FPFX Tech Terminates License Agreement with Its Prop Firm Partner Funded Engineer

FPFX Technologies, LLC (FPFX Tech), a leading technology provider in the retail proprietary trading industry, announced the termination of its license agreement with prop firm Funded Engineer, which claims to offer traders access to funded accounts.

The decision follows an internal audit conducted by FPFX Tech, which revealed that Funded Engineer implemented a "months-long scheme" to inflate its payout figures through a variety of fraudulent activities, such as creating fake trading accounts, bypassing anti-money laundering and know-your-customer protocols, engaging in wash trading, and generating fictitious payouts.

According to FPFX Tech, these actions were designed to deceive vendors and the public by inflating the company's payment activity to attract more traders to its program. FPFX Tech's investigation found that Funded Engineer inflated payments by over $2 million, which its founder and CEO Tristian Talbot bragged about on social media.

FPFX Tech said it was "shocked and disappointed" by Funded Engineer's conduct, which violated the terms and conditions of their agreement and undermined the trust in their partnership. The provider said it has terminated the license agreement with and all related services provided to Funded Engineer with immediate effect, and that it would take legal action against the prop firm and its personnel.

FPFX Tech also said it would notify other vendors that may have been affected by Funded Engineer's conduct, given that they have independent obligations to comply with anti-money laundering and know your customer regulations. The provider urges traders to exercise caution and due diligence when choosing a prop firm to work with and to report any suspicious or unethical behavior to the relevant authorities.

Funded Engineer, based in the United Arab Emirates, has been in operation since 2019 and offers traders account sizes ranging from $6,000 to $300,000, with profit targets and drawdown limits varying depending on the evaluation challenge the trader chooses.