The New Jersey District Court has partially granted the motion by the Commodity Futures Trading Commission (CFTC) for injunction and asset freeze regarding My Forex Funds.

Judge Zahid N. Quraishi has signed an order granting in part and denying in part the CFTC’s motion.

The Motion was granted insofar as $12,080,000 of Corporate Defendants’ assets shall remain frozen.

The Motion was denied insofar as all other assets frozen under the prior restraining order, including defendant Kazmi’s personal assets, shall be released and returned to the defendants.

The current temporary receiver is discharged, and no new receiver is appointed.

The defendants’ books and records no longer need to be provided for inspection in advance of the orderly exchange of discovery under the Federal Civil Rules and the Local Civil Rules.

The parties are instructed to meet and confer regarding suitable disclosure language that might be added to the My Forex Funds website.

Let’s recall that, on August 28, 2023, the Commodity Futures Trading Commission filed a Complaint for Injunctive Relief, Civil Monetary Penalties, and Other Equitable Relief against Traders Global Group Inc., a New Jersey corporation, d/b/a “My Forex Funds”, Traders Global Group Inc., a Canadian business organization, and Murtuza Kazmi. The CFTC accused the defendants of violations of the Commodity Exchange Act (“Act”), 7 U.S.C §§ 1-26, and accompanying Commission Regulations, 17 C.F.R. pts. 1-190 (2022) .