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My Forex Funds Case: “Careless and Sloppy” CFTC Lead Attorney Admits Shortcomings
- Recent court filings revealed that Ashley Burden admitted being “careless and sloppy” while investigating My Forex Funds and its CEO.
- However, the CFTC emphasised that their actions did not need to be flawless and that the staff's mistakes were "limited and inadvertent."
Monday, 09/12/2024 | 10:33 GMT by
Arnab Shome
Weekly Brief: My Forex Funds Negotiating with CFTC?, Bitcoin Nears $100K, and More
- Also this week, the SEC confirmed that Gary Gensler will step down on Jan. 20; eToro secured a New York license, while Italy's lawmakers rejected crypto tax hikes. Meanwhile, Revolut launched UK and EU stock trading, while CySEC canceled a few licenses.
Saturday, 23/11/2024 | 03:00 GMT by
Jared Kirui
My Forex Funds Case Gets Senator’s Interest: CFTC Chair Must Clarify “Process, Procedure”
- The US Senator from Iowa, Charles Grassley, has sent questionnaires to the CFTC Chair to clarify the misconduct and the steps taken to rectify such issues.
- The Senator's letter came ahead of the court's evidentiary hearing on sanctions order against the CFTC.
Tuesday, 27/08/2024 | 05:10 GMT by
Arnab Shome
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
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
My Forex Funds Read the Fine Print: Did the CFTC File One Document Too Many?
- The prop firm claims that an email submitted by the regulator to court proves they "knowingly included false information."
- Finance Magnates reached out to the CFTC but hasn't received any comment.
Wednesday, 06/12/2023 | 15:48 GMT by
Arnab Shome
Breaking: US Court Orders Release of Majority of My Forex Funds Founder's Assets
- Murtuza Kazmi will receive approximately $100 million, but $12 million remains frozen.
- The court upheld the "first impression evidence" submitted by the CFTC against My Forex Funds.
Tuesday, 14/11/2023 | 22:03 GMT by
Yam Yehoshua
Breaking: My Forex Funds Questions CFTC’s Jurisdictions on Its Business
- The defense lawyers filed a motion denying all allegations against the prop trading firm by the CFTC.
- The motion stated transactions between MFF and its customers fall outside the scope of the regulator.
Wednesday, 01/11/2023 | 13:17 GMT by
Arnab Shome
My Forex Funds and Deel Scandal as a Game-Changing Market Trend: Compliance First
- Deel's decision to cease services to My Forex Funds shows a new trend of prioritizing compliance.
- The market's long-awaited move since the outcry of binary options has nullified the usual tech supplier excuse.
Friday, 29/09/2023 | 11:21 GMT by
Ella Rosenberg
Exclusive: My Forex Funds Claims CFTC “Mischaracterized” Its Tax Payments to Freeze Assets
- The prop trading firm filed a motion yesterday, seeking modification of the statutory restraining order.
- My Forex Funds records show two pre-authorized payments of $27,000,000 CAD and $4,500,000 CAD, which the CFTC flagged.
Wednesday, 27/09/2023 | 19:02 GMT by
Arnab Shome
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