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  • #19,701
  • Sep 1, 2023 4:13pm Sep 1, 2023 4:13pm
Quoting KoyaAndy18
{quote} i think canada / us government legally stole the profits / funds of mff.
And they say MFF stolen our money !!

lol
Intraday only.
  • #19,702
  • Sep 1, 2023 4:13pm Sep 1, 2023 4:13pm
Quoting Capablanca
{quote} They may say that they just manage a videogame where people buy entries and have to pass several challenges. If passed they get virtual gaming accounts. If they have profits in those virtual gaming accounts they receive prizes equivalente to 80% of those virtual profits, which are paid with the money from the people that lost the games in the challenge phases. Then they demonstrate that this is not a ponzi because the money from people that lose challenge is more than enough to pay people that receive prizes.
Great. The only problem is that REAL funds were exchanged. Regulators regulate the particulars of monitory transactions. You want to call it video games or whatever, efforts have been made to trivialize fraud and the regulators have heard it all already.
  • #19,703
  • Sep 1, 2023 4:13pm Sep 1, 2023 4:13pm
I think it is impossible to get this regulated in the USA. They see an unregulated FX broker at MFF. And they are running also like Casino with their challenges. No way they will allow any Americans to the prop thingy. As consequence they will also shut down US based operations. On Canada the tone is much different, I do not know or cannot guess what will happen there. But again without any license and regulation they cannot proceed for the longer run for sure I guess. But again UK and EU jurisdiction is different. The worst thing what can happen that they will ban all those props sooner or later and then they all need to go very offshore. That would remain.
  • #19,704
  • Sep 1, 2023 4:14pm Sep 1, 2023 4:14pm
Quoting navk
{quote} I would say the attack on MFF in particular has some reasons. There are so many private firms.. all fuctioning correctly as per license ? It is like " catch MFF at any cost " and find reasons for the same.
Regulators also find test cases and then go after other companies once they have the bugs for how to deal with the test case worked out.
  • #19,705
  • Sep 1, 2023 4:16pm Sep 1, 2023 4:16pm
Quoting dantpm
{quote} Regulators also find test cases and then go after other companies once they have the bugs for how to deal with the test case worked out.
Yes, like the DOMINO EFFECT. If the biggest fail, the smaller ones come after. The next one would be TFTP for sure who they want to shutdown.
  • #19,706
  • Sep 1, 2023 4:17pm Sep 1, 2023 4:17pm
This is pretty specific:

The complaint charges them with fraudulently soliciting customers to trade leveraged, margined, or financed retail foreign exchange (retail forex), and leveraged retail commodity transactions.
  • #19,707
  • Edited 4:42pm Sep 1, 2023 4:17pm | Edited 4:42pm
Quoting dantpm
{quote} Regulators also find test cases and then go after other companies once they have the bugs for how to deal with the test case worked out.
It is lhow I am also supposed to say, " Test case "

lol.

I am also living in canada !!



Have courage to show fingers at your own officials too for making this kind of blunders. ( On an individual and clients all over the world )
Intraday only.
  • #19,708
  • Sep 1, 2023 4:18pm Sep 1, 2023 4:18pm
It's stupid to call this bad-faith
Quote
51. The drawdown rule is not intended, as Traders Global claims, to enforce good trading habits or “lock in” profits. The purpose of the drawdown rule is to provide Traders Global with a bad-faith pretext to disable customer accounts.

Some real (I think) stats:
Quote
64. A very small number of customers trading “live” accounts manage to trade profitably despite Traders Global’s attempts to handicap them. After identifying such customers, Traders Global may route some or all of these customers’ orders to an off-exchange leveraged forex and commodities dealer outside the U.S. (hereinafter, the “Dealer”). Traders Global refers to this as “STP’ing” a customer’s account; “STP” stands for “straight-through processing.”

65. STP’ing a customer is very rare. Of 24,000 customers with “live” accounts during the Relevant...
  • #19,709
  • Sep 1, 2023 4:20pm Sep 1, 2023 4:20pm
With " leveraged retail commodity transactions" the CFTC means the CFDs on products like Gold, Oil, Dow Jones for example. That is not allowed. Only Futures are possible, which then are under CFTC law.

The more I read the more I get the impression it is the slow death of an entire industry. Only some offshore props can survive in the end. But maybe for most persons it could be forbidden to take place or the offshore prop must deny lot of countries where people come from.
  • #19,710
  • Sep 1, 2023 4:23pm Sep 1, 2023 4:23pm
Quoting dantpm
This is pretty specific: The complaint charges them with fraudulently soliciting customers to trade leveraged, margined, or financed retail foreign exchange (retail forex), and leveraged retail commodity transactions.
In the event of MFF failing to convince regulators, the Government and regulators should take the responsibility to return the fees and profits earned to clients.

Only then the action taken by Regulator is justified.

Otherwise, they are playing a game on an individual ( CEO ) and all clients worldwide.
Intraday only.
  • #19,711
  • Sep 1, 2023 4:25pm Sep 1, 2023 4:25pm
Quoting navk
{quote} In the event of MFF failing to convince regulators, the Government and regulators should take the responsibility to return the fees and profits earned to clients. Only then the action taken by Regulator is justified. Otherwise, they are playing a game on an individual ( CEO ) and all clients worldwide.
Yes, I want my 10k payout. Then I do not bother anymore. I just move on and trade on other props until they are gone too.
  • #19,712
  • Sep 1, 2023 4:27pm Sep 1, 2023 4:27pm
Quoting navk
{quote} In the event of MFF failing to convince regulators, the Government and regulators should take the responsibility to return the fees and profits earned to clients. Only then the action taken by Regulator is justified. Otherwise, they are playing a game on an individual ( CEO ) and all clients worldwide.
They would return fees to clients or investors and seize any other funds left over.
  • #19,713
  • Sep 1, 2023 4:28pm Sep 1, 2023 4:28pm
I mean the damage is already there. No one would ever trust MFF anymore. They would need a lot of time to rebuild their reputation. Who wants to spend any fresh money on new challenges with MFF ? No one. And then they are just a matter of broke. Because all the profitable traders will have payouts until MFF runs out of cash. Even they win the case they are probably sooner or later gone.
  • #19,714
  • Sep 1, 2023 4:28pm Sep 1, 2023 4:28pm
Is there a chance that a number of firms that have already made a nice stack of cash from failed challenges might just shut down operations and disappear in order to not be present and accessible easily for the regulators to catch them?
Weekend now and Monday is a holiday some places, so On Tuesday, the prop landscape maybe a bit different.
  • #19,715
  • Sep 1, 2023 4:28pm Sep 1, 2023 4:28pm
Quoting TraderTero
Looks like CFTC and the CA regulator have a little bit different approach.
-Perhaps. But the question is very valid. If we are not classified as investors, then some claims will not be applicable.
  • #19,716
  • Sep 1, 2023 4:29pm Sep 1, 2023 4:29pm
Quoting dantpm
{quote} They would return fees to clients or investors and seize any other funds left over.
I bet it is not going to happen.

And Govt has no right to swindle profit earned by individuals.

( And what is the profit share between US and canada ?? )

lol
Intraday only.
  • #19,717
  • Sep 1, 2023 4:32pm Sep 1, 2023 4:32pm
Quoting OutThere
Is there a chance that a number of firms that have already made a nice stack of cash from failed challenges might just shut down operations and disappear in order to not be present and accessible easily for the regulators to catch them? Weekend now and Monday is a holiday some places, so On Tuesday, the prop landscape maybe a bit different.
Some actual promotions send out today may even help that. Stack money and close doors.
  • #19,718
  • Sep 1, 2023 4:33pm Sep 1, 2023 4:33pm
Quoting dantpm
{quote} They would return fees to clients or investors and seize any other funds left over.
And another question.

One client ( It can be you or me ) spent for ten challenges. Passed one challenge.

Will i /you be paid for all ten challenge fess ??

lol
Intraday only.
  • #19,719
  • Edited 4:50pm Sep 1, 2023 4:36pm | Edited 4:50pm
TrAndy left the court petition here (the second doc)

It is worth to read points from 79. to 96. the way they were dealing and analyzing winning traders.

It's very interesting to see those internal conversations
(btw, authorities had, somehow, access to internal communication which makes all of this very odd - apparently MFF knew about the investigation and thought it was safe).
  • #19,720
  • Sep 1, 2023 4:36pm Sep 1, 2023 4:36pm
I think I read somewhere when it comes to court in the US and CFTC or government body is involved the chance that the other side (MFF) wins is low single digit percentage.
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