Prop Firm My Forex Funds (MFF) Bank Accounts Freezed | Latest Update

Let's talk about what is happening with the prop firm My Forex Funds (MFF) or Traders Global Group(TGG). TGG and MFF is the same company. For now, they have been ordered to cease their activities. They need to go through a process of verification with the authorities.
The Capital Markets Tribunal of Canada and US regulators are trying to investigate if MFF is involved in any type of fraud.
This means that they must justify to the courts that they have not violated the laws and then seek the opportunity to reactivate their services. This would be a long process, we all know that September 11th is just the beginning of the process, it does not mean that they will be back on the 11th.
Let's wait and see what happens with MFF? and what will be the future of forex Prop firms?

Disclaimer! All sharing is for learning and educational purposes only. Everyone is responsible for his own decisions. However, risk management should be your top priority, as Forex trading is a risky business.

[LiveForexTrading]

The claims against the CFTC came in a motion filed by My Forex Funds yesterday (Wednesday) in the New Jersey court, responding to several of the allegations brought against it by the US commodities regulator and seeking a modification of the SRO.

[LiveForexTrading]

n the court filing, the lawyers of the New Jersey-based Traders Global Group Inc., Canada’s Traders Global Group Inc., and Murtuza Kazmi, questioned the actions of the CFTC. Traders Global Group operated as My Forex Funds.

[LiveForexTrading]

The latest motion by My Forex Funds specifically questioned the STO, which led to the temporary shutdown of the platform. According to the motion, none of the US courts have ever ordered the shutting down of a business and frozen the assets, even the personal assets of the Principal, for alleged regulatory infractions.

[LiveForexTrading]

According to My Forex Funds, its bank records show two pre-authorized payments of $4, 500, 000 CAD and $27, 000, 000 CAD, which the CFTC flagged with reference to “TXINS” and “TXBAL, ” respectively. These are common bank codes used to designate tax payments to the Canadian government.

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According to the CFTC, My Forex Funds generated at least $310 million in fees from its prop trading business. The platform has had more than 135, 000 customers sign up since November 2021.

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Since then, Anthony Sodono, III, Esq., was appointed as the temporary receiver.

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The CFTC sued the defendants on August 29, freezing the assets of the two entries and also Kazmi with allegations of fraud.

[LiveForexTrading]

The lawyers representing the now suspended company claim that the Commodity Futures Trading Commission (CFTC) has “recklessly mischaracterized transfers to and from Defendants’ bank accounts before the SRO [statutory restraining order] was entered.”

[LiveForexTrading]

Specifically, “the CFTC misrepresented that Traders Global transferred $31.55 million CAD to Mr. Kazmi, when in reality Traders Global transferred that money to the Canadian tax authorities.”

[LiveForexTrading]

As My Forex Funds's regulatory quagmire continues, new details of its legal line of defence emerge.

[LiveForexTrading]

In a response, My Forex Funds said that it "never defrauded its traders."

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