The CFTC recently filed a lawsuit against Traders Global Group and its CEO, Murtuza Kazmi, regarding fraudulence and malpractice. The latest development on the case is that assets worth $100 million are released while assets worth $12 million are kept on hold.
On Tuesday, the New Jersey court, in its opinion, approved the release of most assets belonging to Kazmi, valued at around 100 million. However, 12.08 million of these assets will remain frozen. Notably, the court opted not to appoint a new temporary receiver, highlighting the defendants’ adherence to legal procedures and interest in resolving the case.
The Commodity Futures Trading Commission (CFTC) received a partial win in the lawsuit, freezing over a million in corporate assets linked to Traders Global Group Inc., a forex trading platform. This action is part of an ongoing lawsuit against Traders Global and its CEO, Murtuza Kazmi, regarding alleged fraudulent activities exceeding $310 million.
The CFTC filed the complaint in late August, accusing Traders Global, operating as “My Funds,” of deceptive practices. It is accused of several allegations, including terminating accounts, charging deceptive commissions, using software for wrong order execution, and misguiding customers.
The complaint states that since November 2021, over 135,000 customers paid $310 million in fees. CEO Kazmi allegedly uses fraudulent proceeds for luxury purchases and personal transfers. In response, My Forex Fund challenges the CFTC’s portrayal, denying wrongdoing.
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The legal dispute gained international attention, with the Ontario Securities Commission issuing a temporary cease-trade order. The defence contests the restraining order’s impact on business and personal assets. In conclusion, the CFTC partially won by releasing $100 million in assets but keeping $12.08 million frozen. The complexities of addressing forex fraud are evident as legal proceedings unfold.