In a recent court decision, My Forex Funds (MFF) founder and CEO Murtuza Kazmi secured a partial victory as $100 million in assets were unfrozen. However, the court maintained the freeze on $12.8 million and rejected appointing a new temporary receiver.
Defense statements from MFF challenge the portrayal of pre-authorized payments as transfers to the CEO, insisting they were intended for Canadian tax authorities. They also question the extreme nature of the restraining order, labeling it excessive to shut down the business.
Digging into Commodity Futures Trading Commission’s (CFTC) data, MFF dispersed $137 million under investigation since November 2021. Over the two-year period, the prop firm accumulated $310 million in fees from 135,000 clients, allocating 44% to successful traders.
Personal experiences emerge as traders report issues with frozen accounts. Allegations include trades not closing, unresponsive platforms, and questionable practices.
The legal battle extends beyond the U.S., with the Ontario Securities Commission imposing a temporary seize-to-trade order against Traders Global and Casmi, raising concerns about proprietary trading industry practices.
The case highlights deceptive practices, including unjust termination of customer accounts, misleading commission assessments, and executing orders at unfavorable prices using specialized software.
While MFF may have funds released, questions linger about the firm’s practices. The leaked information about internal communications and alleged intentional customer account failures raises doubts about the company’s credibility.
Alternative Prop Firm Recommendation
In light of the controversies surrounding MFF, traders are advised to exercise caution and explore alternative options. Consider reputable firms like FTMO, Smartproptrader, The Funded Trader, Bespoke Funding, Goat Funded Trader, Funded Trading Plus, Surge Trader, Funded Next, Fidelcrest, Blue Guardian, and MyFundedFX.
Visit our reviews for Forex proprietary firms.
