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  • #20,741
  • Sep 5, 2023 12:49pm Sep 5, 2023 12:49pm
Quoting Takisd
{quote} I understand you watch a lot of TV, but dude has everything frozen, literally. Whether you agree with anyone or not its ok, but don't like build up this big criminal mastermind case. Whether he has a toyota rav 4 or a bugatti isn't relevant to the story, its just built to make an image just as you are portraying and make sure that maximum pressure and damage is done. If someone has a profit of "approximately" 100 m, should they not have luxury items? Forget the whole stashed away godfather tier fantasy. Focus on the facts that we know, and...
I haven't watched TV in well over 15 years. Own 2 big ones but they are unplugged. Pipmaster was saying he is watching 5th season of something on Netflix. Means nothing to me. How come you are not directing your jabs to obvious places? "Focus on the facts that we know and not making up facts that aren't shown anywhere" right back at you.
There is a huge chunk of cash in Kazmi's possession. How did it end up there? Proceeds of crime or not? That is why there is an investigation. No one knows how much and how it got there in 2.5 years.
  • #20,742
  • Sep 5, 2023 12:50pm Sep 5, 2023 12:50pm
Quoting Takisd
I would be very surprised if this plays out in court, but I was shocked they released the allegations pre court. CFTC isn't really keen on settling things in court.
Right, they settle most cases out of court.
Quite clear already what the end result will be.
  • #20,743
  • Sep 5, 2023 12:52pm Sep 5, 2023 12:52pm
Quoting OutThere
{quote} I haven't watched TV in well over 15 years. Own 2 big ones but they are unplugged. Pipmaster was saying he is watching 5th season of something on Netflix. Means nothing to me. How come you are not directing your jabs to obvious places? "Focus on the facts that we know and not making up facts that aren't shown anywhere" right back at you. There is a huge chunk of cash in Kazemi's possession. How did it end up there? Proceeds of crime or not? That is why there is an investigation. No one knows how much and how it got there in 2.5 years.
You already know how he got that money, he ran a prop firm called Myforexfunds its not a question really. The question mark is not how he got the money, its whether the business itself is a crime or code violation.
  • #20,744
  • Sep 5, 2023 12:53pm Sep 5, 2023 12:53pm
Quoting OutThere
{quote} Just my opinion that your kind of argument is suitable for common folks. You may be able to convince someone who needs a bit of push to fall to one side or another with saying something like 'he bullshit disguise of "protecting the consumer"' or "The government preys on the naive" but that won't fly as a defense in court where MFF has to go.
Oh I know it won't fly as a defense in court. It is the reality though. The government, the media, the drug companies all run by the elite 1%. I know you don't believe it, and that's fine, still doesn't change it.
  • #20,745
  • Sep 5, 2023 12:56pm Sep 5, 2023 12:56pm
Quoting OutThere
{quote} I haven't watched TV in well over 15 years. Own 2 big ones but they are unplugged. Pipmaster was saying he is watching 5th season of something on Netflix. Means nothing to me. How come you are not directing your jabs to obvious places? "Focus on the facts that we know and not making up facts that aren't shown anywhere" right back at you. There is a huge chunk of cash in Kazmi's possession. How did it end up there? Proceeds of crime or not? That is why there is an investigation. No one knows how much and how it got there in 2.5 years.
I have read the documents about 20 times. Which facts have i gotten wrong mate? Happy to correct them. Please be sure to point them out.
  • #20,746
  • Sep 5, 2023 12:59pm Sep 5, 2023 12:59pm
Quoting pipmaster77
{quote} I posted the other day, if I was MFF lawyers, I would be gathering the evidence demonstarting that all of the "regulated" brokers under their regulation do THE EXACT SAME THING. That is EXACTLY the argument.
Wondering, would this help MFF while perhaps simultaneously killing other prop firms? Or does every firm not registered with the CFTC get levied a fine and the well-off firms hang in? I'm okay with MFF's hand getting slapped, but I do not want the industry to die a rapid death or be told as an American that I can't buy any non-US firm challenges. I guess we'll know more in a week or so.
  • #20,747
  • Sep 5, 2023 12:59pm Sep 5, 2023 12:59pm
Quoting Takisd
Can't believe I sat through the 5ers ceo interview. Yikes.
Could you please tell me what your impressions were? I've been thinking about buying a challenge from them for some time, but this whole episode involving the MFF made me apprehensive.
  • #20,748
  • Sep 5, 2023 1:04pm Sep 5, 2023 1:04pm
Quoting pipmaster77
{quote} Of course they will not go that route. You really don't get it. #1. More than likely, the brokers (losing tons of money due to props) have been lobbying for this #2. Those are brokers they supposedly "regulate" and let get away with far worse than MFF on a daily basis. Certainly wouldn't be a good look.
Ok, so the gov of the land made some rules for people and corporations to play by. Lobbying for change if done correctly is allowed. Regulating and letting operations while within those rules are allowed. MFF and anyone else wanting to do business can do so as long as they are within those official agency and other gov rules.

You are saying you don't respect those rules and you can do as you wish because you are aware of how wrong they are.

Well, I am afraid, your participation in the affairs of such a country may hit some opposition by going against the country's rules. Then you'd have to lawyer up and fight the system unless you also believe in physically attacking the gov for coming up with those rules.

Sound a whole lot like the orange balloon's way of thinking and I am not surprised.
  • #20,749
  • Sep 5, 2023 1:08pm Sep 5, 2023 1:08pm
Quoting ForexGalVA
{quote} Wondering, would this help MFF while perhaps simultaneously killing other prop firms? Or does every firm not registered with the CFTC get levied a fine and the well-off firms hang in? I'm okay with MFF's hand getting slapped, but I do not want the industry to die a rapid death or be told as an American that I can't buy any non-US firm challenges. I guess we'll know more in a week or so.
Unfortunately, that will probably be the outcome. Just like we are shielded, er, I mean protected from all of the great regulated brokers of the world.
  • #20,750
  • Sep 5, 2023 1:08pm Sep 5, 2023 1:08pm
Quoting OutThere
The fact that there was no real market but real money was sent and lost and paid out is obviously makes the whole thing very much a Ponzi.
Its doesn't make it a Ponzi. It makes it a videogame with prizes for the winners.

The proof is that revenues were 300M and costs, including those "prizes", were less than 200M.

So, it was a sustainable videogame business as long as MFF would exist and not a Ponzi.
  • #20,751
  • Sep 5, 2023 1:11pm Sep 5, 2023 1:11pm
Quoting Takisd
{quote} You already know how he got that money, he ran a prop firm called Myforexfunds its not a question really. The question mark is not how he got the money, its whether the business itself is a crime or code violation.
Based on VI. RELIEF REQUESTED it looks more like code violation. No mention for example about wire fraud which is usually part of more serious crimes.
  • #20,752
  • Sep 5, 2023 1:11pm Sep 5, 2023 1:11pm
Quoting antoniorssn
{quote} Could you please tell me what your impressions were? I've been thinking about buying a challenge from them for some time, but this whole episode involving the MFF made me apprehensive.
To be honest, I wouldn't be buying any prop firm account right now. We don't know if there is a cascade behind this. When the brokerage armageddon happened, it started with 1, then it was approximately 100 after that. All for soliciting US citizens and all sued by the CFTC very few of them US companies.
  • #20,753
  • Sep 5, 2023 1:14pm Sep 5, 2023 1:14pm
Quoting Takisd
And is it to an extent where people thought they were investing in something that wasn't written on their website instead of not understanding they are a contracted trader on company funds? What is the deceit exactly?
The deceit for me is clear. People were playing a videogame and not entering in a traditional prop business.

I would not be surprised that the majority of people were really mislead to think that they were dealing with real money, real broker, real market conditions.
  • #20,754
  • Sep 5, 2023 1:14pm Sep 5, 2023 1:14pm
Quoting Takisd
{quote} To be honest, I wouldn't be buying any prop firm account right now. We don't know if there is a cascade behind this. When the brokerage armageddon happened, it started with 1, then it was approximately 100 after that. All for soliciting US citizens and all sued by the CFTC very few of them US companies.
Thanks Taskid for the advice.
  • #20,755
  • Sep 5, 2023 1:16pm Sep 5, 2023 1:16pm
Quoting Capablanca
{quote} The deceit for me is clear. People were playing a videogame and not entering in a traditional prop business. I would not be surprised that the majority of people were really mislead to think that they were dealing with real money, real broker, real market conditions.
Maybe, but where is the intent. Most would attest to them paying out the biggest, the most and for amongst the longest (with few paying out as long as them). I guess that created an illusion that every trade was real? But wouldn't it be a breach of fiduciary duty if you took that route and lost all the money and closed the company whilst knowing that the best route to take to manage the companies risk was the route taken.
  • #20,756
  • Sep 5, 2023 1:17pm Sep 5, 2023 1:17pm
Quoting OutThere
{quote} Ok, so the gov of the land made some rules for people and corporations to play by. Lobbying for change if done correctly is allowed. Regulating and letting operations while within those rules are allowed. MFF and anyone else wanting to do business can do so as long as they are within those official agency and other gov rules. You are saying you don't respect those rules and you can do as you wish because you are aware of how wrong they are. Well, I am afraid, your participation in the affairs of such a country may hit some opposition by...
and you think the exact opposite and I'm not surprised either.
I'm not saying rules and laws shouldn't exist, it's actually your side that thinks more that way.
What I am saying is these particular regulators do ntohing for you, I or the average citizen wishing to make money in the forex market.
  • #20,757
  • Sep 5, 2023 1:19pm Sep 5, 2023 1:19pm
Quoting Takisd
{quote} To be honest, I wouldn't be buying any prop firm account right now. We don't know if there is a cascade behind this. When the brokerage armageddon happened, it started with 1, then it was approximately 100 after that. All for soliciting US citizens and all sued by the CFTC very few of them US companies.
and to my point........that benefited who exactly? Not me, not you, not anybody on this website.
  • #20,758
  • Sep 5, 2023 1:20pm Sep 5, 2023 1:20pm
I'd just like to say, even with outthere participating this conversation is quite interesting.
  • #20,759
  • Sep 5, 2023 1:21pm Sep 5, 2023 1:21pm
Quoting Capablanca
{quote} Its doesn't make it a Ponzi. It makes it a videogame with prizes for the winners. The proof is that revenues were 300M and costs, including those "prizes", were less than 200M. So, it was a sustainable videogame business as long as MFF would exist and not a Ponzi.
You are right about that but these props aren't operating under videogame industry's rules. There is no financial videogame industry and no cross engagement of the trading and videogame industry that I know of.
Doing something illegal or at least shady grey under the umbrella of one industry and when caught claiming they were playing under an imaginary industry's rules isn't going to get them anywhere but OK for non-consequential arguments on a a financial entertainment site such as FF.
  • #20,760
  • Sep 5, 2023 1:27pm Sep 5, 2023 1:27pm
If they say that MFF rules were intended for people to fail, then they should look at the funded futures sector. Nearly everyone of them have rules akin to landmines that ensure failure. DD rules included, insane profit limit rules, etc. FX Prop pales in comparison.
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