US Court Orders Release and Return of Most Assets of My Forex Funds Founder

On Tuesday, the New Jersey court partially granted My Forex Funds' request in a case brought by the U.S. Commodity Futures Trading Commission (CFTC). The court ordered the release and return of approximately $100 million worth of assets of the company's founder and CEO, Murtuza Kazmi.

Meanwhile, $12.08 million worth of those assets will remain frozen.

In September, the CFTC charged Murtuza Kazmi and his company Traders Global Group Inc. (MyForexFunds) with fraud. The regulator believed that the man and his company fraudulently solicited clients to trade leveraged, margined or retail forex and leveraged retail commodities, and obtained $310 million from over 135,000 registered users.

However, My Forex Funds denied the fraud allegations and questioned the regulator's jurisdiction.

The case has generated social media discussion about proprietary trading firms and raised questions about the safety and reliability of prop firms.