MyForexFunds Account Recovery and Funds Reimbursement.
If you or someone you know has been adversely affected by the My Forex Funds incident involving Murtaza Kazmi, it’s crucial to take immediate action. Contact us today for a consultation.
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Murtaza Kazmi (Murtuza Kazmi)
The My Forex Funds CEO
Murtaza Kazmi, also known as Murtuza Kazmi, is prominently associated with My Forex Funds, a proprietary trading firm. He served as the CEO of the company, which was founded with the intention of offering undercapitalized traders a platform to trade. The firm, located in Toronto, Canada, gained significant attention for its innovative approach to prop trading. However, Kazmi’s name has been linked to a major legal controversy involving allegations of fraudulent activities.
The Commodity Futures Trading Commission (CFTC) in the United States and the Ontario Securities Commission (OSC) in Canada have taken action against Kazmi and My Forex Funds over an alleged scam amounting to about $310 million. The allegations suggest that the scheme affected over 135,000 customers who joined the trading program since November 2021, collectively paying over $310 million in fees. The funds from this alleged scheme were reportedly used by Kazmi for personal enrichment, including the acquisition of luxury properties and vehicles, as well as transferring substantial sums to his personal accounts .
This legal situation has significantly impacted Kazmi’s reputation and the operations of My Forex Funds, leading to the termination of its services and the freezing of assets related to the case.
My forex Funds was Featured On
Fraudulent Practices and Misrepresentation
My Forex Funds, operated by Murtuza Kazmi and his companies under the Traders Global Group Inc. banner, is accused of defrauding over 135,000 customers by soliciting them to trade in leveraged, margined, or financed retail foreign exchange and leveraged retail commodity transactions without proper registration or transparency. The company promised customers the opportunity to become “professional traders” using the company’s funds, with claims of profit sharing. However, it is alleged that Traders Global Group acted as the counterparty to nearly all customer trades, creating a significant conflict of interest.
Manipulative and Unfair Trading Conditions
The allegations extend to the manipulation of trading conditions to minimize customer profitability. This includes pretexts to terminate customer accounts, misleadingly assessing commissions that reduce customer account equity, and using specialized software to execute customer orders at worse prices than shown. Such practices were supposedly aimed at reducing the likelihood of customer profitability and retaining more funds for the company
Legal Actions and Regulatory Responses
Following the revelations, regulatory bodies in the United States and Canada, including the CFTC and the Ontario Securities Commission, took swift action against My Forex Funds and Kazmi. This included freezing assets, issuing cease trade orders, and launching legal actions seeking restitution for defrauded investors and penalties against the defendants
Impact and Aftermath
The scandal has had significant repercussions for the prop trading community, highlighting the risks associated with retail forex trading without due diligence. It has prompted a reevaluation of regulatory practices and the importance of transparency and fairness in the trading industry to protect investors from similar fraudulent schemes.
Victim stories from around the web
First of all, MFF not offering a trial account after they have been around for all these years should tell you they have a reason. I currently work with two other prop firms and thought I had give My forex fund another go (I lost two accounts with them in the past). Being suspicious, I went for only the 50k account. I just had a breach on my account.
The CFTC explains what this company does with customers order executions and money. What kind of software they use etc. Watch fraud report about this company, now I know why others are going forEasybe Investments,they Have a working system and has never gone bad, just a legit company that respects and values the relation between them and their users. And this is fact!
Scammer. Intentionally ban trader based on make up IP problem, even I trade on the same equipment, and 100% solo trader
And they not ban until i have so much profit and press payout
Should stay away from this scammer fund
They used to be top propfirm. But i am sure that they are having problem with the cashflow at the moment, so they have to make up IP thingsto scam profit from trader
Gamblers paradise. This prop firm makes most of their money from selling challenges rather than funded trader profits. They have a 1 step evaluation which is total crap and confusion. Try props like Funded Trader Plus which doesn’t have minimum or maximum trading days.
User Submitted Media
Reference Links
- https://www.theglobeandmail.com/business/article-the-canadian-behind-my-forex-funds-trading-website-fights-fraud/
- https://www.binance.com/en-IN/feed/post/1117358
- https://www.financemagnates.com/forex/breaking-my-forex-funds-seeks-sanctions-against-the-cftc/
- https://www.financemagnates.com/forex/my-forex-funds-scam-might-trigger-regulation-push-on-prop-trading/
- https://www.wikifx.com/en/dealer/2128583410.html
- https://www.forexpeacearmy.com/forex-reviews/18099/my-forex-funds-review-mff
I can’t believe I fell for this scheme. There has to be a way to hold Murtaza Kazmi accountable for his actions.
They ruined my life with their fraudulent activities.
Who even is Murtaza Kazmi? What a joke.
I want to recover my lost funds
I’m never investing my money again after this disaster!
I can’t trust any of these companies anymore.
Mollis pretium lorem primis senectus habitasse lectus donec ultricies tortor fusce morbi volutpat risus curae malesuada lacus convallis? More like gibberish.
Who can I contact about this? I need to recover my funds as soon as possible.
I’m skeptical about these featured mentions. It seems like a cover-up for the scam.
There’s no way to recover from this loss.
I can’t believe how much money was involved in this alleged scam. It’s outrageous.
These legal actions don’t change the fact that I lost money. What can be done to recover it?
This whole company is just a scam. Stay away from it.
I’m still confused about what steps I need to take to recover my lost funds. There should be clearer guidance provided.
Absolutely horrible. I want my money back!
This Murtaza Kazmi has caused so much harm to innocent people. He needs to be held accountable.
This is so unfair that they took my money like this.
Get in touch with who? I need more specific information to take action.
The legal controversy makes this whole thing even worse.
Featured where? Not interested.
What an update. Can’t believe it.
This has been a total nightmare for me.
I want my money back! I can’t believe I was a victim of this scam.
Testimonials from who? I don’t think I can trust anything related to My Forex Funds at this point.
I want my lost funds back right now!
I can’t believe they got away with this scam.
This is such a scam. They are thieves!
I feel so betrayed by this company.
Might as well call it ‘My Forex Scams’ instead.
I don’t trust this company, they have no regard for their clients
They are just scammers, don’t believe anything they say
This is a total fraud, I lost everything with them
I strongly advice against working with them, they are terrible
Stay far away from this company, they scammed me too
I want to recover my lost funds
Scammer. Intentionally ban trader based on make up IP problem
The CFTC explains what this company does with customers order executions and money
What kind of software they use etc.
I currently work with two other prop firms and thought I had give My forex fund another go
It has prompted a reevaluation of regulatory practices