FPFX Tech Cuts Ties with Its Prop Firm Partner Over Fraud Allegations

FPFX Technologies, LLC (FPFX Tech), a leading technology provider in the retail prop trading industry, has announced the termination of its licensing agreement with Funded Engineer, a prop firm that claims to offer traders access to funded accounts.

The decision came after FPFX Tech conducted an internal audit that revealed "a months-long scheme" by Funded Engineer to inflate its payout figures through various fraudulent activities, such as creating fake trading accounts, bypassing anti-money laundering and know your customer protocols, engaging in wash trading, and generating fictitious payouts.

According to FPFX Tech, these actions were intended to deceive both the vendor and the public by overstating the firm's payment activities, thus attracting more traders to join its program. FPFX Tech's investigation found that Funded Engineer had exaggerated its payouts by more than $2 million, a fact that was boasted by its founder and CEO, Tristian Talbot, on social media.

FPFX Tech said that it was "shocked and disappointed" by Funded Engineer's conduct, which violated the terms and conditions of their agreement and breached the trust of their partnership. The vendor said that it had terminated the license agreement and all associated services provided to Funded Engineer effective immediately, and that it would take legal action against the prop firm and its personnel.

FPFX Tech also said that it would notify other vendors who may be affected by Funded Engineer's actions, given their independent obligations to comply with anti-money laundering and know your customer regulations. The vendor urged traders to exercise caution and due diligence when choosing a prop firm to work with, and to report any suspicious or unethical behavior to the relevant authorities.

Funded Engineer, which is based in the United Arab Emirates, has been operating since 2019 and offers traders account sizes ranging from $6,000 to $300,000, with profit targets and drawdown limits varying according to the evaluation challenge chosen by the trader. The prop firm has not issued any official response to FPFX Tech's allegations as of press time.