Temporary Order: In the Matter of Traders Global Group Inc. and Muhammad Murtuza Kazmi

Temporary Order
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IN THE MATTER OF TRADERS GLOBAL GROUP INC. 
and MUHAMMAD MURTUZA KAZMI

TEMPORARY ORDER
(Subsections 127(1) and 127(5))

 

WHEREAS:

  1.  It appears to the Ontario Securities Commission (the Commission) that:
    1. Traders Global Group Inc. (TGG), doing business as myforexfunds.com, an Ontario based federal corporation, represented to investors who paid funds to open accounts that TGG was operating a retail foreign exchange and commodities trading firm;
    2. Muhammad Murtuza Kazmi (Kazmi), an Ontario resident, is the principal of TGG;
    3. For the vast majority of myforexfunds.com investors, trading is simulated by TGG with various rules in place designed to benefit TGG to the detriment of investors;
    4. TGG and Kazmi may have used money received from investors to pay simulated “profits” to other investors and for Kazmi’s personal expenses;
    5. TGG and Kazmi are continuing to raise funds from investors;
    6. TGG and Kazmi may have engaged in conduct that perpetrates a fraud in breach of subsection 126.1(1)(b) of the Securities Act, R.S.O. 1990, c. S.5, as amended (the Act);
    7. TGG may be engaged in the business of trading in securities without registration, contrary to subsection 25(1) of the Act;
    8. TGG may have distributed securities without filing a prospectus, contrary to subsection 53(1) of the Act;
    9. TGG and Kazmi may have provided false and misleading information to the Commission, contrary to subsection 122(1)(a) of the Act; and
    10. The Commission is conducting an investigation into the conduct described above.
  2. The Commission is of the opinion that the time required to conclude a hearing could be prejudicial to the public interest as set out in subsection 127(5) of the Act; and
  3. The Commission is of the opinion that it is in the public interest to make this Order.

 

IT IS ORDERED pursuant to section 127 of the Act that:

  1. pursuant to clause 2 of subsection 127(1), all trading in securities of TGG shall cease;
  2. pursuant to clause 2 of subsection 127(1), trading in any securities by TGG and Kazmi, or by any person on their behalf, including but not limited to any act, advertisement, solicitation, conduct, or negotiation, directly or indirectly in furtherance of a trade, shall cease;
  3. pursuant to clause 3 of subsection 127(1), any exemptions contained in Ontario securities law do not apply to TGG or Kazmi; and
  4. pursuant to subsection 127(6) of the Act, this order shall take effect immediately and shall expire on the 15th day after its making unless extended by order of the Capital Markets Tribunal.

 

DATED at Toronto, this 29th day of August, 2023.

 
“Grant Vingoe”