My Forex Funds Takes a Hard Hit
The case of My Forex Funds seemed to have no end until January 25, 2024, when the order was made public, which terminates the trading activity of the anchor company of Muhammad Murtuza Kazmi, CEO of the company.
The once prestigious company in trading anchoring sector has lost the trial; a trial with many eyes on the economic field, since many traders trusted in it their investments at the time.
What happened to MFF?
To briefly review and refresh the situation, last September 2023, the U.S. Commodity Futures Trading Commission (CFTC) sued the well-known trading funder.
In this lawsuit, they were accused of committing a fraud in a similar ponzi system, where they deceived their clients by means of modifications of entries, leverage, misleading advertising, etc…
We leave you here the article that we uploaded in its day where the case is treated more, so that you can understand it better.
My Forex Funds Case Update
The Capital Markets Tribunal held a hearing by videoconference to consider an application by the staff of the Ontario Securities Commission(CVO), to so extend orders issued by the CVO on August 29, 2023, already previously extended by the Tribunal on September 11, 2023 and October 25, 2023.
In said order it is ordered that, pursuant to Sections 127 (1), 127 (2) and 127 (B) of the Security Articles 1990, the following measures are taken:
- Cessation of all trading in securities of TGG.
- Cessation of trading in securities by TGG and Kazmi, the purchase by any person on its behalf, any act of advertising, solicitation, conduct or negotiation, directly or indirectly in furtherance of a transaction.
- Any exemption contained in the Otario Securities Act does not apply to TGG or Kazmi.
What will happen with outstanding challenges and payouts?
Unfortunately, the money invested in this company seems to be lost. Traders who had a large amount of capital must build that same capital from scratch and away from this company.
The outlook for the companies is on the edge of the abyss, and it is not only a hard blow for investors who trusted My Forex Funds, but also, US traders who worked at FTMO have received fatal news.
Share this article:
