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Forex Firms Hit With CFTC Fraud Charges Over $7.6M Pool
Federal regulators have filed charges against two Louisiana companies and their founder for allegedly orchestrating a multi-million dollar Forex (FX) trading fraud that targeted dozens of investors. The Commodity Futures Trading Commission (CFTC) filed a civil enforcement action against NOLA FX Capital Management, LLC, Meteor, LLC, and their founder Michael B. DePetrillo in the US District Court for the Eastern District of Louisiana. The regulator alleges the defendants reportedly operated an elaborate scheme that defrauded at least 40 individuals out of approximately $7.6 million. According to the CFTC's complaint, ... (full story)