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CFTC
My Forex Funds Case Misconduct: Embarrassment for CFTC, but Not Yet a Win for Prop Trading
- Last week, CFTC Commissioner Caroline Pham unexpectedly amplified MFF's allegations against the regulator.
- Although the enthusiasm for protecting customers from fraud is justified, mishandled cases can result in prolonged litigation for prop companies.
Friday, 12/07/2024 | 09:11 GMT by
Eden Lang
CFTC Commissioner Drama and My Forex Funds Case: "Government Lawyers Can't Afford to Slip"
- The CFTC Commissioner Caroline D. Pham publicly criticised the agency’s enforcement division for falsifying documents in court in My Forex Funds’ case.
- Although misrepresentations of facts often happen, it is unusual for the defendants to proceed with a sanctions motion.
Wednesday, 10/07/2024 | 13:40 GMT by
Zvi Gabbay
SEC to Pay Debt Box $1.75M: Will the CFTC Also Be Sanctioned in My Forex Funds Case?
- The SEC was sanctioned by the court in its case against Debt Box.
- Prop trading firm My Forex Funds also seeks a sanctions order against the CFTC, and is citing the Debt Box case to strengthen their arguments.
Wednesday, 29/05/2024 | 07:56 GMT by
Arnab Shome
Crypto Prime Broker Illegally Operated in the US: Settles for $1.8 Million
- FalconX functioned as an intermediary and facilitated crypto trading with direct access to multiple exchanges.
- It onboarded institutional US clients and collected about $1.18 million in fees.
Tuesday, 14/05/2024 | 05:42 GMT by
Arnab Shome
Senators Grill CFTC Boss on Sketchy Links to FTX’s Fallen Star Sam Bankman-Fried
- Warren and Grassley demand the records of CFTC's Chairman's with the CEO of the fallen crypto exchange.
- They seek details on the regulator's pre-FTX collapse interactions.
Tuesday, 16/04/2024 | 07:28 GMT by
Damian Chmiel
California Resident and His Firm Ordered to Pay $9M in Forex Fraud Case: CFTC
- According to the CFTC, the court determined that Eshaq Nawabi and Hyperion Consulting deceived traders by promising profits of up to 25% per month.
- Instead, the defendants used the funds for Nawabi's personal gain and to pay other participants.
Monday, 15/04/2024 | 20:31 GMT by
Jared Kirui
My Forex Funds Fiasco: Will the CFTC Be Sanctioned Like the SEC in the DEBT Box Case?
- The prop firm is seeking a sanction order against the CFTC for “misrepresentation of facts.”
- The regulator called the move “an apparent attempt to strongarm a more favorable settlement.”
Friday, 29/03/2024 | 09:06 GMT by
Arnab Shome
Breaking: My Forex Funds Seeks Sanctions against the CFTC
- In a motion submitted to court, My Forex Funds’ lawyers sought sanctions against the regulator for alleged misrepresentation of facts.
- The CFTC slapped fraud charges on My Forex Funds last August and shuttered the prop trading business down.
Friday, 08/03/2024 | 06:19 GMT by
Arnab Shome
‘Want to Be My Valentine?’: CFTC Sounds Alarm on Romance Scams
- The regulator asked dating and messaging apps and social media users to be wary of any messages from strangers promoting crypto or FX.
- Scammers build an aura of relationships for weeks before pitching fraudulent schemes.
Thursday, 08/02/2024 | 08:30 GMT by
Arnab Shome
Binance Faces Legal Showdown as Judge Questions SEC Lawsuit Dismissal Request
- Last June, the SEC accused Binance's US arm of inflating volumes, diverting funds, and providing misleading information.
- The firm settled for $4.3 billion with the DOJ and CFTC over illicit finance breaches last year.
Monday, 22/01/2024 | 17:42 GMT by
Tareq Sikder
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