A Louisiana federal court ordered Michael B. DePetrillo, founder of NOLA FX, and two related companies to pay a $9.21 million civil penalty for fraudulently soliciting and misappropriating over $3 million from investors. This penalty, combined with a prior criminal restitution order of about $6.75 million, brings the total financial penalties to nearly $16 million. The court barred the defendants from trading on registered entities and soliciting funds for commodity trades. DePetrillo was also sentenced to 108 months in prison and three years of supervised release for his crimes. The judgment underscores regulatory efforts to punish and prevent fraudulent trading activities.
The Louisiana court case involving a $9.21 million penalty on NOLA FX founder and firms is presented here with market context from Pluang's cryptocurrency sector. For readers following cryptocurrency markets, here is Pluang's market snapshot as of Oct 22, 2026 17:31 WIB: out of 50 major cryptocurrencies priced, 4 rose and 45 fell. Notable movers include UNI at Rp128.448 with a -3.74% change, XTZ at Rp5.515 with a -3.57% change, and ZIL at Rp38 with a -3.57% change.
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