CFTC Launches Charges against Ralph Metters for Forex Fraud

The U.S. Commodity Futures Trading Commission (CFTC) has announced the enforcement of an emergency order against Ralph Metters, freezing his

cftcThe U.S. Commodity Futures Trading Commission (CFTC) has announced the enforcement of an emergency order against Ralph Metters, freezing his assets for his involvement in a forex scandal.

The CFTC made news earlier this week, levying a $1.2 million fine against Merrill Lynch for overcharging customers. In its latest regulatory edict, the CFTC has clamped down on the illicit operations of Ralph Metters, who also uses the alias Malachai “Moe” Levy, owner and operator of Destiny FX, LLC.

Join the iFX EXPO Asia and discover your gateway to the Asian Markets

No Slap on the Wrist

Suggested articles

Achieving Transparency & Trust in Affiliate MarketingGo to article >>

The regulator has found him guilty of fraudulently soliciting nearly $500,000 from an unnamed individual, with ties to forex transactions dating back to October 2013.

Mr. Metters had been informing the client that his funds were being appropriated for the generation of profits – in actuality he absconded with the funds and misappropriated at least $385,000 of the original $500,000.

Amid a battery of charges alleging fraud, Mr. Metters faces restitution and civil monetary penalties, as well as a permanent ban from such trading activity.

Got a news tip? Let Us Know