A proprietary or ‘prop’ trader is a broker or financial institution that targets direct market profits instead of claiming a cut of the trading activities of clients. Funded Engineer’s digital note indicated that the trader had failed to overcome its numerous financial challenges and plans to file for bankruptcy.

The announcement, addressed to clients and partners, stated that it is with “deep regret and a heavy heart that we announce the permanent closure of Funded Engineer”. In February 2024, FPFX Technologies, a provider of tech solutions for traders and brokers, terminated its licence with Funded Engineer.

FPFX claimed that an audit showed that Funded Engineer ran a scheme to inflate payouts through different fraudulent operations, which included fake trading accounts and circumnavigating anti-money laundering and customer control policies.

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The tech company indicated that Funded Engineer’s actions misled traders by exaggerating payment activity in an attempt to attract more customers. According to FPFX, Funded Engineer inflated payments by more than $2m, and the organisation’s CEO and founder, Tristian Talbot, boasted about it on social media platforms.

The Dubai-based prop trader was also reportedly suspended by Prop Firm Match, a review and comparison site, which alleged the compromise of funded accounts. Funded Engineer stated:

Over the past months, we have explored every possible avenue to stabilize our financial standing, including strategic restructuring, cost-cutting measures, and seeking additional investment. Unfortunately, these efforts have not yielded the necessary results to ensure the continuation of our business.

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