CFTC Slaps $9.2 Million Fine and Lifetime Ban on NOLA FX Founder
By Tanya Chepkova
AI summary of the source article
A U.S. court ordered Michael B. DePetrillo and his firms to pay a $9.2 million civil penalty and banned them from CFTC-regulated markets over a fraudulent forex scheme, following an earlier nine-year prison sentence and restitution order.
Key facts
- Michael B. DePetrillo and his companies were ordered to pay a $9,211,492 civil monetary penalty and were permanently barred from trading in CFTC-regulated markets.
- The default judgment follows a nine-year prison sentence and a $6,748,412 restitution order imposed on DePetrillo in July 2025.
- DePetrillo collected approximately $9.2 million from around 55 investors over seven years for a fraudulent forex pool, misappropriating over $3 million.
Source excerpt · Finance Magnates
A Ponzi-style forex scheme has left its organiser facing nearly $16 million in court-ordered payments. The U.S. District Court for the Eastern District of Louisiana ordered Michael B. DePetrillo and his companies, Meteor LLC and NOLA FX Capital Management LLC, to pay a $9,211,492 civil monetary penalty for their participation in the fraudulent retail forex operation. That comes on top of the $6,74…