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  • #19,781
  • Sep 1, 2023 11:09pm Sep 1, 2023 11:09pm
Quoting navk
{quote} In the court of Law, Ignorance is accepted. The defendant is appearing before the court of law and not disappearing. It is just a matter of discussion here. Neither yours nor my suggestion will be taken by Lawyers. They know the way. At the end, by some way..our fee and profits should come back. If it is MFF, i am sure we shall get all. But by regulators, will it happen and how long ? We shall wait and see.
Is it important that they have enough liquidity to pay fees and interest?
  • #19,782
  • Sep 1, 2023 11:20pm Sep 1, 2023 11:20pm
Couple of things. i am not sure why people here is saying MyFF is fraud. By this logic Forex.com, Oanda is also fraud. If CFTC is so worried about spread manipulation They have double commissions. How they are fraud? They are paying regularly without any issue. Did CFTC ever investigated during swiss tsunami FOREX.COM earned whooping 50-100 million in a day while their so called client protected by REGULATED CFTC has lost deposits? How B-Booking is wrong.
Fraud is only when you dont pay why do I care if somebody makes more money?
  • #19,783
  • Sep 1, 2023 11:25pm Sep 1, 2023 11:25pm
Quoting bluesteele
{quote} Not to be harsh but I suggest you brush up on your first year law,,what you said is simply wrong. No fees will come back from MFF and very unlikely from government either US or Canada...there is no deposit guarantee FDIC or CDIC in this arena... Don't get your hopes up. It is a fundamental legal principle in the U.S./Canada that ignorance of the law is no defense. If ignorance were accepted as an excuse, any person charged with a criminal offense could claim ignorance to avoid the consequences. CANADA: Ignorance of the law 19 Ignorance of...

Makes me wonder Kev whether this was in the know for a while and with prop firms mostly removing time constraints to complete challenges etc they are pushing this as far as they can knowing that the end is in sight.
Once one goes, they’ll all go.

Andy
  • #19,784
  • Sep 1, 2023 11:30pm Sep 1, 2023 11:30pm
Quoting bluesteele
{quote} Not to be harsh but I suggest you brush up on your first year law,,what you said is simply wrong. No fees will come back from MFF and very unlikely from government either US or Canada...there is no deposit guarantee FDIC or CDIC in this arena... Don't get your hopes up. It is a fundamental legal principle in the U.S./Canada that ignorance of the law is no defense. If ignorance were accepted as an excuse, any person charged with a criminal offense could claim ignorance to avoid the consequences. CANADA: Ignorance of the law 19 Ignorance of...
if fees are not paid back, what sort of protection is offered to us as Investors?
That is all and that is how done?
Fee guarantee is there from all firms if some one passes.
No fee guarantee from regulators who call themselves protectors of Investots.
This is not one among in Law college.
Joke and strange
Intraday only.
  • #19,785
  • Sep 1, 2023 11:30pm Sep 1, 2023 11:30pm
Quoting sampat
Couple of things. i am not sure why people here is saying MyFF is fraud. By this logic Forex.com, Oanda is also fraud. If CFTC is so worried about spread manipulation They have double commissions. How they are fraud? They are paying regularly without any issue. Did CFTC ever investigated during swiss tsunami FOREX.COM earned whooping 50-100 million in a day while their so called client protected by REGULATED CFTC has lost deposits? How B-Booking is wrong. Fraud is only when you dont pay why do I care if somebody makes more money?
I agree. If they view this as fraud, then all of their "regulated" bullshit brokers are as well. The regulators just do what they want, when they want......THEY ARE PROTECTING NOBODY. Folks that lost in MFF will find somewhere else to lose.....probably at a regulated broker.
Most aren't aware, but there is absolutely NO PROTECTION of your monies with a CFTC "regulated" broker, yet they prevent US citizens from trading with brokers regulated under other regulatory bodies worldwide where your funds are protected. Just this one item, never mind all of the bullshit the brokers under their regulation get away with....just this one thing regarding protection of funds should make everyone realize they have ZERO, NADA,ZILCH interest in protecting anyone. Once again, more alphabet agencies run by the elite to keep the wealth with the elite.
They should be prosecuted for fraud for fraudulently claiming they are trying to protect us.
Man, do I hate fucking government.
  • #19,786
  • Sep 1, 2023 11:33pm Sep 1, 2023 11:33pm
Quoting navk
{quote} if fees are not paid back, what sort of protection is offered to us as Investors? That is all and that is how done? Strange
Do you think they are doing it for investor? If so you are ignorant just kidding . They will get 300 million. If they have cared about investors forex.com and oanda would have been shuttled down years back because of their shady practices.
  • #19,787
  • Sep 1, 2023 11:38pm Sep 1, 2023 11:38pm
Quoting sampat
{quote} Do you think they are doing it for investor? If so you are ignorant just kidding . They will get 300 million. If they have cared about investors forex.com and oanda would have been shuttled down years back because of their shady practices.
i agree.
It is so called Regulators then.
Intraday only.
  • #19,788
  • Sep 1, 2023 11:41pm Sep 1, 2023 11:41pm
Another Data point to keep in mind is the CFTC SEC win 85-90% of their cases.
Probabilites backed up by data are what I trade every single day,,, I certainly would be wagering on the CFTC's side
despite my emotions that told me Hey MFF seems like a great company..

As for Canada,,,its a tight ass environment for traders...How many FX/CFD brokers dont allow Canadian residents.
especially from BC (my location) so many traders gravitate to offshore brokers...

Europe can be difficult as well...As for this "prop industry" becoming regulated..I dont see it..THe business model
is Ponzi based...Just as the CFTC lays out in the complaint. Personally as long as they pay thats all that matters.
But law is different and models based on this will get hammered by Govt..Who will at some point impose law aimed
at curtailing these firms...

What will be left is "true" prop firms which now operate within the current laws... Like SMB....and these
new so called Prop firms will most likely still exist but gravitate to offshore.

Just my opinion

Blue
Master your Mind,,,Master the Market
  • #19,789
  • Sep 1, 2023 11:41pm Sep 1, 2023 11:41pm
The recent posts suggest me that the regulators do nothing to Investors but for themselves.
I dunno who is fraud here
Intraday only.
  • #19,790
  • Sep 1, 2023 11:47pm Sep 1, 2023 11:47pm
Quoting navk
{quote} if fees are not paid back, what sort of protection is offered to us as Investors? That is all and that is how done? Fee guarantee is there from all firms if some one passes. No fee guarantee from regulators who call themselves protectors of Investots. This is not one among in Law college. Joke and strange
Hey Nav,

The truth is anyone that "invests" in a prop firm challenge is not investing...but simply making a purchase. There is zero protection.
The CFTC is only concerned with the 300Million...and taking assets that were gained from those proceeds.

How and if they disperse their collections comes down to pennies on the dollar if anything...as most of that money will be gone,

Ive seen many of your posts and you seem to be doing very well with your trading..Personally my advice is to simply take this as a losing trade
and move on to other firms...Which I think you already have going???

It would suck to be expecting a payout and then having the plug pulled,,, But anything can happen in this business..

I wish you much success in your trading

Cheers
Blue
Master your Mind,,,Master the Market
  • #19,791
  • Sep 1, 2023 11:52pm Sep 1, 2023 11:52pm
Quoting bluesteele
Another Data point to keep in mind is the CFTC SEC win 85-90% of their cases. Probabilites backed up by data are what I trade every single day,,, I certainly would be wagering on the CFTC's side despite my emotions that told me Hey MFF seems like a great company.. As for Canada,,,its a tight ass environment for traders...How many FX/CFD brokers dont allow Canadian residents. especially from BC (my location) so many traders gravitate to offshore brokers... Europe can be difficult as well...As for this "prop industry" becoming regulated..I dont see...
Haha you are lucky BC is good look for Alberta even Canadian regulated brokers cannot accept Alberta residents. Some body needs to teach regulators some basic knowledge salary in alberta is 30-80K on average for most of jobs. Only some doctors earn that much and they dont have time to trade
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  • #19,792
  • Sep 2, 2023 12:02am Sep 2, 2023 12:02am
Quoting bluesteele
{quote} Hey Nav, The truth is anyone that "invests" in a prop firm challenge is not investing...but simply making a purchase. There is zero protection. The CFTC is only concerned with the 300Million...and taking assets that were gained from those proceeds. How and if they disperse their collections comes down to pennies on the dollar if anything...as most of that money will be gone, Ive seen many of your posts and you seem to be doing very well with your trading..Personally my advice is to simply take this as a losing trade and move on to other...
My plan is different.
But i wonder what the regulators will do with 300 millions. All this money is ours.
I am curious who is FRAUD here.
And i wo der who has stolen our money at the end.
Disheartening.
Protectors can not be frauds
Intraday only.
  • #19,793
  • Sep 2, 2023 12:03am Sep 2, 2023 12:03am
Quoting bluesteele
{quote} Hey Nav, The truth is anyone that "invests" in a prop firm challenge is not investing...but simply making a purchase. There is zero protection. The CFTC is only concerned with the 300Million...and taking assets that were gained from those proceeds. How and if they disperse their collections comes down to pennies on the dollar if anything...as most of that money will be gone, Ive seen many of your posts and you seem to be doing very well with your trading..Personally my advice is to simply take this as a losing trade and move on to other...
Don't you think all B-Booking firm is not doing same? If you go and deposit 10K to regulated broker like Forex.com and loose money or fail 5 challenges with potential to make more money which one is far better? If CFTC goes into those statistics will be in billons. Probability of success for trader in any platform is less than 5 percent.
Again how does it matter if MyFF CEO makes luxary homes or B-Booking or do what ever with the money?
Don't you think regulated brokers inflate themselves in marketing giving rosy picture? Just because they put * clause in the end does it make them morally correct?
  • #19,794
  • Sep 2, 2023 12:12am Sep 2, 2023 12:12am
Quoting sampat
{quote} Haha you are lucky BC is good look for Alberta even Canadian regulated brokers cannot accept Alberta residents. Some body needs to teach regulators some basic knowledge salary in alberta is 30-80K on average for most of jobs. Only some doctors earn that much and they dont have time to trade {image}
HAHAHA !!! YEP ! I am very aware of Accredited investor status with Canadian firms.. But they are to protect the small guy lol,,,

And if other Provinces are similar to BC...The minimums were set many years ago and there is talk of readjusting the numbers to
reflect inflation etc ! As well talk from BC SEC to add third party verification ..as in the past you could just tick the boxes with some brokers
and just say you were an accredited investor...I know because I did that in the past...Problem is that opens one up to having your account closed
and who knows what else....

But yes the numbers are just crazy...Protecting who from who ? typical bullshit
Master your Mind,,,Master the Market
  • #19,795
  • Sep 2, 2023 12:18am Sep 2, 2023 12:18am
What is going to fill in all the empty spaces on this thread that used to be full of praises, worships. promotions. admirations and adulations bestowed upon MFF endlessly?

That shmuk owner was probably reading them, playing with himself thinking what a load of idiots...I stick it up their wazoos everyday with my own brokerage set up and they think I am the best and most trusted thing...he he heheeeee har har har
  • #19,796
  • Sep 2, 2023 12:21am Sep 2, 2023 12:21am
It's a hot topic for sure

Inserted Video
It takes a lot for me to IGNORE you, but you can try.
  • #19,797
  • Sep 2, 2023 12:22am Sep 2, 2023 12:22am
Quoting sampat
{quote} Don't you think all B-Booking firm is not doing same? If you go and deposit 10K to regulated broker like Forex.com and loose money or fail 5 challenges with potential to make more money which one is far better? If CFTC goes into those statistics will be in billons. Probability of success for trader in any platform is less than 5 percent. Again how does it matter if MyFF CEO makes luxary homes or B-Booking or do what ever with the money? Don't you think regulated brokers inflate themselves in marketing giving rosy picture? Just because they...
Yes and No..

The thing with B Book brokers is they are licensed Market Makers....Which makes it legal for them to take the other side of the trade...
As far as I know MFF were not licensed market makers. Its a very murky area internal dealing desks...

I just look at it in the sense do they pay me? and do I have reasonable trading conditions ?
Same I would ask of a MFF etc... or a FX CFD broker.... personally I could care less who takes the other side of my trade,
Do they pay me? and trade conditions are reasonable? all that matters to me.

Cheers !
Master your Mind,,,Master the Market
  • #19,798
  • Sep 2, 2023 12:27am Sep 2, 2023 12:27am
Inserted Video
I am what Many Dream to be but only a few can achieve, im a part of the 1%
  • #19,799
  • Sep 2, 2023 12:37am Sep 2, 2023 12:37am
They are doing it to uphold the law. There is a law that says A-B-C is wrong and punishable. There is an enforcer tasked to catch and bring in for questioning, those who break the law. Then there are books/statues/prior precedence ect that stipulate the monitory values of the crimes committed as a way of measuring to set restitution. Then there is obviously jail time, lawyers, staff, fees, investigation expenses etc and then if money is left, they decide what to do with it.

This sort of thing is what makes our society civil. I don't see just because one's cozy revenue stream is cut off, the society now has to forgo what keeps it together, agreed upon law, enforcement and punishment for those who don't respect this way of basically keeping ourselves from killing ourselves. Yes laws are important. For the criminal sympathizers, FK your little wah wah feelings.
  • #19,800
  • Sep 2, 2023 12:40am Sep 2, 2023 12:40am
Quoting bluesteele
{quote} Read the Governments complaint... It is 100% fraud by Kazmi and his co... The internal emails are absolute undisputable smoking guns that confirm the fraud. MFF is done and will not come back. Kazmi will be very lucky when the dust settles not to be locked up and forfeit his properties etc There is ZERO ignorance on MFFs part.. Very very slimy internal activities... And don't get me wrong I thought highly of MFF... But this is irrefutable evidence. If I was trading with these firms...Your best bet is NON US/Canada. Hopefully,,, the smart...
When MFF was first getting started someone posted an interview with Kazmi. I can't find my post but I said at the time that I didn't trust this guy. He never looked into the camera and my spidey senses were tingling.

Of course, I've used them many times since then just because their prices were so good.
Pride always comes before destruction.... -Proverbs 16:18
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