A Special Master has recommended that a U.S. court impose sanctions and “dismiss with prejudice” the case brought by the Commodity Futures Trading Commission (CFTC), accusing the agency of deliberately misleading the court in its high-profile enforcement action against Traders Global Group Inc., the company behind My Forex Funds.

According to Special Master Jose L. Linares:

“In multiple instances, with full knowledge of the error in a sworn declaration submitted to the Court, rather than be upfront, direct, and transparent, the CFTC took deliberate steps down a path of obfuscation and avoidance. In this case in particular, the need for specific deterrence is paramount, and a significant sanction is warranted.”

Acting CFTC Commissioner Caroline D. Pham responded:

“As described in detail in the Court’s report, the CFTC engaged in willful and bad faith conduct by making multiple false statements to the Court and other ‘numerous instances of sanctionable behavior’ over the course of a year. This is inexcusable.”

In a joint statement, My Forex Funds’ legal counsel—Quinn Emanuel and King & Spalding—stated:

“The CFTC falsely accused our clients of fraud, shut down their businesses, and froze all of their money on the basis of a false, secret submission to the court. As the Special Master’s findings confirm, the CFTC staff misled the court and violated their duty of candor in order to freeze our clients’ assets. Those already serious transgressions were then compounded by a series of decisions by the CFTC to obfuscate and minimize its wrongdoing—in the Special Master’s words, intentionally and in bad faith.”

This story is evolving and will be updated with new details shortly

This article was written by Jared Kirui at www.financemagnates.com.Retail FXRead More

You might also be interested in reading Gucci becomes first major brand to accept ApeCoin payments.