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  • CFTC Charges “My Forex Funds” with Fraudulently Taking Over $300 Million From Customers Hoping to Become Professional Traders

    From cftc.gov

    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. ... (full story)

Oh no, they owe me $10k in payouts still.
I hope they win this. Hehe. Obvious i have a stake in this as that is the propfirm i used.
Trading is gambling. So gamble responsibly.
Quote
As the complaint noted, the Traders Global pitch has been successful, and more than 135,000 customers have signed up for their trading program since November 2021, paying at last $310 million in fees

Good marketing. How this was achieved? Paid trafic? Social media?
Quoting joyny
{quote} Good marketing. How this was achieved? Paid trafic?
Social media?
word of mouth
Trading is gambling. So gamble responsibly.
  •  Guest
  • | IP XX.XXX.16.50
People should allowed to do with their money what they want. The problem is myforexfunds was a shotty company and very clearly up to something. If you fear prop firms being hit, make that bank and fun your own account. They want us poor people.
The CFTC win rate at courts is around 90%. So not good odds for MFF to come out with a blue eye only.
Quoting TrAndy1
The CFTC win rate at courts is around 90%. So not good odds for MFF to come out with a blue eye only.
There goes my prop if true. Atleast now I'm with xm brokers. So far i am satisfied.
Trading is gambling. So gamble responsibly.
  •  Guest
  • | IP XXX.XXX.93.140
Unbelievable.... Thank god they got caught!!!!!!
when i was doing my DD on prop firms, something felt off about MFF. maybe it was the way the CEO posed.. no, for real, he be holding up his shades like he was trying to tell us "im shady"
Wow
Trade at your own risk.
  •  Guest
  • | IP XXX.XXX.218.20
Now what will happen to the traders registration fund? One who has paid for the challenge and are on the challenge? Will The CFTC ask MFF to refund the registered users with the challenge on going? also can we see the Live hearing of the court?
  •  Guest
  • | IP XXXX:5d8d:431d
You guys should read the charges filed by the CFTC! Generally I am against government intervention but MMF was doing some really shady shit. They quote test messages and emails where the executives are discussing people that are owed large distributions and brainstorming ways to avoid paying them. They were (according to CTFC) manipulating spreads and slippage to decrease chance of people winning challenges and were using money made from challenges to pay people, not actually making market trades based on their demo accounts......REALLY criminal behavior. I think those guys are pretty screwed. Not sure how this is going to effect all the other Firms. They can only do so much with firms not based in US or Canada like FTMO.
Quoting Sovy
{quote} There goes my prop if true. Atleast now I'm with xm brokers. So far i am satisfied.
Omg, with 100 to 1000 USD account, sure you are fine )))...XM here in Limassol is the top 3 worst company you can thing of and if yare happy, you are clooless in regards of trading and brokers.
Quoting TCentral
{quote} Omg, with 100 to 1000 USD account, sure you are fine )))...XM here in Limassol is the top 3 worst company you can thing of and if yare happy, you are clooless in regards of trading and brokers.
@.@ why the aggro.
Trading is gambling. So gamble responsibly.
especially with the 120 pip spread on NZD pairs just to get my sl and go back to 60 pips threw me off, worst investing in my forex journey. Zahid Quraishi sounds like some one with sharia background and I hope he rules against them.
  •  Guest
  • | IP XX.XX.250.234
I hope they are going to pay back our money, I lost almost $800 in challenges!
  •  Guest
  • | IP XXXX:28c9:7d4b
RECORD ALL YOUR TRADES FELLAS..... it'll help only make good cuz u aint gonna record all of them....blue guardian capital is doing the same !!!! my trades hit SL ....WITH OUT THE CHARTS EVER REACH IT AND MY TRADES CLOSE! its crazy ...
  •  Guest
  • | IP XXXX:c24:b360
Any updates on the hearing on 11 sept
  • New Comment
  •  Guest
  • | IP XX.XXX.56.209
Join FF
  • Story Stats
  • Posted: Sep 1, 2023 4:55pm
  • Submitted by:
     Newsstand
    Category: Forex Industry News
    Comments: 18  /  Views: 25,141