DislikedThis is somehow funny: {quote} And this is also funny knowing that MFF was one of the best prop firms. All the rest is much worse than this: {quote}Ignored
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prop firm new model - my trading journey 871 replies
Anyone trading with a Prop firm 2 replies
So I accepted a Prop Trading job in South Beach Miami 43 replies
DislikedThis is somehow funny: {quote} And this is also funny knowing that MFF was one of the best prop firms. All the rest is much worse than this: {quote}Ignored
Disliked{quote} Of course they do, just go to their website and see what they are offering to trade within the US. {image}Ignored
Disliked{quote} Of course they do, just go to their website and see what they are offering to trade within the US. {image}Ignored
Disliked{quote} Of course they do, just go to their website and see what they are offering to trade within the US. {image}Ignored
DislikedSo no way that MFF can get out of this on 9/11. They are offering clearly CFDs on their own server for trading.Ignored
DislikedI read the whole court petition and this seems very bad for MFF and founder. They have to handle all assets to a temporary receiver in 10 days, which means that they won't have any funds any time soon. And charges include fraud for not disclosing or mislead people about several things: - That MFF win when customers win, which is false - That we trade in live market, which is false, except for a small minority - That commissions are real, which is false (it's just a way of taking a small amount from the account each time people trade) - That slippage...Ignored
Dislikedhe finally passed a live account then this happens. Couldve been with ftmo or 5 ers. There is story of one guy just purchased the challenge just 1 day before mff got freeze. If MFF bank was frozen, how can they refund those people. There is still no update if MFF was able to win over us and ca regulators. {image}Ignored
Release Number 8771-23
CFTC Charges “My Forex Funds” with Fraudulently Taking Over $300 Million From Customers Hoping to Become Professional Traders
Court Issues Restraining Order Instituting Asset Freeze
September 01, 2023
Washington, D.C. — The Commodity Futures Trading Commission today announced it filed a complaint in the U.S. District Court for the District of New Jersey against Murtuza Kazmi, formerly of Phillipsburg, New Jersey, and his companies, Traders Global Group Inc., a New Jersey corporation and Traders Global Group Inc., a Canadian business organization, all doing business as “My Forex Funds.” The complaint charges them with fraudulently soliciting customers to trade leveraged, margined, or financed retail foreign exchange (retail forex), and leveraged retail commodity transactions.
On August 29, U.S. District Court Judge Robert B. Kugler signed a statutory restraining order freezing the defendants’ assets; requiring the defendants to submit their books and records to examination by the CFTC; and appointing a temporary receiver. A hearing on the CFTC’s motion for preliminary injunction is scheduled for September 11 before Judge Zahid N. Quraishi in Trenton, N.J.
In its continuing litigation, the CFTC seeks restitution to defrauded investors, disgorgement of ill-gotten gains, civil monetary penalties, permanent trading and registration bans, and a permanent injunction against further violations of the Commodity Exchange Act (CEA).
“The CFTC’s case against the ‘My Forex Funds’ defendants is emblematic of our commitment to stamping out retail fraud in our markets,” said Director of Enforcement Ian McGinley. “Anyone offering or entering into leveraged retail forex contracts without registration, or offering or entering into leveraged retail commodity contracts off-exchange, is acting in clear violation of the law.”
Case Background
According to the complaint, the defendants, doing business as “My Forex Funds,” supposedly offered retail customers the opportunity to become “professional traders” by using Traders Global’s money to trade against third-party “liquidity providers” and share in any trading profits. They assured customers that “your success is our business,” and “we only make money when you do.” But, in reality, Traders Global—not a third-party “liquidity provider”—is the counterparty to substantially all customer trades.
The complaint also alleges that Traders Global actively minimizes the likelihood that customers trade profitably by using pretexts to terminate customer accounts, misleadingly assessing commissions that reduce customer account equity, secretly using specialized software to cause customer orders to be executed at worse prices than appeared to the customer at the time an order was sent, and handicapping the extremely small number of successful customers to decrease customer profits and increase customer losses.
DislikedOh, so they were doing what the regulated brokers under the CFTC are allowed to do....b-book and manipulate the software to increase customer losses.....why is Oanda and Forex.com allowed to do this?Ignored