My Forex Funds is currently facing a complex set of legal problems
My Forex Funds is currently facing a complex set of legal problems
My Forex Funds is currently facing a complex set of legal problems. To put it simply, they can’t use their own money to trade because Canadian and U.S. regulators have stopped them. As a result, the company has temporarily stopped its operations while waiting for the regulators to change their orders.
The main issue at the heart of this regulatory trouble is allegations of dishonest behavior related to how My Forex Funds attracted traders to invest in leveraged and margined foreign exchange and commodity trading. The fallout from these actions has been catastrophic, with aspiring professional traders losing more than a staggering $300 million.
At the center of this controversy is a subsidiary called Traders Global, which managed to attract a whopping 135,000 customers to its trading program since it started in November 2021. The money generated from these customers amounts to a jaw-dropping $310 million.
The person believed to be behind this operation, Kazmi, is now facing accusations of taking the money for himself. This allegedly includes buying luxury properties and high-end cars and transferring huge sums of money into personal bank accounts, totaling tens of millions of dollars.
The financial world is anxiously awaiting the upcoming court hearing scheduled for September 11th. This event is crucial because it will reveal the full extent of the alleged wrongdoing and decide the fate of My Forex Fundsand its executives.
It’s essential to stay informed because only after the court’s decision will we have a complete understanding of this complex matter. So, keep an eye out for updates in this high-stakes financial story that is causing ripples throughout the financial sector. In the meantime, My Forex Funds remains in limbo, waiting for resolution and hoping to clear its name.
Want to read about the firm? Click here.
The Funded Trader follows a belief that every retail trader deserves an opportunity to raise capital based on their performance and commitment to building their own business. They are searching for passionate and experienced traders who will succeed with the help of their funds by showing skills in various market conditions.
Bespoke Funding strives to create unique funding opportunities for traders worldwide by creating approachable ways to become a professional, funded trader who can remotely manage their capital. They have developed a user-friendly experience with the industry's best technology to back it.
MyFundedFX offers traders three different challenge programs that aim to provide an opportunity to trade without risking their own capital. Profitable traders receive a payment based on a specific percentage of the profits they make while having no liability on the firm's capital, meaning that they will cover all losses.
Subscribe to our Weekly Newsletter
