Los Angeles, CA – August 29, 2014 – Ralph Metters, operating under the alias Malachai “Moe” Levy and through his company Destiny FX, LLC, is facing legal action after the U.S. Commodity Futures Trading Commission (CFTC) secured an emergency order freezing his assets. Judge Manuel L. Real of the U.S. District Court for the Central District of California issued the order on August 27, 2014, also prohibiting Metters from destroying records and granting the CFTC access to his financial documentation.
The CFTC filed a civil enforcement complaint on August 20, 2014, alleging that Metters fraudulently solicited $500,000 from an individual investor for off-exchange foreign currency (forex) transactions starting in October 2013. According to the complaint, Metters misrepresented the use of the funds, claiming they would be used for forex trading, but instead misappropriated at least $385,000.
Metters has never been registered with the CFTC, adding to the severity of the allegations. The CFTC is seeking a full range of penalties, including disgorgement of ill-gotten gains, restitution for the victim, a civil monetary penalty, a permanent ban from trading and registration, and a permanent injunction against future violations of federal commodities laws.
The CFTC acknowledged the assistance of the United States Attorney’s Office for the Central District of California and the Federal Bureau of Investigation in the investigation. Jennifer E. Smiley, Mary Beth Spear, Ava Gould, Scott Williamson, and Rosemary Hollinger of the CFTC’s Division of Enforcement are leading the case.
The CFTC urges investors to be cautious of forex trading scams and provides resources to report suspicious activity via a toll-free hotline (866-FON-CFTC) or online complaint form.
Source: CFTC.gov
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