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| 10 | بدون متن... | 249 |
| 11 | it's kind of certain that MFF won't come back. There's also a concern about other prop trading firms. According to a recent report from CFTC, there are 60 brokers who are not regulated by any official body like FINRA. They're offering a product called CFD. If these brokers don't follow the rules in the next 60 days, they could face consequences. It doesn't matter where these brokers are from, whether it's the UK, UAE, or Cyprus. Some of them claim to be from the UAE.
These are the key points summarized from the 40-page CFTC report.
According to the CFTC report, MFF was accused of being part of a Ponzi scheme and engaging in fraudulent actions. The report also pointed out a major issue: MFF's website claimed they only profited when their customers did, but the CFTC discovered this statement to be entirely untrue.
The CFTC report reveals troubling chat conversations between MFF advisors and employees. These discussions showed that the MFF team was concerned about specific trades that were making a lot of money, possibly at MFF's expense. They discussed plans to close those trader accounts by any means necessary, which suggests an effort to avoid further losses for MFF. The CFTC sees this as a severe form of fraud. This situation brings up important ethical and legal questions regarding MFF's trading practices.
Taking 100 accounts from a pool of 30,000 active accounts and applying a procedure called Straight Through Processing (STP) to them due to their consistently high profits seems suspicious. Normally, STP is used for efficient and automated trade handling, but it's uncommon to target a specific set of profitable accounts in this way.
MFF's actions, such as changing slippage and intentionally modifying trade orders to harm profitable traders and help losing ones, are grave and indicate unethical behavior. If these allegations are proven true, they could be considered manipulation and unfair practices within the trading platform. This could result in regulatory investigations and penalties, as suggested by the CFTC report.
Transferring a large sum of company money into the CEO's personal accounts for things like fancy cars, real estate, and other personal assets is a cause for serious worry.
MFF made 300 million in revenue from 2021 to 2023. They paid 123 million to their traders but kept 177 million as net profit. Importantly, this income came entirely from account fees, not from profits generated by live accounts. This raises concerns about the long-term viability and transparency of their business model since they're relying solely on account fees for revenue instead of profits from actual trading.
The CFTC report reveals that MFF charged a $3 commission for each trade, a fee that the CFTC claimed no broker or prop firm should have the right to take from their clients' accounts. This practice resulted in MFF earning a substantial $7 million from commissions alone.
it seems that the practices observed at MFF might not be isolated, and other prop firms could be engaging in similar activities. The report suggests that if these issues are not addressed promptly, the CFTC may take action against these firms as well. | 260 |
| 12 | Customers and other individuals can report suspicious activities or information, such as possible violations of commodity trading laws, to the Division of Enforcement via a toll-free hotline 866-FON-CFTC (866-366-2382), file a tip or complaint online, or contact the Whistleblower Office. Whistleblowers may be eligible to receive between 10 and 30 percent of the monetary sanctions collected paid from the CFTC Customer Protection Fund financed through monetary sanctions paid to the CFTC by violators of the CEA.
-CFTC- | 232 |
| 13 | September 01, 2023
Washington, D.C. — The Commodity Futures Trading Commission today announced it filed a complaint in the U.S. District Court for the District of New Jersey against Murtuza Kazmi, formerly of Phillipsburg, New Jersey, and his companies, Traders Global Group Inc., a New Jersey corporation and Traders Global Group Inc., a Canadian business organization, all doing business as “My Forex Funds.” The complaint charges them with fraudulently soliciting customers to trade leveraged, margined, or financed retail foreign exchange (retail forex), and leveraged retail commodity transactions.
On August 29, U.S. District Court Judge Robert B. Kugler signed a statutory restraining order freezing the defendants’ assets; requiring the defendants to submit their books and records to examination by the CFTC; and appointing a temporary receiver. A hearing on the CFTC’s motion for preliminary injunction is scheduled for September 11 before Judge Zahid N. Quraishi in Trenton, N.J.
In its continuing litigation, the CFTC seeks restitution to defrauded investors, disgorgement of ill-gotten gains, civil monetary penalties, permanent trading and registration bans, and a permanent injunction against further violations of the Commodity Exchange Act (CEA).
“The CFTC’s case against the ‘My Forex Funds’ defendants is emblematic of our commitment to stamping out retail fraud in our markets,” said Director of Enforcement Ian McGinley. “Anyone offering or entering into leveraged retail forex contracts without registration, or offering or entering into leveraged retail commodity contracts off-exchange, is acting in clear violation of the law.”
Case Background
According to the complaint, the defendants, doing business as “My Forex Funds,” supposedly offered retail customers the opportunity to become “professional traders” by using Traders Global’s money to trade against third-party “liquidity providers” and share in any trading profits. They assured customers that “your success is our business,” and “we only make money when you do.” But, in reality, Traders Global—not a third-party “liquidity provider”—is the counterparty to substantially all customer trades.
The complaint also alleges that Traders Global actively minimizes the likelihood that customers trade profitably by using pretexts to terminate customer accounts, misleadingly assessing commissions that reduce customer account equity, secretly using specialized software to cause customer orders to be executed at worse prices than appeared to the customer at the time an order was sent, and handicapping the extremely small number of successful customers to decrease customer profits and increase customer losses.
As the complaint noted, the Traders Global pitch has been successful, and more than 135,000 customers have signed up for their trading program since November 2021, paying at last $310 million in fees. The complaint alleges Kazmi used proceeds from the fraud to purchase luxury homes and automobiles, and make tens of millions of dollars in transfers to his personal accounts.
Related International Action
In a separate action, on August 29, the Ontario Securities Commission issued a temporary cease trade order that includes a prohibition against all trading in any securities by Traders Global Group Inc. and Murtuza Kazmi.
The CFTC appreciates the assistance of the Ontario Securities Commission.
The Division of Enforcement staff responsible for this matter are Ashley J. Burden, Katherine Paulson, Matthew Edelstein, Stacie Pan, Elizabeth M. Streit, Scott Williamson and Robert Howell.
* * * * * * *
CFTC Fraud Advisories
The CFTC has issued several customer protection Fraud Advisories and Articles that provide information about how customers can detect, avoid, and report scams.
The CFTC also strongly urges the public to verify a company’s registration with the CFTC before committing funds. If unregistered, a customer should be wary of providing funds to that company. A company’s registration status can be found using NFA BASIC. | 225 |
| 14 | MY TAKE ON THE MFF DEBACLE
I woke up to a horrible news today that MFF is shut down. This came to me as a big, big surprise because they are one of the biggest firms in the prop trading industry. After some research and a deep dive into the space, I realized one thing - the present & future of prop trading has nothing to do with this MFF incident.
MFF is one of the fewest prop firms that offer their in-house server to the traders; they do not need to be associated with a third-party broker. This means that the contracts of buying and selling (CFD) are coming directly from the liquidity providers to MFF. Other prop firms such as FTMO, FundedNext etc. use their own servers too; but their business entity is registered in different locations that allow CFDs.
And this is where things got complicated. MFF is based in Canada, a country where CFD is extremely regulated. CFD is also banned in the US, making it a target for the US Government. Until the hearing, nothing can be finalized. Even MFF do not know when they can get back to the business.
Is it the end of the prop firms? Will all the firms be finished one by one?
HELL NO!
Proprietary trading firms were here before, and they will also remain in the future. More than ever, it is our solemn duty to know about the companies and see how they operate, and where they are registered from.
What should be the next steps?
If any firm registered their company in the US, Canada, or any other country that restricts CFD, that firm should be avoided. At least for now!
Look for companies that are incorporated in regulation-friendly regions such as UAE, Mauritius, various countries in Europe etc. Firms like FundedNext, FTMO have their own servers but their registered countries allow CFD, so no worries!
It is yet to be decided whether MFF is at fault or not, but the origin of a company is more important than ever now. | 252 |
| 15 | Must like share and comment 😊😊 | 253 |
| 16 | https://youtu.be/sJzpV-yFzKE | 279 |
| 17 | https://thefundedtraderprogram.com
Get registration for September free competition | 256 |
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| 20 | Make confirmation before taking trades | 321 |
