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My Forex Funds vs. CFTC: Legal Battle Erupts Amid Allegations of Bad Faith
Abstract：Legal representatives of Traders Global Group, who operate under the name My Forex Funds, have initiated legal proceedings by filing a motion seeking sanctions against the Commodity Futures Trading Commission (CFTC) for alleged misrepresentation of facts and acting in bad faith.
Legal representatives of Traders Global Group, operating as My Forex Funds, have taken legal action by filing a motion seeking sanctions against the Commodity Futures Trading Commission (CFTC). Their action stems from allegations that the regulatory body knowingly misrepresented facts and acted in bad faith. This motion was officially filed on Thursday in a New Jersey court.
The purpose of the motion is clear: it aims to address what Traders Global Group perceives as the CFTC's abuse of authority and the ex parte process. Specifically, the motion requests, at the very least, an evidentiary hearing to comprehensively understand and rectify the impact of the CFTC's alleged misconduct on the defendants' rights.
This legal manoeuvre is part of an ongoing dispute involving My Forex Funds and its CEO, Murtuza Kazmi, and is closely tied to a previous alleged misrepresentation against Debtbox.
At the core of the allegations lies the accusation that the CFTC misrepresented tax payments while pursuing fraud charges against My Forex Funds and Kazmi in August 2023. The CFTC's claim that My Forex Funds generated over $310 million in fees from its proprietary trading business resulted in a statutory restraining order freezing their assets. Subsequently, most of these assets were later unfrozen by the court.
The motion contends that during the preliminary injunction hearing, the CFTC provided false information to the court regarding its awareness of the falsehoods in the restraining order. Moreover, it asserts that the CFTC has failed to take meaningful steps to address the harm inflicted on the defendants, resulting in irreparable damage to Kazmi's business and depriving his family of essential support. Additionally, the motion accuses the CFTC of encroaching on attorney-client privilege between Kazmi and his legal counsel.
As reported by Finance Magnates, the CFTC refuses to comment on the matter, citing ongoing litigation as the reason for their silence.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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