The lawsuit brought by the Commodity Futures Trading Commission (CFTC) against Murtuza Kazmi and Traders Global Group Inc., d/b/a “My Forex Funds”, continues at the New Jersey District Court.
Recently, the parties have been engulfed in arguments over information production.
On August 20, 2024, the CFTC sent a letter to the Special Master in this case. The document makes it clear that the CFTC remains eager to move forward with the evidentiary hearing set to begin on September 19, and to litigate its case in chief against the defendants. However, the defendants have asked for additional information.
According to the CFTC, “indulging Defendants’ unsupported quest to review privileged documents that…are not part of the conduct that forms the basis of Defendants’ motion for sanctions will further delay that effort. Defendants’ request should be denied, and the parties should move forward with the evidentiary hearing as scheduled”.
The defendants ask the Court to order an in camera review of certain internal communications between CFTC attorneys. The regulator says that this request does not offer any explanation of how such communications might even theoretically not be subject to work product protections, attorney client and/or deliberative process privilege.
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) .
