Dissecting My Forex Funds' Model: How Did The Prop Trading Firm Generate $310M?

<p dir="ltr">The fraud charges against My Forex Funds brought by the US commodities regulator have shocked the rapidly growing prop trading Industry. Since the charges were filed, the business of the prop trading firm has been shuttered, as its assets were frozen.</p><p dir="ltr">The Commodity Futures Trading Commission's (CFTC) lawsuit named New Jersey-incorporated Traders Global Group Inc. and Canada-based Traders Global Group Inc., both operating as My Forex Funds, along with the CEO, Murtuza Kazmi.</p><p dir="ltr">Along with the US regulator, Canada's Ontario Securities Commission (OSC) also issued a cease order against the local entity and Kazmi, prohibiting them from trading in securities.</p><p dir="ltr">The <a href="https://www.financemagnates.com/forex/310-million-prop-trading-fraud-regulators-freeze-assets-of-my-forex-funds/">actions against My Forex Funds</a> were not abrupt, as the <a href="https://www.financemagnates.com/terms/c/cftc/">CFTC</a> investigated the company for about a year. The American regulator also assisted the Canadian state's counterpart with its investigation.</p><p dir="ltr">However, in an official response, My Forex Funds claimed that the actions by both regulators came without prior notice or discussion.</p><blockquote><p lang="en" dir="ltr">Important Notice