The prop buying and selling platform My Foreign exchange Funds has solely shared with Finance Magnates its first official response to the lawsuit towards it by the US commodities regulator, calling the allegations a “grossly inaccurate and incomplete image of the information.”
The Commodity Futures Buying and selling Fee’s (CFTC ) lawsuit named two entities, New Jersey-incorporated Merchants International Group Inc. and Canada-based Merchants International Group Inc., which function as My Foreign exchange Funds, and its CEO, Murtuza Kazmi. The CFTC has additionally obtained a restraining order and frozen the businesses’ belongings.
“To be clear, My Foreign exchange Funds has by no means defrauded its merchants, and we sit up for presenting the reality in court docket. We remorse the hardship that this ill-conceived lawsuit has precipitated our merchants and our workers,” My Foreign exchange Funds acknowledged in a press launch solely shared with Finance Magnates.
Aside from the CFTC’s lawsuit, the platform is dealing with backlash in Canada the place the Ontario Securities Fee (OSC) introduced comparable proceeds towards it.
My Foreign exchange Funds highlighted that the CFTC’s lawsuit got here “with out warning and below seal.” The 2 firms behind the prop buying and selling platform are decided to struggle the 2 regulators in court docket.
For the lawsuit towards the CFTC, it has engaged Alex Spiro, Rob Zink, Michael Shaheen, and Dakota Speas of Quinn Emanuel Urquhart & Sullivan, LLP, for its authorized protection. In Canada, too, the platform has engaged with authorized counsel.
Vital Discover 📢
Yesterday we realized that, with out prior discover or dialogue, a provincial securities regulator in Canada and the commodities regulator in the US issued orders stopping us from buying and selling securities or accessing funds in our financial institution accounts.
Till… pic.twitter.com/dKpxmx5axT
— MyForexFunds (@MyForexFunds) September 1, 2023
Producing Income of $310 Million
My Foreign exchange Funds, now quickly shattered, was one of the crucial common prop buying and selling platforms globally. It was established in 2020 and shortly grew to become common. Much like different prop buying and selling platforms, My Foreign exchange Funds generated income from charges collected from merchants for taking over its challenges. Profitable merchants then acquired capital, and the corporate later cut up the income from buying and selling, if there have been any.
In accordance with the CFTC, My Foreign exchange Funds generated at the least $310 million in charges from greater than 135,000 clients who signed up for its buying and selling program since November 2021. The regulator’s allegations moreover contain fraud and misappropriation of funds by the CEO.
The prop buying and selling platform My Foreign exchange Funds has solely shared with Finance Magnates its first official response to the lawsuit towards it by the US commodities regulator, calling the allegations a “grossly inaccurate and incomplete image of the information.”
The Commodity Futures Buying and selling Fee’s (CFTC ) lawsuit named two entities, New Jersey-incorporated Merchants International Group Inc. and Canada-based Merchants International Group Inc., which function as My Foreign exchange Funds, and its CEO, Murtuza Kazmi. The CFTC has additionally obtained a restraining order and frozen the businesses’ belongings.
“To be clear, My Foreign exchange Funds has by no means defrauded its merchants, and we sit up for presenting the reality in court docket. We remorse the hardship that this ill-conceived lawsuit has precipitated our merchants and our workers,” My Foreign exchange Funds acknowledged in a press launch solely shared with Finance Magnates.
Aside from the CFTC’s lawsuit, the platform is dealing with backlash in Canada the place the Ontario Securities Fee (OSC) introduced comparable proceeds towards it.
My Foreign exchange Funds highlighted that the CFTC’s lawsuit got here “with out warning and below seal.” The 2 firms behind the prop buying and selling platform are decided to struggle the 2 regulators in court docket.
For the lawsuit towards the CFTC, it has engaged Alex Spiro, Rob Zink, Michael Shaheen, and Dakota Speas of Quinn Emanuel Urquhart & Sullivan, LLP, for its authorized protection. In Canada, too, the platform has engaged with authorized counsel.
Vital Discover 📢
Yesterday we realized that, with out prior discover or dialogue, a provincial securities regulator in Canada and the commodities regulator in the US issued orders stopping us from buying and selling securities or accessing funds in our financial institution accounts.
Till… pic.twitter.com/dKpxmx5axT
— MyForexFunds (@MyForexFunds) September 1, 2023
Producing Income of $310 Million
My Foreign exchange Funds, now quickly shattered, was one of the crucial common prop buying and selling platforms globally. It was established in 2020 and shortly grew to become common. Much like different prop buying and selling platforms, My Foreign exchange Funds generated income from charges collected from merchants for taking over its challenges. Profitable merchants then acquired capital, and the corporate later cut up the income from buying and selling, if there have been any.
In accordance with the CFTC, My Foreign exchange Funds generated at the least $310 million in charges from greater than 135,000 clients who signed up for its buying and selling program since November 2021. The regulator’s allegations moreover contain fraud and misappropriation of funds by the CEO.
