Boca Raton, Florida based prop trading technology firm FPFX Technologies has announced that it has terminated the license of its client, Dubai based prop trading firm Funded Engineer (at website fundedengineer.com), over an apparent scheme to defraud FPFX Tech and misrepresent payout figures to consumers.
FPFX Tech said that a periodic audit it conducted of the business activities of Funded Engineer revealed what FPFX Tech believes to be a months-long scheme, whereby Funded Engineer created fake trading accounts, bypassed AML/KYC safeguards, engaged in wash trading and generated fictitious payouts in order to inflate its payments activity. The company said that the purpose of the scheme was defrauding FPFX Tech and the public by representing payout figures in excess of reality, as a way to lure more customers to their prop firm.
The move by FPFX marks the second time in as many days that a tech provider to the trading sector has cut off one of its own…
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