Exclusive: My Forex Funds Claims It "Didn’t Defraud Traders"

<p dir="ltr">The prop trading platform My Forex Funds has exclusively shared with Finance Magnates its first official comment to the lawsuit against it by the US commodities regulator, calling the allegations a "grossly inaccurate and incomplete picture of the facts."</p><p dir="ltr">Serious Allegations against My Forex Funds</p><p dir="ltr">The Commodity Futures Trading Commission's (<a href="https://www.financemagnates.com/terms/c/cftc/">CFTC</a>) lawsuit named two entities, New Jersey-incorporated Traders Global Group Inc. and Canada-based Traders Global Group Inc., which operate as My Forex Funds, and its CEO, Murtuza Kazmi. The CFTC has also obtained a <a href="https://www.financemagnates.com/forex/310-million-prop-trading-fraud-regulators-freeze-assets-of-my-forex-funds/">restraining order and frozen the companies' assets</a>.</p><p dir="ltr">"To be clear, My Forex Funds has never defrauded its traders, and we look forward to presenting the truth in court. We regret the hardship that this ill-conceived lawsuit has caused our traders and our staff," My Forex Funds stated in a press release exclusively shared with Finance Magnates.</p><p dir="ltr">Apart from the CFTC's lawsuit, the platform is facing backlash in Canada where the Ontario Securities Commission (OSC) brought similar proceeds against it.</p><p dir="ltr">My Forex Funds highlighted that the CFTC's lawsuit came "without warning and under seal." The two companies behind the <a href="https://www.financemagnates.com/forex/my-forex-funds-scam-might-trigger-regulation-push-on-prop-trading/">prop trading platform</a> are determined to fight the two regulators in court. </p><p dir="ltr">According to the comment, for the lawsuit against the CFTC, the company has engaged Alex Spiro, Rob Zink, Michael Shaheen, and Dakota Speas of Quinn Emanuel Urquhart &amp; Sullivan, LLP, for its legal defense. In Canada, too, the platform has engaged with legal counsel.</p><blockquote><p lang="en" dir="ltr">Important Notice