The CFTC announced on 21 October that a Louisiana federal court entered default judgment against Michael B. DePetrillo, Meteor LLC and NOLA FX Capital Management LLC. The court found that they misrepresented their retail-forex activity and profitability, issued false account statements and misappropriated participant funds.[1]
At a glance01
Separate proceedings and remedies
| Measure | Amount or outcome | Proceeding |
|---|---|---|
| Civil monetary penalty | US$9,211,492 | October 2026 CFTC announcementSource 1 |
| Civil restrictions | Permanent trading and registration bans; injunction against further charged violations | Default judgmentSource 1 |
| Restitution | US$6,748,412 | Criminal sentence, 23 July 2025Source 1 |
| Prison term | Nine years | Criminal sentence, 23 July 2025Source 1 |
The regulator says funds were used for earlier participants’ payments, personal expenses and trading in DePetrillo’s own account. The civil judgment resolves the claims in the CFTC’s 2024 complaint. The civil penalty and criminal restitution remain distinct remedies.[1]
Sources & further reading
- CFTC Secures Court Order Directing Louisiana Man and His Companies to Pay Over $9 Million in Forex Fraud Commodity Futures Trading Commission · 21 Oct 2026 · Accessed 26 Oct 2026