Ontario court orders unprecedented $80,000 costs award against Ontario Securities Commission in MyForexFunds case

TORONTO, Feb. 25, 2026 /CNW/ - In a significant legal victory for MyForexFunds (MFF) and its founder Murtuza Kazmi, the Ontario Superior Court of Justice has ordered the Ontario Securities Commission (OSC) to pay $80,000 in legal costs, an amount more than five times higher than the previous record for such an award against the regulator (Court File No.: CV-23-00709536-00CL).

The decision follows a major ruling that ordered the return of the vast majority of business assets that had been frozen since August 2023.

In a rare and pointed critique of the regulator, Justice Kimmel stated in her reasons: "the court has not been overly impressed with the manner in which the Commission has been carrying out its public interest mandate in this case."

"This award is a clear signal that regulatory power must be exercised with accountability and transparency," said Murtuza Kazmi, CEO of MyForexFunds. "We have maintained from the beginning that the actions taken against our company were based on untrue allegations. This decision, following our total vindication in the United States, is another essential step in restoring our reputation."

The Ontario court's findings align with developments in the United States. In May 2025, a U.S. federal judge dismissed the Commodity Futures Trading Commission's (CFTC) case against MyForexFunds with prejudice, meaning it cannot be refiled. That court also sanctioned the CFTC (Case No. 23–cv–11808–ESK–EAP) and ordered it to pay MyForexFunds US$3.1 million in legal fees after finding that agency staff had acted in bad faith and made knowingly false statements to the court to justify an initial asset freeze.

Before the forced shutdown, MyForexFunds grew from an Ontario startup into the world's largest proprietary trading firm, serving traders in more than 80 countries. The company operated structured evaluation and simulated trading programs designed to assess discipline, consistency, and risk management, and discourage speculative trading behaviour.

MyForexFunds recently announced traders who had submitted payout requests prior to the forced shutdown in August 2023 will be eligible to receive their funds. The company is currently in the process of unwinding the remaining elements of the receivership and conducting a full financial and operational review. The company remains committed to its global community of traders and will provide further material updates as this review concludes.

About MyForexFunds
MyForexFunds, founded in 2020 and headquartered in Vaughan, Ontario, Canada, is a proprietary trading firm that provides skilled traders with access to simulated capital, which does not require them to risk their own trading funds. The company partners with traders in over 80 countries.

SOURCE MyForexFunds

Media Contact: Mainak Mondal, Crestview Strategy, [email protected]