The CFTC also alleged that My Forex Funds had defrauded investors by misappropriating their funds and engaging in unauthorized trading. As a result of the OSC and CFTC orders, MFF has been effectively shut down. Founder and CEO, Anurag Jaiswal, was barred from participating in the securities industry.
According to the CFTC, My Forex Funds has been defrauding its clients in a number of ways. They manipulated prices to traders’ detriment, failed traders during the evaluation stage under false pretenses, added deceptive commissions to deplete traders’ equity, and more.
Court Orders Release of MFF Founder’s Assets
The New Jersey court, tonight (Tuesday), partially granted My Forex Fund’s request in the lawsuit filed by the CFTC against the company. The court ordered the release and return of most of the assets belonging to the Founder and CEO, Murtuza Kazmi, valued at approximately $100 million.
Series “Meet the CEO” Episode 3: My Forex Funds
Murtuza Kazmi is the CEO of My Forex Funds, who is 37 years old and lives in Toronto, Canada.
The legal battle between My Forex Funds (MFF) and the US Commodity Futures Trading Commission (CFTC) continues to unfold in a New Jersey court. In a court decision yesterday, MFF’s Founder and CEO, Murtuza Kazmi, secured partial victory with the release of assets valued at around $100 million.
Engaging in illegal trading activities, such as money laundering or terrorist financing, can lead to a Forex account being frozen. Brokers and regulatory authorities are responsible for detecting and preventing such activities to maintain the financial system’s integrity.
For a withdrawal of the entire accounts profits: Depending on your account’s lifespan – Under 45 calendar days: You receive 20% of net reserves when closing the account. 46 to 90 calendar days: You receive 50% of net reserves when closing the account. 90+ days: You receive 90% of net reserves when closing the account.
Four Key Reasons for Shutdown
The CFTC outlined four critical reasons for this decisive action: Misrepresentation in Profit Sharing: My Forex Funds falsely promised clients profit sharing with third-party liquidity providers, while in reality, they were the counterparty in almost all customer trades.
If you do an internet search on forex broker scams, the number of results is staggering. While the forex market is slowly becoming more regulated, there are many unscrupulous brokers who should not be in business.
Who are some of the richest forex traders in the world? Some of the richest forex traders in the world include Ray Dalio, Paul Tudor Jones, George Soros, Bruce Kovner, Stanley Druckenmiller, Joe Lewis, and Andrew J. Krieger.
Meet These 10 Richest Forex Traders in Nigeria
#1. Uche Paragon.
#2. Dapo Willis.
#3. Ejimi Adegbeye.
#4. Damilare Ogundare (HabbyFX)
#5. Jeffrey Benson.
#6. Sandile Shezi.
#7. Patrick Ogagbor.
#8. Benjamin Ilesani Ajimoko.
My Forex Funds is a prop trading firm based in Canada. You can get a funded account with up to $2,000,000 in balance and up to an 85% profit split payout.
MattL
MyFundedFX was established by MattL, a highly accomplished entrepreneur and trader with expertise in the forex, options, stock, and crypto markets. With a trading experience dating back to 2018, MattL currently holds the position of CEO in multiple successful businesses, including MyFundedFX and DynaProTrading.
It charged customers introductory account fees in the hundreds of dollars for what it said was a chance to trade the firm’s money in the currency and commodities markets. Most customers opted for an “evaluation” plan in which they knowingly signed up for “demo” or simulated trading
My Forex Funds is located in Toronto, Canada.
Smart money refers to the influential institutional investors and large traders who have significant capital at their disposal. These market participants possess extensive resources and expertise, allowing them to impact the forex market’s direction.
Forex Market Participants: Who Controls the Forex Market? / Axi
The foreign exchange market is decentralised and there is no organisation that controls it. However, commercial banks act as market makers, and central banks have significant powers and can influence the market. Generally, the FX market is too big for one particular participant to control.
Major players in this market tend to be financial institutions like commercial banks, central banks, money managers and hedge funds. Global corporations use forex markets to hedge currency risk from foreign transactions.
As a general rule, there is no limit to how long you can keep a trade open. Some brokers might put limits, but any reputable Forex brokers won’t. As long as there is a market, theoretically, you could keep your trade open forever. Now, just because you can, it doesn’t necessarily mean it’s a good idea.
Another risk associated with not using proper risk management is when unexpected events happen to lead to sudden moves in the Forex markets such as flash or mini crashes, which could quickly decimate your account and put you in debt if you had risked more than the recommended 1-2%.
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