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CFTC Press Releases·

CFTC Secures Court Order Directing Louisiana Man and His Companies to Pay Over $9 Million in Forex Fraud

  • The U.S. District Court for the Eastern District of Louisiana entered a default judgment against Michael B. DePetrillo, Meteor LLC, & NOLA FX Capital Management LLC for a fraudulent retail forex scheme.
  • The court found the defendants fraudulently solicited & misappropriated over $3 million from participants by falsely representing fund usage, making material misrepresentations regarding profitability, & issuing false account statements.
  • Misappropriation of funds included operating a Ponzi-like scheme, paying DePetrillo's personal expenses, & trading in his personal account.
  • The court ordered the defendants to pay a civil monetary penalty of $9,211,492 & permanently enjoined them from violating the Commodity Exchange Act.
  • The order imposes permanent trading & registration bans on the defendants & resolves all claims in the CFTC's 2024 complaint.
  • In a related criminal case, DePetrillo pleaded guilty on Feb. 18, 2025, & was sentenced on July 23, 2025, to nine years in prison & ordered to pay $6,748,412 in restitution.