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Screenshot of a breaking news alert e-mail from Q2 2017
The U.S. Commodity Futures Trading Commission (CFTC) officially announced late Friday on August 29th that Judge Manuel L. Real of the U.S. District Court for the Central District of California entered on August 27, 2014 an emergency Order freezing and preserving assets under the control of Defendant Ralph Metters of Los Angeles, California. The court’s Order also prohibits Metters from destroying books and records and grants the CFTC immediate access to the Defendant’s records. Metters has never been registered with the CFTC.
The Order arises out of a civil enforcement Complaint filed by the CFTC on August 20, 2014, charging Metters, who uses the alias Malachai “Moe” Levy and operated Destiny FX, LLC, with fraudulently soliciting $500,000 from a member of the public in connection with off-exchange foreign currency (forex) transactions beginning in October 2013. Although Metters told his customer that the funds would be used to generate profits in a forex trading account, Metters in fact misappropriated at least $385,000 of the funds, according to the Complaint.
In its continuing litigation, the CFTC seeks disgorgement of ill-gotten gains, restitution, a civil monetary penalty, a permanent registration and trading ban, and a permanent injunction from future violations of federal commodities laws, as charged.
The CFTC appreciates the assistance of the United States Attorney’s Office for the Central District of California and the Federal Bureau of Investigation in this matter.
CFTC Division of Enforcement staff members responsible for this case are Jennifer E. Smiley, Mary Beth Spear, Ava Gould, Scott Williamson, and Rosemary Hollinger.
To view the official release, click here.