FPFX Technologies, also known as FPFX Tech, recently decided to terminate its licencing agreement with a prop firm called Funded Engineer. The retail prop trading tech provider’s decision came after an internal audit of Funded Engineer, which unveiled what the vendor claims is a months-long scheme designed to deceive both FPFX Tech, as well as the public.
According to FPFX Tech’s explanation, Funded Engineer’s scheme revolved around inflating payout figures through illicit activities. However, it was revealed by a probe that identified multiple fraudulent actions that Funded Engineer had conducted.
Some examples of illicit activities include bypassing AML and KYC protocols, creating fake trading accounts, generating false payouts, and engaging in wash trading. Each of these actions was conducted to purposefully overstate the company’s payment activities, and in doing so, mislead both the traders and FPFX Technologies.
What else did the probe uncover?
Some of the audit’s specific findings have revealed that Funded Engineer has manually created fake user profiles within the company’s administrative portal. These fake accounts did not have any billing details or payment histories….
