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.
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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.