My Forex Funds

What happened

My Forex Funds was the trading name used by Traders Global Group Inc. and its founder, Murtuza Kazmi. In late August 2023 the US Commodity Futures Trading Commission (CFTC) sued the two Traders Global Group companies (one in New Jersey, one in Canada) and Kazmi in the US District Court for the District of New Jersey. The CFTC alleged that the defendants solicited retail customers fraudulently and that the firm itself, rather than an outside liquidity provider, was the counterparty to nearly all customer trades. According to the complaint, more than 135,000 customers had signed up since November 2021 and paid at least $310 million in fees. On 29 August 2023 the court froze the defendants’ assets and appointed a temporary receiver.

The Ontario Securities Commission (OSC) acted in parallel. It issued freeze directions and a temporary cease trade order, and alleged fraud-related conduct and the sale of securities without registration. In December 2023 the Ontario Superior Court of Justice granted the OSC’s application and placed the company’s property under a receiver, Grant Thornton. These allegations were not proven in a final ruling.

The outcome then shifted. In May 2025 the New Jersey court dismissed the CFTC’s case with prejudice and awarded the defendants fees and costs on a sanctions motion, after a court-appointed Special Master found that the CFTC had made false representations to the court. In December 2025 Wealth Professional reported that the Ontario court had released nearly all frozen funds and returned client data to the company, with $10 million held back in escrow.

Timeline

• 29 August 2023: US court freezes assets and appoints a temporary receiver at the CFTC’s request.
• 1 September 2023: CFTC announces the case.
• August to September 2023: OSC issues freeze directions and a temporary cease trade order.
• 21 December 2023: Ontario court appoints a receiver on the OSC’s application.
• May 2025: New Jersey court dismisses the CFTC case with prejudice and awards fees on the sanctions motion.
• December 2025: Ontario court releases most frozen assets, according to press reports.
• 2026: The firm’s website announces a relaunch date of 23 November 2026.

What it meant for traders

Wealth Professional described the 2023 regulatory action as effectively shutting the business down, and the asset freezes stayed in place for more than two years. The same report quoted Kazmi as saying any relaunch would state clearly on the website that customers do not trade real money.

Current status

As of October 2026 the firm is not operating. Its website says it will relaunch on 23 November 2026 but does not say how earlier accounts will be handled. Wealth Professional reported in December 2025 that the OSC’s investigation appeared to be ongoing, and no final OSC ruling on the allegations has been published.