Louisiana Court Imposes $9.21 Million Penalty on NOLA FX Founder and Firms

A Louisiana federal court ordered NOLA FX founder Michael B. DePetrillo and two companies to pay a $9.21 million civil penalty, bringing the penalty and his criminal restitution order to nearly $16 million. The Sept. 30 default judgment makes DePetrillo, Meteor LLC and NOLA FX Capital Management LLC jointly and severally responsible for $9,211,492.44. The court set the penalty at three times the defendants’ monetary gain and found they fraudulently solicited and misappropriated $3,070,497.48.

Source: TokenPost