CFTC Launches Charges against Ralph Metters for Forex Fraud

The U.S. Commodity Futures Trading Commission (CFTC CFTC The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss Read this Term) has announced the enforcement of an emergency order against Ralph Metters, freezing his assets for his involvement in a Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term 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.

No Slap on the Wrist

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.