CTFC is basically complaining an unregulated FX brokerage and b-booking. Both is not allowed in the US with few exceptions.

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As the complaint noted, the Traders Global pitch has been successful, and more than 135,000 customers have signed up for their trading program since November 2021, paying at last $310 million in fees. The complaint alleges Kazmi used proceeds from ...

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I think US Americans are gone and they will forbid taking challenges on any such prop firms when I read CFTC release. It is disheartening but be warned when you are in US residing. Maybe you should found an entitiy outside US regulations like a ...

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Release Number 8771-23 CFTC Charges “My Forex Funds” with Fraudulently Taking Over $300 Million From Customers Hoping to Become Professional Traders Court Issues Restraining Order Instituting Asset Freeze September 01, 2023 Washington, D.C. — The ...

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url Release Number 8771-23 CFTC Charges “My Forex Funds” with Fraudulently Taking Over $300 Million From Customers Hoping to Become Professional Traders Court Issues Restraining Order Instituting Asset Freeze September 01, 2023 Washington, D.C. — ...

My Forex Funds - Discussion/Q&A

Just to be more clear a classic Ponzi must fail, because they need more and more fresh money to pay the older money. But this is here not the case as every trader has its challenge with rules to meet. So this can work in the long run, on a Ponzi ...

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The more concerning thing is that they operate an unregulated FX brokerage firm, with own infrastructure and servers. And any broker in US/CA needs to be regulated. So that can be an issue I think, which is first paragraph and most important one I ...

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Actually it is not a classic Ponzi, because they have rules to meet. On a classic Ponzi you are promised a return where nothing is invested and out of new money the older invested are paid. This is more like having an exam fee if you are qualified ...

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They say 11th September (the MFF plane is crashing 9/11 LOL) in the US court and later that week in Canada.

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Maybe soon you need an offshore entity to take part on challenges at such prop firms. Being American with the strictest regulation worldwide by distance is not the best place, you know. Just make a Cayman limited and you could take part on all props ...

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There is value in such prop firms. You do not have to risk your own money for the full available max. drawdown. That is the good thing. If the regulators are realizing that, that is a good thing to customers, I hope they will let it be like it is ...

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To me it looks like a Casino model, to which then they need such Casino license. Hope that is all. With the hedge fund I am only trading live and executing all trades live. That is different.

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And I did not needed any prop firm. The hedge fund pays 100% always and they have better rules, which are only soft of course. But now I started to increase my income with more prop firms, recently got $1.4 million in live funds and was adding ...

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FYI I stopped posting here because I am involved since begin this year with a hedge fund. Expecting a payout for August around $14k this month. But I recently took MFF challenges and now are fully funded and expecting a payout too. So this is ...

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I do not get it, nearly no one is complaining about MFF except those regulators. So their customers are to 99% happy with the business. It would be too strange to shut down all for a longer time, really. And I think they pay a lot of taxes to Canada ...

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But I heard Canada is also very strict about Casino licenses, if they (MFF) need such a license.

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The worst would be if they needed a bank license for giving "credits" to new challenge takers.

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Question: How they should be registered before ? There are no rules to such prop firms, they are like "Casinos" and like FX Brokers on the other hand.

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TGG and Kazmi may have used money received from investors to pay simulated “profits” to other investors and for Kazmi’s personal expenses; TGG and Kazmi are continuing to raise funds from investors; TGG and Kazmi may have engaged in conduct that ...

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It is not about so that they have own infrastructure and servers for trade execution, what they are complaining in first hand. But it looks good, see here. image

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