Exclusive: My Forex Funds Claims It "Didn’t Defraud Traders"

Thursday, 21/09/2023 | 13:30 GMT by Arnab Shome
  • The company shared with Finance Magnates the first detailed public comment, stating that the allegations are "grossly inaccurate".
  • Alex Spiro and team from Quinn Emanual retained to represent My Forex Funds against CFTC allegations.
My Forex Funds

The prop trading platform My Forex Funds has exclusively shared with Finance Magnates its first official comment to the lawsuit against it by the US commodities regulator, calling the allegations a "grossly inaccurate and incomplete picture of the facts."

Serious Allegations against My Forex Funds

The Commodity Futures Trading Commission's (CFTC ) lawsuit named two entities, New Jersey-incorporated Traders Global Group Inc. and Canada-based Traders Global Group Inc., which operate as My Forex Funds, and its CEO, Murtuza Kazmi. The CFTC has also obtained a restraining order and frozen the companies' assets.

"To be clear, My Forex Funds has never defrauded its traders, and we look forward to presenting the truth in court. We regret the hardship that this ill-conceived lawsuit has caused our traders and our staff," My Forex Funds stated in a press release exclusively shared with Finance Magnates.

Apart from the CFTC's lawsuit, the platform is facing backlash in Canada where the Ontario Securities Commission (OSC) brought similar proceeds against it.

My Forex Funds highlighted that the CFTC's lawsuit came "without warning and under seal." The two companies behind the prop trading platform are determined to fight the two regulators in court.

According to the comment, for the lawsuit against the CFTC, the company has engaged Alex Spiro, Rob Zink, Michael Shaheen, and Dakota Speas of Quinn Emanuel Urquhart & Sullivan, LLP, for its legal defense. In Canada, too, the platform has engaged with legal counsel.

Generating Revenue of $310 Million

My Forex Funds, now temporarily shattered, was one of the most popular prop trading platforms globally. It was established in 2020 and quickly became popular. Similar to other prop trading platforms, My Forex Funds generated revenue from fees collected from traders for taking on its challenges. Successful traders then received capital, and the company later split the profits from trading, if there were any.

According to the CFTC, My Forex Funds generated at least $310 million in fees from more than 135,000 customers who signed up for its trading program since November 2021. The regulator's allegations additionally involve fraud and misappropriation of funds by the CEO.

The prop trading platform My Forex Funds has exclusively shared with Finance Magnates its first official comment to the lawsuit against it by the US commodities regulator, calling the allegations a "grossly inaccurate and incomplete picture of the facts."

Serious Allegations against My Forex Funds

The Commodity Futures Trading Commission's (CFTC ) lawsuit named two entities, New Jersey-incorporated Traders Global Group Inc. and Canada-based Traders Global Group Inc., which operate as My Forex Funds, and its CEO, Murtuza Kazmi. The CFTC has also obtained a restraining order and frozen the companies' assets.

"To be clear, My Forex Funds has never defrauded its traders, and we look forward to presenting the truth in court. We regret the hardship that this ill-conceived lawsuit has caused our traders and our staff," My Forex Funds stated in a press release exclusively shared with Finance Magnates.

Apart from the CFTC's lawsuit, the platform is facing backlash in Canada where the Ontario Securities Commission (OSC) brought similar proceeds against it.

My Forex Funds highlighted that the CFTC's lawsuit came "without warning and under seal." The two companies behind the prop trading platform are determined to fight the two regulators in court.

According to the comment, for the lawsuit against the CFTC, the company has engaged Alex Spiro, Rob Zink, Michael Shaheen, and Dakota Speas of Quinn Emanuel Urquhart & Sullivan, LLP, for its legal defense. In Canada, too, the platform has engaged with legal counsel.

Generating Revenue of $310 Million

My Forex Funds, now temporarily shattered, was one of the most popular prop trading platforms globally. It was established in 2020 and quickly became popular. Similar to other prop trading platforms, My Forex Funds generated revenue from fees collected from traders for taking on its challenges. Successful traders then received capital, and the company later split the profits from trading, if there were any.

According to the CFTC, My Forex Funds generated at least $310 million in fees from more than 135,000 customers who signed up for its trading program since November 2021. The regulator's allegations additionally involve fraud and misappropriation of funds by the CEO.

Topics
CFTC
prop trading
About the Author: Arnab Shome
Arnab Shome
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Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.

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