoting pipmaster77
{quote} Yes, CFTC is involved as well. I assume CFTC, they described it as commodities regulator from the US. Hearing with them is prior to the one in Canada.
Where is that mentioned ? In their announcement they only speak about Ontario hearing.
  • #19,638
  • Sep 1, 2023 1:48pm Sep 1, 2023 1:48pm
Quoting Capablanca
{quote} Where is that mentioned ? In their announcement they only speak about Ontario hearing.
They say 11th September (the MFF plane is crashing 9/11 LOL) in the US court and later that week in Canada.
  • #19,639
  • Sep 1, 2023 1:56pm Sep 1, 2023 1:56pm
Quoting Ivy77
{quote} their customer service just sopped talking to me when i asked if they will stay alive for couple of years LOL.....not professional at all ok , i am done with these liars....if MFF was everyone is! and maybe my English is not that good but what more do you need to do 1+1? For the vast majority of myforexfunds.com investors, trading is simulated by TGG with various rules in place designed to benefit TGG to the detriment of investors; TGG and Kazmi may have used money received from investors to pay simulated “profits” to other investors and...
These are normal legal notice wordings.
Intraday only.
  • #19,640
  • Sep 1, 2023 2:02pm Sep 1, 2023 2:02pm
Quoting navk
{quote} These are normal legal notice wordings.
Those aren't normal legal notice wordings. That is the language of pyramid schemes intended to defraud investors.
An intermediary can charge you a fee for services or invest your money. It is either one or the other. They cannot use your 'money' for various purposes.
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