The court recommendation came a week after the CFTC sent four lawyers and one investigator involved in the My Forex Funds case to "administrative leave".
The agency has been blamed for allegedly mischaracterising a tax payment to freeze all assets of the company running the prop firm and its CEO.
A Special Master has recommended that a U.S. court impose sanctions and "dismiss with prejudice" the case brought by the Commodity Futures Trading Commission (CFTC), accusing the agency of deliberately misleading the court in its high-profile enforcement action against Traders Global Group Inc., the company behind My Forex Funds.
According to Special Master Jose L. Linares:
“In multiple instances, with full knowledge of the error in a sworn declaration submitted to the Court, rather than be upfront, direct, and transparent, the CFTC took deliberate steps down a path of obfuscation and avoidance. In this case in particular, the need for specific deterrence is paramount, and a significant sanction is warranted.”
The court document redacted the names of the attorneys and investigators responsible for the alleged mishandling of the My Forex Funds case. However, from the previous court filings, it is clear that CFTC's lead attorney Ashley Burden was involved in the case. The CFTC investigator whose name came up in the previous court filings is Matthew Edelstein.
The court recommendation came a week after the CFTC placed some of its staff on administrative leave. Although the agency did not detail, a Bloomberg report revealed that four lawyers and one investigator were sent to administrative leave due to their misconduct in the My Forex Funds case.
Murtuza Kazmi, CEO at My Forex Funds
The CFTC initially charged My Forex Funds and its CEO, Murtuza Kazmi, with fraud at the end of August 2023. According to the regulator, the company generated at least $310 million in fees from its proprietary trading business. The platform had more than 135,000 customers between November 2021 and its forced shutdown.
However, the regulatory action—including a temporary restraining order and asset freeze—effectively shut down the business overnight. Following a legal challenge by the defendants’ lawyers, a court unfroze most of Kazmi's assets.
Sanctions Request against the CFTC
My Forex Funds even filed a sanctions motion against the CFTC for alleged misrepresentation of facts. According to previous court filings, the regulator’s lead attorney admitted during an evidentiary hearing that he was “careless and sloppy” during the investigation. The CFTC, however, argued that the evidence presented by the defendants showed the agency’s “mistakes were limited and inadvertent.”
Pham responded to the latest court recommendation:
“As described in detail in the Court’s report, the CFTC engaged in willful and bad faith conduct by making multiple false statements to the Court and other ‘numerous instances of sanctionable behavior’ over the course of a year. This is inexcusable.”
In a joint statement, My Forex Funds’ legal counsel—Quinn Emanuel and King & Spalding—stated:
“The CFTC falsely accused our clients of fraud, shut down their businesses, and froze all of their money on the basis of a false, secret submission to the court. As the Special Master’s findings confirm, the CFTC staff misled the court and violated their duty of candor in order to freeze our clients’ assets. Those already serious transgressions were then compounded by a series of decisions by the CFTC to obfuscate and minimize its wrongdoing—in the Special Master’s words, intentionally and in bad faith."
A Special Master has recommended that a U.S. court impose sanctions and "dismiss with prejudice" the case brought by the Commodity Futures Trading Commission (CFTC), accusing the agency of deliberately misleading the court in its high-profile enforcement action against Traders Global Group Inc., the company behind My Forex Funds.
According to Special Master Jose L. Linares:
“In multiple instances, with full knowledge of the error in a sworn declaration submitted to the Court, rather than be upfront, direct, and transparent, the CFTC took deliberate steps down a path of obfuscation and avoidance. In this case in particular, the need for specific deterrence is paramount, and a significant sanction is warranted.”
The court document redacted the names of the attorneys and investigators responsible for the alleged mishandling of the My Forex Funds case. However, from the previous court filings, it is clear that CFTC's lead attorney Ashley Burden was involved in the case. The CFTC investigator whose name came up in the previous court filings is Matthew Edelstein.
The court recommendation came a week after the CFTC placed some of its staff on administrative leave. Although the agency did not detail, a Bloomberg report revealed that four lawyers and one investigator were sent to administrative leave due to their misconduct in the My Forex Funds case.
Murtuza Kazmi, CEO at My Forex Funds
The CFTC initially charged My Forex Funds and its CEO, Murtuza Kazmi, with fraud at the end of August 2023. According to the regulator, the company generated at least $310 million in fees from its proprietary trading business. The platform had more than 135,000 customers between November 2021 and its forced shutdown.
However, the regulatory action—including a temporary restraining order and asset freeze—effectively shut down the business overnight. Following a legal challenge by the defendants’ lawyers, a court unfroze most of Kazmi's assets.
Sanctions Request against the CFTC
My Forex Funds even filed a sanctions motion against the CFTC for alleged misrepresentation of facts. According to previous court filings, the regulator’s lead attorney admitted during an evidentiary hearing that he was “careless and sloppy” during the investigation. The CFTC, however, argued that the evidence presented by the defendants showed the agency’s “mistakes were limited and inadvertent.”
Pham responded to the latest court recommendation:
“As described in detail in the Court’s report, the CFTC engaged in willful and bad faith conduct by making multiple false statements to the Court and other ‘numerous instances of sanctionable behavior’ over the course of a year. This is inexcusable.”
In a joint statement, My Forex Funds’ legal counsel—Quinn Emanuel and King & Spalding—stated:
“The CFTC falsely accused our clients of fraud, shut down their businesses, and froze all of their money on the basis of a false, secret submission to the court. As the Special Master’s findings confirm, the CFTC staff misled the court and violated their duty of candor in order to freeze our clients’ assets. Those already serious transgressions were then compounded by a series of decisions by the CFTC to obfuscate and minimize its wrongdoing—in the Special Master’s words, intentionally and in bad faith."
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
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#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
Exness CMO Alfonso Cardalda on Cape Town office launch, Africa growth, and marketing strategy
Exness CMO Alfonso Cardalda on Cape Town office launch, Africa growth, and marketing strategy
Exness is expanding its presence in Africa, and in this exclusive interview, CMO Alfonso Cardalda shares how.
Filmed during the grand opening of Exness’s new Cape Town office, Alfonso sits down with Andrea Badiola Mateos from Finance Magnates to discuss:
- Exness’s marketing approach in South Africa
- What makes their trading product stand out
- Customer retention vs. acquisition strategies
- The role of local influencers
- Managing growth across emerging markets
👉 Watch the full interview for fundamental insights into the future of trading in Africa.
#Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates
Exness is expanding its presence in Africa, and in this exclusive interview, CMO Alfonso Cardalda shares how.
Filmed during the grand opening of Exness’s new Cape Town office, Alfonso sits down with Andrea Badiola Mateos from Finance Magnates to discuss:
- Exness’s marketing approach in South Africa
- What makes their trading product stand out
- Customer retention vs. acquisition strategies
- The role of local influencers
- Managing growth across emerging markets
👉 Watch the full interview for fundamental insights into the future of trading in Africa.
#Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates
How does the Finance Magnates newsroom handle sensitive updates that may affect a brand?
How does the Finance Magnates newsroom handle sensitive updates that may affect a brand?
Yam Yehoshua, Editor-in-Chief at Finance Magnates, explains the approach: reaching out before publication, hearing all sides, and making careful, case-by-case decisions with balance and responsibility.
⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
Yam Yehoshua, Editor-in-Chief at Finance Magnates, explains the approach: reaching out before publication, hearing all sides, and making careful, case-by-case decisions with balance and responsibility.
⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
Executive Interview | Kieran Duff | Head of UK Growth & Business Development, Darwinex | FMLS:25
Executive Interview | Kieran Duff | Head of UK Growth & Business Development, Darwinex | FMLS:25
Here is our conversation with Kieran Duff, who brings a rare dual view of the market as both a broker and a trader at Darwinex.
We begin with his take on the Summit and then turn to broker growth. Kieran shares one quick, practical tip brokers can use right now to improve performance. We also cover the rising spotlight on prop trading and whether it is good or bad for the trading industry.
Kieran explains where Darwinex sits on the CFDs-broker-meets-funding spectrum, and how the model differs from the typical setups seen across the market.
We finish with a look at how he uses AI in his daily workflow — both inside the brokerage and in his own trading.
Here is our conversation with Kieran Duff, who brings a rare dual view of the market as both a broker and a trader at Darwinex.
We begin with his take on the Summit and then turn to broker growth. Kieran shares one quick, practical tip brokers can use right now to improve performance. We also cover the rising spotlight on prop trading and whether it is good or bad for the trading industry.
Kieran explains where Darwinex sits on the CFDs-broker-meets-funding spectrum, and how the model differs from the typical setups seen across the market.
We finish with a look at how he uses AI in his daily workflow — both inside the brokerage and in his own trading.
Why does trust matter in financial news? #TrustedNews #FinanceNews #CapitalMarkets
Why does trust matter in financial news? #TrustedNews #FinanceNews #CapitalMarkets
According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, in a world flooded with information, the difference lies in rigorous cross-checking, human scrutiny, and a commitment to publishing only factual, trustworthy reporting.
📰 Verified reporting
🔎 Human-led scrutiny
✅ Facts over noise
According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, in a world flooded with information, the difference lies in rigorous cross-checking, human scrutiny, and a commitment to publishing only factual, trustworthy reporting.
📰 Verified reporting
🔎 Human-led scrutiny
✅ Facts over noise
